Market Analysis: Global Telehealth Market
The Global Telehealth Market has accounted for USD 3.1 billion in 2016 and is expected to reach USD 18.3 billion by 2024, growing at a CAGR of 24.6% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Segmentation: Global Telehealth Market
- The telehealth market is categorized on the basis of hardware, software, services, deployment, end user, and geography. The market, by hardware, is categorized into telehealth monitors and monitoring devices. The monitoring devices sub segment is further classified by device type into blood pressure meters, blood glucose meters, weight scale, pulse oximeters, peak flow meters, ECG monitors and other devices. The software market is further segmented into integrated and standalone software. The services market is further segmented into remote monitoring, real-time, and store and send. Based on deployment, the market is categorized into web-based, on premise, and cloud-based. The market by end user is segmented into providers, payers, and patients. Based on region, the market is divided into North America, Europe, Asia-Pacific, and Middle East & Africa, and South America.
- Based on geography the Telehealth market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and rest of the world. The geographical regions are further segmented into 24 major countries such as U.S. Canada, Mexico, Germany, France, U.K., Belgium, Switzerland, Belgium, Turkey, Japan, China, Singapore, Brazil, India, Russia, South Africa and many others. U.S. is expected to dominate the market due to the rising pool of elderly population and chronic disease patient pool. Telehealth will help to U.S. healthcare model to shift from episodic model to dynamic continuous monitoring, leading to betterment of healthcare.
Global healthcare is under continuous threat of rising chronic conditions and shortage of healthcare professionals in all developed countries. Telehealth is expected to offer the solution to this threat, owing to advancements in mobile technology telehealth now can be applied in multiple provider type with maximum integration. As key components of telehealth clinical monitors, peripheral devices are expected to form the key ingredients in telehealth market. As per a recent survey in U.S., published in American Journal of Critical Care healthcare professional believe that telehealth-ICU’s are improving the productivity of healthcare facilities. About 79% of the 1200 respondents agreed that telehealth improves patient care. In 2015, there were about 45 tele-ICU’s that connect more 200 hospitals and 6,000 beds in the U.S. It’s estimated between 800 to 1,000 nurse’s practice in tele-ICUs and another 16,000 interface with these units. The biggest roadblock in the growth of telehealth market is no proper means of deliver physician reimbursements. According to a recent survey by Anthem and American academy of family physician’s, suggested that 9 out of 10 respondents agreed to use telehealth if they reimbursed properly. Also there are other hindrances in this market such as telehealth education; technological platforms and the lack of updated tools to support telehealth are resolved by healthcare industry.
Key Market Competitors: Global Telehealth Market
Some of the major players in this market are Cerner Corporation, GE Healthcare, Honeywell Life Care Solutions, McKesson Corporation, Ergotron, Inc., Medtronic, Inc., InstaMD, The Medvivo Group, Philips Healthcare, USARAD Holdings, Inc., Robert Bosch Healthcare, Vitaphone GmbH, Siemens Healthcare, Cisco Systems, Inc., SnapMD, Inc. and, Tunstall Healthcare among others.