Global Telehealth Market Projections & Future Opportunities Recorded for the Period until 2025

Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Telehealth Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025” offers a detailed analysis of the market providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the global Telehealth Market have been elaborated upon in the research report.

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Telehealth is defined as the use of telecommunications and information technologies to share information and provide clinical care, education, and public health and administrative services at a distance. The global telehealth market was valued at US$ 6.0 Bn in 2016 and is projected to expand at a CAGR of 13.0% from 2017 to 2025 to reach US$ 19.5 Bn by 2025. Increase in geriatric population, rise in prevalence of chronic diseases such as diabetes, cardiovascular diseases, and others, surge in demand for self-care devices/solutions, and technological advancement in medical imaging and mobile solution for health care are likely to drive the market during the forecast period.

Increase in incidence of chronic conditions and adoption of mHealth solutions propel the telehealth market. Chronic diseases are one of the major health care concerns across the world. Surge in demand for self-care devices/solutions such as mHealth and remote monitoring are expected to fuel the growth of the market during the forecast period. Additionally, advances in mobile penetration, connectivity, and ICT services are likely to augment the market. Mobile access is becoming ubiquitous across the world. All developed markets such as South Korea, Australia, the U.S., the UK, Germany, Sweden, and Japan already have 100% mobile penetration.

Furthermore, increase in penetration of smartphones as well as 3G and 4G networks will provide a significant boost to the use of the mobile platform for providing health care services. However, cyber threat and rise in data security breaches limit market growth.

The global telehealth market has been segmented based on component, application, end-user, and region. In terms of component, the services segment is expected to continue to dominate the market during the forecast period. The services segment is expected to witness strong growth, as it provides remote monitoring and cost effective methods to consult doctors/physicians. Based on application, the radiology segment held 30.0% share of the global telehealth market in terms of revenue in 2016. The segment is driven by increase in research and development in mobile medical imaging systems and provision of taking diagnostic images using smartphone and sharing it with physicians. The urgent care segment is projected to expand at a relatively higher CAGR in terms of revenue during the forecast period. Based on end-user, providers was the leading segment in 2016 and is likely to account for major share during the forecast period. The segment is expected to be driven by increase in adoption of telehealth solutions by physicians to expand customer reach to other cities/countries.

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The global telehealth market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of revenue, North America was the dominant market for telehealth in 2016, accounting for 40.0% share owing to many of the leading players located in the region, expanding research and development activities, and rise in health care awareness. The telehealth market in North America is likely to expand at a moderate CAGR during the forecast period. However, the market in Asia Pacific is projected to witness a comparatively higher growth rate in terms of revenue during the forecast period due to increase in penetration of Internet across the region and technological advancements such as introduction of 3G/4G/5G Internet services encouraging hospitals and clinics to adopt telehealth for video consulting and remote monitoring in this region.

Key companies operating in the global telehealth market and profiled in the report include Teladoc, Inc., American Well, BioTelemetry, Inc., Medtronic, Aerotel Medical Systems Ltd., InTouch Technologies, Inc., Koninklijke Philips N.V., Honeywell International, Inc., GE Healthcare, and AMD Global Telemedicine, Inc. Continuous focus on product innovation and technology improvement through product launch is a major technological trend observed among the leading players operating in the global telehealth market. For instance, in April 2017, Royal Philips launched eCareManager 4.1 enterprise telehealth software to help combat shortages of critical care teams by providing actionable insights to help improve outcomes in the most complex patient cases.

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