Global telehealth market, by Component (Hardware, Software and Services), application (dentistry, counseling, chronic disease monitoring & management, disaster management), by end users (hospital & clinics) - forecast till 2025

Market Scenario
Telehealth or telemedicine is technology that makes use of communication devices and information technology to deliver information and health associated solutions. It covers a wide array of technologies and tactics to deliver virtual health, medicine, and education services. It is not a specific service but is the collection of means to enhance the medical care and education. Along with clinical it also comprises non-clinical services such as medical education, research and administration. It permits distant doctor-patient consultation, monitoring activities, enabling medical professionals to access and diagnose patients, e-prescribe treatment and medicines. Telehealth is now used in the field of dentistry, counseling, physical & occupational therapy, home health, chronic disease monitoring & management, disaster management, and consumer & professional education. Report presented by U.S. Department of Health and Human Service named E-health and Telemedicine stated that in 2013, telehealth generated annual revenue of $9.6 billion which showed 60% growth as compared to 2012.

The major factors driving the growth of the market are increasing prevalence of chronic diseases, development in telecommunication infrastructure, technological advancement and increasing need for cost-effective treatment options. Moreover, virtual medicine is benefiting in lowering hospitalization rate and emergency room visit hence prospering the growth of the market. Patient suffering from chronic diseases has got a huge benefit of this technology. Additionally, rising geriatric population, dearth of healthcare practitioners worldwide, surge in demand for self-care solutions/devices and adoption of an advanced method for the treatment has fuelled the growth of the market. However, poor reimbursement in developed countries and lack of legality, privacy & security concerns and high cost of advanced technology, dearth of healthcare practitioners in remote areas may slow the market growth.

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Segmentation
The telehealth market is majorly categorized on the basis of components, and application.
On the basis of components, the market is segmented into services, software, hardware, and others. The software market is further segmented into integrated software and standalone software. Hardware is sub-segmented into blood pressure monitors, pulse oximeters, ECG monitors, weight scales, and others.
On the basis of application the market is segmented into dentistry, counseling, physical & occupational therapy, home health, chronic disease monitoring & management, disaster management, and others. 

Regional Analysis
Americas commands for the largest market share in global telehealth market owing to the presence of well-developed technology, and high healthcare spending. Well-developed infrastructure and presence of leading players in the market have fuel the market growth in America.  In addition availability of refined medical services, high patient alertness and promising government activities comprising introduction of incentive scheme by Medicaid and Medicare along with increased expenses on healthcare further drives the growth in the region. U.S. based URAC which is non-profit organization stated in their report that telehelath has substantial potential for robust saving. The U.S. national average of hospital cost savings per medical facility is estimated to at $20,841 whereas California’s annual hospital cost saving is estimated at $104,564 per facility. Europe accounts for the second leading market which is followed by Asia Pacific. Asia Pacific has the fastest growing market due to presence of developing economies, huge geriatric population, and increasing healthcare expenditure. Furthermore, growing requirement for healthcare IT services in healthcare industry as a result of increasing government spending is anticipated to fuel the growth of the market. The Middle East holds the major share in the Middle East & Africa telehealth market. Whereas, Africa region show the steady growth in near future.

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Key Players
The key players in the market are: Babylon Health, Philips Healthcare, Medtronic plc., AMD Global Telemedicine, Inc., American Well, Medvivo Group Ltd., Cerner Corporation, Honeywell Life Care Solutions, GlobalMedia Group, LLC, Care Innovations, Vidyo, Inc., Cisco Systems, Inc., Tunstall Healthcare, and others.

On April 5th, 2018 China based Tencent Company that provides various internet related services & product formed collaboration with Babylon Health. Babylon Health is UK based digital healthcare company. Under this agreement, both the parties will take advantage of Babylon’s artificial intelligence system to deliver personal health assessment, treatment advice and affordable healthcare services.

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This release was published on openPR.