Press release
27.32% CAGR to Be Achieved by Telehealth Market by Extensive market growth, Top Key Players like Medtronic, GE Healthcare, BioTelemetry Inc, Honeywell, AMD Global Telemedicine
The Telehealth Market was worth USD 1.65 billion in 2014 and is expected to reach approximately USD 14.51 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 27.32% during the forecast period. Telehealth is characterized as the usage of information technologies and telecommunications to share data and give clinical care, instructions, and public health and authoritative administrations from a distance. The worldwide telehealth market was esteemed at US 6.0 Bn in 2016 and is anticipated to extend at a significant CAGR over the forecast period. Rising aged populace, increase in pervasiveness of chronic illnesses, for example, cardiovascular infections, diabetes and others, surge popular for self-care devices/solutions, and progressions in technology in medical imaging and versatile solution for medicinal services are probably going to drive the market amid the forecast period.
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Component Outlook and Trend Analysis
Based on component, the software portion has been bifurcated into standalone and integrated. The services fragment has been separated into store & forward, real-time, remote monitoring, and others. The software segment is anticipated to grow significantly over the upcoming years, trailed by the hardware segment. Rising importance for real-time monitoring has brought about significant demand, thereby boosting the growth of the market in this segment.
Application Outlook and Trend Analysis
Based on application, the worldwide telehealth showcase has been portioned into radiology, cardiology, earnest care, remote ICU, psychiatry, dermatology, and others. Expanding exercises of R&D in mobile medical imaging frameworks and its enable patients to take demonstrative pictures from smartphone and provide it with the physician. This factor is in charge of the proceeding with strength of the segment.
End User Outlook and Trend Analysis
On the basis of end user, the worldwide telehealth market has been arranged into providers, payers, patients, and others. Increment in adoption of technologically progressed products and benefits of heart rate monitors, for example, provision of real-time health information, in this way enabling patients to track heart rate from anyplace whenever and counsel with specialists/doctors if there should arise an occurrence of crisis through there smartphones are anticipated to support the development of the telehealth market amid the gauge time frame.
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Regional Outlook and Trend Analysis
On the basis of revenue, North America was the leading business sector for telehealth in 2016, representing 40.0% share inferable from a significant number of the main players situated in the area, extending innovative work exercises, and ascend awareness among individuals. The telehealth market in North America is anticipated to grow at a direct CAGR amid the conjecture time frame. Nonetheless, the market in Asia Pacific is anticipated to witness a relatively higher development rate based on revenue amid the conjecture time frame because of increment in entrance of Internet over the locale and technological progressions, for example, presentation of 3G/4G/5G Internet administrations urging clinics and hospitals to apply telehealth for video counseling and remote monitoring in the area.
Competitive Insights
The leading players in the market are Medtronic, GE Healthcare, BioTelemetry Inc, Honeywell, AMD Global Telemedicine, Teladoc, Philips, American Well, InTouch Health and Aerotel Medical Systems Ltd. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
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