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Telehealth Market Industry Strategies, Share, Trends, Segmentation, Statistics, Growth Factors, Opportunities, Challenges, Historical Analysis and Industry Outlook 2026 Profiling By Top Players Koninklijke Philips N.V., McKesson Corporation

04-30-2019 10:51 AM CET | Health & Medicine

Press release from: Coherent Market Insights

Global Telehealth Market

Global Telehealth Market

According to the 2017 U.S. Telemedicine Industry Benchmark Survey conducted among healthcare executives, physicians, nurses, and other healthcare professionals throughout the U.S., it was observed that over half of survey participants noted telemedicine as a top priority or high priority service in their respective organizations. Moreover, study findings also show that telemedicine continues to evolve from a specialty service to a mainstream service. Telehealth is a telecommunication technology, which is also referred to as e-Health or telemedicine. It enables healthcare professionals to evaluate, diagnose, and treat patients in remote locations. According to the 2016 E-health and Telemedicine report by the U.S. Department of Health and Human Services, it revealed that 59 million Americans are living in Health Professional Shortage Area (HPSAs)-rural and urban areas with shortages of primary care providers.

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Telehealth helps in improving relationship between patients and healthcare provider for enhanced patient care and satisfaction. Telehealth provides medical expertise in quick and convenient manner, and at reduced cost. Using telehealth, healthcare professionals can advise patients at their homes and workplaces. Physicians can also treat their patients from hospitals, medical facilities or from other places of work including their own homes or even during vacation as long as they are connected through the Internet.

Key Players In The Telehealth Market

Some of the key players operating in the telehealth market include Koninklijke Philips N.V., Medtronic plc, Tunstall Healthcare Group Ltd, McKesson Corporation, Medvivo Group Ltd., AMD Global Telemedicine, Inc., Vidyo, Inc., Cisco Systems, Inc., Care Innovations, LLC, Honeywell Life Care Solutions, and General Electric Company.

Telehealth market Taxonomy:

On the basis of component, the global telehealth market is segmented into:
Hardware
Software
Services

On the basis of mode of delivery type, the global telehealth market is segmented into:
On-premise
Cloud based

On the basis of end-user, the global telehealth market is segmented into:
Telehealth Providers
Patients
Other end-users

Increasing number of geriatric population, higher incidences of non-communicable disease such as cardiovascular disease, metabolic disorders, Alzheimer’s disease, cancer, diabetics, and other mental health problems which require prolonged treatment would aid in growth of the telehealth market in near future. The nature of most non-communicable disease (NCDs) requires well-integrated healthcare system to treat chronic healthcare conditions. Moreover the challenges faced to meet required healthcare professionals, financial and infrastructure resources further can be addressed effectively through telehealth market. The 2016 Physician Supply and Demand Report, released by Association of American Medical College (AAMC), projects the significant physician shortfall in the U.S. between 2014 and 2025, in the range of 61,700 to 94,700.

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Increasing prevalence of chronic disease with rising healthcare expenditures and high adoption of health IT infrastructure to support telehealth initiatives are also expected to further boost growth of the telehealth market. Veterans Health Administration (VHA) - the largest integrated health care system in the U.S. uses multiple types of telehealth interventions, which provides both routine and targeted care management services. The 2017 finding from Centers for Medicare and Medicaid Services (CMS), stated that telehealth and telemedicine payments increased by 28% and claims increased by 33% in 2016, over the year 2015.

However, lack of trained professionals in remote areas, privacy and information security concerns, and low availability of telecommunication bandwidth are the major factors adversely affecting growth of the telehealth market.

Government Initiatives Aid In Boosting Growth Of The Telehealth Market

The new CONNECT (Creating Opportunities Now for Necessary and Effective Care Technologies) for Health Act, introduced in June 2017, will promote cost savings and improve quality care in Medicare through telehealth and remote patient monitoring, in the U.S. The new act will provide efficient healthcare services to Medicare beneficiaries through telemedicine and remote patient monitoring (RPM). In addition, the act permits the use of remote patient monitoring for patients suffering with chronic conditions. In 2017, Southwest Telehealth Resource Center (SWTRC), received US$ 975,000 cooperative agreement grant from the Federal Office for the Advancement of Telehealth (OAT). Such grants will help in adoption of telehealth programs in hospitals, clinic, and public health offices in the underserved areas in the U.S.

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About Coherent Market Insights

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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Coherent Market Insights
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