Telehealth Market | Ongoing Trends and Recent Developments | Major Key Players like Philips Healthcare (The Netherlands), Medtronic plc (Ireland), Honeywell Life Care Solutions (U.S.), Tunstall Healthcare (U.K.)

Telehealth is one of the fastest-growing areas of the healthcare industry. It helps to enhance healthcare experience, public health, health education, monitoring, and medical training using telecommunication and information technologies, thereby providing services to various remote locations in the world. With the rising aging population and prevalence of chronic diseases across the globe, there has arisen a need for low-cost and affordable treatments due to high healthcare costs. Advancements in technology has increased accessibility and reduced the distance barrier, thus making it possible for the medical service providers to reach out to the patients in remote locations. Therefore, it has resulted in higher adoption of telehealth services, thereby driving the global market towards growth.

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How is the Telehealth Market progressing globally?

The worldwide Telehealth Market is estimated to grow at a CAGR of 27.5% during the forecast period, to reach a value of USD 9.35 Billion by 2021 from USD 2.78 Billion in 2016. On the basis of mode of delivery, the global market is segmented into web-based, cloud-based, and on-premise segments. In 2016, the web-based segment is expected to account for the largest share of the market. This can be attributed to the minimal software and hardware requirements for using web-based telehealth solutions (which reduces upfront installation costs) and increasing adoption of web-based services by healthcare providers.

On the basis of region, this market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to account for the largest share of the market in 2016. The U.S., is the largest market in North America, owing to the rising healthcare costs, upcoming regulatory policies, rising prevalence of chronic diseases, shortage of physicians, growth in geriatric population, implementation of the Affordable Care Act (ACA), and increasing funding for telehealth. In Canada, the growth of the market is driven by the rising healthcare spending, increasing usage of mobile devices, and growing number of conferences and events that are generating awareness about telehealth services in the country. However, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period

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What is driving and restraining market growth?

The growth of the global Telehealth Market is majorly backed by the rising aging population, rising prevalence of chronic diseases, lack of trained physicians in the U.S., improved telecommunication infrastructure, advancements in technology, growing awareness regarding the benefits of telehealth, and the growing need for more affordable treatment options due to rising healthcare costs. Also, the benefit of wearable technologies is another factor that is expected to create good growth opportunities for this market in the near future.

On the other hand, limited reimbursement scenario in the U.S. coupled with legality, privacy, and security concerns are the major factors that may hamper the growth of this market. Apart from this, lack of telehealth standards is a major challenge being faced by the companies involved in this market.

Leading market players and strategies implemented:

The key players participating in the global telehealth comprise Philips Healthcare (The Netherlands), Medtronic plc (Ireland), Honeywell Life Care Solutions (U.S.), Tunstall Healthcare (U.K.), Care Innovations (U.S.), Cerner Corporation (U.S.), Cisco Systems, Inc. (U.S.), Medvivo Group Ltd. (U.K.), GlobalMedia Group, LLC (U.S.), Aerotel Medical Systems Ltd. (Israel), AMD Global Telemedicine, Inc. (U.S.), American Well (U.S.), InTouch Health (U.S.), and Vidyo, Inc. (U.S.). These companies adopted some major strategies such as agreements, partnerships, collaborations, and strategic alliances, new product launches, and mergers & acquisitions in order to gain a stronger hold on the market as well as increase their market share.

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