Telehealth Market Worth 12,105.2 Million USD By 2023 | Comprehensive Research Including Top Companies and Forecasts Report

Meticulous Research -leading global market research company published a research report titled "Telehealth market/Telemedicine Market by Component (Service, Software, Device), Mode of Delivery (On premise, Web, Cloud), Application (Radiology, Cardiology, Primary/Urgent Care, ICU, Mental Health), End User (Physician, Payor, Patient) - Global Forecast to 2023".

The global telehealth market is expected to grow at a CAGR of 23.0% from 2018 to 2023 to reach USD 12,105.2 million by 2023, driven by factors such as growing pressure to reduce healthcare costs while improving quality of care, improving health IT infrastructure, aging population & rising prevalence of chronic diseases, increasing awareness about benefits of telemedicine, favorable government initiatives & reforms/policies supporting digital health, and growing focus on population health management. Moreover, growing digitization and technological advancements in mobile health technology in emerging countries will further propel the adoption of telehealth solutions during the forecast period.

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The global telehealth market study presents historical market data in terms of value (2016 and 2017), estimated current data (2018), and forecasts for 2023 - by component (services, software, and hardware), deployment model (web & cloud-based, and on-premise), application (radiology, cardiac monitoring, primary/urgent care, neurophysiological monitoring, remote ICU, mental health, and other), and end user (healthcare providers, payers, patients and others). The study also evaluates industry competitors and analyzes the market at a regional and country level.

Telehealth services are being widely adopted across the globe as they can ease physician shortages and efficiently improve access to healthcare for people living in remote/rural areas. Telehealth services held a significant share in 2017; however, software market is set to register the highest CAGR during the forecast period.

In 2017, web & cloud-based telehealth solutions captured a major share due to factors such as storage flexibility, accessibility, cost-effectiveness, easy scalability, and automated software upgradations.

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Radiology and cardiology are by far the two leading applications of telehealth. Teleradiology captured a major share in 2017; however, telehealth market for mental and behavioral health applications is growing rapidly. This is mainly attributed to significant rise in mental health issues coupled with a shortage of behavioral health providers that offers opportunities for telehealth market to meet the exploding demand for mental health services.

Healthcare providers held a significant market share in 2017 in the telehealth market. Providers are increasingly adopting telehealth to address shortage of doctors, especially in specialty care; meet healthcare needs of growing geriatric population and rising burden of chronic diseases; reduce healthcare costs and provide value-based care; and reach patients in underserved/rural areas where access to healthcare is limited.

This research report analyzes major players and provides comprehensive analysis of North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America commanded the largest share in the global telehealth market in 2017, followed by Europe. However, Asia-Pacific is expected to register highest CAGR during the forecast period. This growth is primarily attributed to accelerated economic growth of many countries in the region, rising need to provide healthcare to underserved/rural areas, improving telecommunications infrastructure and penetration of smartphones, and government support for adoption of telehealth. China and India are promising markets in APAC offering immense growth opportunities during the forecast period.

Top 10 Companies in this Market with Business Strategies: https://meticulousblog.org/top-10-companies-in-telehealth-telemedicine-market-market/

Key Players on the Ground:
The global telehealth market is highly fragmented with presence of large and several emerging companies offering devices, software and services. Some of the key players in the global telehealth market are Aerotel Medical Systems, AMD Global Telemedicine, Inc., American Well, Care Innovations, LLC (Intel Corporation), Cerner Corporation, Chunyu Yisheng, Cisco Systems, Inc., Doctor On Demand, Honeywell Life Care Solutions, Intouch Health, MDLive, Medtronic PLC, McKesson Corporation, Philips Healthcare, Sherpaa Health, Siemens Healthineers, SnapMD, Inc. Teladoc, Inc., Vidyo, Inc., Iris Telehealth, Zipnosis, BioTelemetry, Inc., Welch Allyn, Inc., and CareClix among others. In the recent past, these companies have significantly focused on entering into agreements, partnerships, strategic alliances and collaborations to expand their product and service offerings, strengthen their global footprint, and augment their market shares. For instance, in January 2018, Koninklijke Philips N.V. and American Well entered into a partnership aimed at delivering virtual care services. Furthermore, in December 2017, InTouch Health, and Vivify Health, the leading remote care management platform, announced a partnership to integrate Vivify Health's solutions with InTouch Health's telehealth platform.

Telehealth Services Dominates the Global Market
The 2016 E-health and Telemedicine report by the U.S. Department of Health and Human Services, revealed that 59 million Americans are living in Health Professional Shortage Area (HPSAs)-rural and urban areas with shortages of primary care providers. Moreover, the shortage of physicians is a huge problem in developing countries. Telehealth services can ease physician shortages and efficiently improve access to healthcare for people living in remote/rural areas. In addition to improved access to care, telemedicine can improve health outcomes and patient satisfaction. Thus, services currently dominates the global telehealth market and will also fuel gains in light of demand for easy healthcare access by the patients especially located in remote areas, rising prevalence of geriatric population and chronic diseases requiring long-term care, and growing adoption of remote monitoring solutions. The software segment is projected to grow at a comparatively higher CAGR than the hardware segment in terms of revenue during the forecast period owing to growth in demand for integrated software.

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Sizeable Radiology and Cardiology Application Segments Driving Gains
Radiology and cardiology are by far the two leading applications of telehealth, which together represented two-thirds of demand in 2017, and will continue to have the greatest impact on gains through 2023. However, healthcare providers are rapidly expanding use of telemedicine in a number of specialities including mental health, dermatology, oncology, and surgery in underserved, rural, remote areas with deprived access to health specialists.

Increasing Burden of Chronic Diseases & Favorable Government Initiatives to Drive Adoption of Telemedicine:
According to CDC, chronic and mental health conditions account for approximately 86% of the health care expenditures in the U.S. It is estimated that by 2025, chronic diseases will affect an estimated 164 million Americans - nearly 50% of the population. The burden of chronic diseases is rapidly increasing across the globe. Many individuals with chronic conditions are elderly and therefore have mobility limitations. Moreover, people with multiple chronic conditions typically require frequent visits to physicians. Telehealth promises to bridge the gap in chronic disease management. Telemedicine can ensure easy access to care for such population and enable both patients and providers in treatment plan management, medication management, and long term chronic care management, thereby reducing avoidable healthcare costs.

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