Telehealth Market Estimated to Account for US$ 52,897.2 Mn by the end of 2025 - Medtronic, Cerner , Tunstall Healthcare, AMD Global, Philips, Cisco Systems, Aerotel Medical, Honeywell Life Care, Medvivo, American Well
In our study, we have segmented the telehealth market by product, type, mode of delivery and end user. Based on product, global telehealth market is segmented as integrated and standalone. Based on type, the market is segmented into software, hardware and services. The mode of delivery segment is classified as on-premise, cloud-based and web-based. In the basis of end user the global market of telehealth is segmented into patients, prayers and healthcare providers.
The Telehealth market is estimated to account for US$ 52,897.2 Mn by the end of 2025, escalating at a CAGR of 15.7% during the forecast period from 2018 to 2025, rising from US$ 17,289.9 Mn in 2017.
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The Growth of the telehealth market can be attributed to the increasing adoption of the home monitoring programs for the treatment. Home monitoring programs are designed to help patients with frequent ER visits or re-hospitalization to receive treatment in the comfort of their home. The goal of the Home monitoring programs is to reduce the hospital readmissions or trips to the physician and reduce length of stays in hospitals. For instance, in November, 2017, Medtronic launched a new telehealth service with the Medtronic Care Management Services that support the U.S. Department of Veterans Affairs (VA) for Home Telehealth Devices and Services. Furthermore, improvement in ICT technologies is expected to offer wide growth opportunities for the players operating in the telehealth market during the forecast period.
Strategic approaches by major players such as geographical expansions, new product launches, partnerships, and collaborations in the market also are expected to accelerate the market growth. For instance, in May 2018, American Well launched AW11, which is the latest telehealth to offer the video visits to patients. Such product launches increase the commercial availability of the product and services and thus bolster the market growth.
North America is anticipated to hold significant share in the global telehealth market, owing to factors such as government initiatives, investments made by the major companies, and advancements in ICT and remote monitoring technologies, coupled with high acceptance among the customers especially in the US and Canada. The demand for telehealth is anticipated to increase at a considerable rate in Asia-Pacific region during the forecast period, owing to increasing demand in China. China has a well-defined telehealth systems present in its healthcare systems also the EHR systems are adopted by various providers. The high growth of this region can be attributed to increasing geriatric population and growing technological advancements that enable mobile telehealth in rural and urban areas.
The Market for telehealth consists of well-recognized organizations as well as emerging companies namely; Medtronic, Cerner Corporation, Tunstall Healthcare, AMD Global Telemedicine, Inc., Philips Healthcare, Cisco Systems, Inc., Aerotel Medical Systems Ltd., Honeywell Life Care Solutions, Medvivo Group Ltd., American Well among others.
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