Telehealth Market to Register a CAGR Over 29.8% from 2017-2023

Pune, India, July 18,2018 /MRFR Press Release/- Market Research Future published a half cooked research report on “Global Telehealth Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023

Telehealth refers to the use of electronic and telecommunications technologies to deliver clinical health services and non-clinical services such as providing training, administrative meetings, and medical education. Telehealth is NOT a specific service but a collection of means to enhance care and education delivery. Main five objectives of Telehealth offerings are - to improve outcomes; to enhance care-coordination; to maximize clinical efficiency; driving consumer engagement, and reducing the costs.

Telehealth has garnered an enormous prominence in the healthcare industry as patients, providers, payers, employers, and legislators have begun to acknowledge its significant capability to provide cost-effective solutions while enhancing the quality of life of patients and their caregivers. As a result of this, the telehealth market is growing exponentially on the global platform.

Acknowledging the kind of growth the market perceives currently Market Research Future (MRFR) in its recently published study report asserts that the global telehealth market will garner a spectacular growth surpassing its previous growth records by 2023 registering a whopping CAGR of 29.8% during the forecasted period (2017-2023).

The rapidly increasing population is the key driving force substantiating the market growth. Additional factors influencing the growth of telehealth market include the proliferation of internet, telephones, and developments in telemedicine technologies. Moreover, the wide range of clinical applications that allow long-distance patient care, advice, reminders, monitoring, intervention, remote admissions, and clinical education are also providing impetus to the growth.

The telehealth market will continue to gain momentum as patients actively balance cost and quality of care. Telehealth acceptance is on the rise as more consumers view telehealth as a viable alternative to traditional in-person visits. As consumers’ acceptance speeds up, telehealth will be evaluated in terms of value more than access, making service pricing key to the growth of the Direct-to-Consumer segment. Patient journey unlikely to change since Consumers of telehealth services will need to be seamlessly integrated into the familiar payer/provider constructs (access, reimbursement, etc.) to drive utilization.

Product growth will come from specialized offerings and SaaS platforms. ‘Full service’ vendors will shift to robust technology utilizing SaaS business models. Superior technology platforms will go surpass facilitating remote connections and integrate into their technology stack. Successful infrastructure/SaaS will be customized to both the buyer and the clinical use case. \

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Global Telehealth Market -   Segments

The MRFR analysis is segmented into four key dynamics for the convenience of the report and enhanced understanding; By Components   :  Comprises Hardware {Monitors (blood glucose, blood pressure and ECG monitors, others.), and Medical Devices, others}, and Software, among others. By Types                : Web-Based, On-Premises, and Cloud-Based.By End-Users        : Hospitals & Clinics, and Pharmaceutical Companies among others

By Regions             : Europe, North America, APAC and Rest-of-the-World. 

Global Telehealth Market -

Regional Analysis

North America market dominates the global telehealth market with the significant market share. Factors that drive the regional growth include; favorable government policies and the fastest adaptation of telehealth along with the increased incentives.  The US and Canada among other North American countries have successfully implemented telehealth facilities in their healthcare system, which would resultantly boost the regional market growth over the forecast period.

Additionally, the presence of developed healthcare infrastructure & IT coupled with favorable government initiatives in executing telehealth, regulatory framework, and innovations in the region would further propel the market growth.

Europe & Asia Pacific account for the second & third largest market respectively. Germany dominates the connected healthcare deployments in Europe. Various solutions are being offered and services are being delivered through varied means, ranging from simple messages to exceedingly complex apps.

Driven by the technological advancements, the APAC market perceives increased adoption of telehealth in healthcare facilities. Developing countries like India, China & Japan account for the wide adoption of these management products and services; resultantly fuelling the regional market growth. Whereas improved digitization along with the increasing focus on data integration, data quality, management & data governance would drive the growth of Europe market for telehealth.

Global Telehealth Market – Competitive Analysis        

Telehealth market is evolving at an increasing pace with many new entrants and incumbent developing a raft of new products and services. As a result, definitions of the market vary widely depending on the components that are included. Innovation, mergers & acquisitions, expansion, and collaboration remain the key trends for leading players in the Global Telehealth Market.

Key Players

Prominent players profiled in the MRFR analysis and are at the forefront of competition in the global Telehealth market include Medtronic (Ireland), Koninklijke Philips N.V. (the Netherlands), General Electric Company (UK), Care Innovations, LLC. (US), McKesson Corporation (US), Cerner Corporation (US), Siemens Healthcare Private Limited (US), GlobalMedia Group, LLC (US), AMD Global Telemedicine, Inc. (US), and InTouch Technologies, Inc. (US). 

Industry/Innovation/Related News:

July 16, 2018 – The Federal Communications Commission (US) announced the launch of a pilot program with the investment of USD100 Mn.  to connect veterans and others living in rural areas with telehealth. The programme is expected to provide grants to healthcare and broadband providers to establish a solid connection for telemedicine services. The programme is also considered as opportunities to bridge the gap between providers by using the latest diagnostic and treatment technologies.