The telehealth market is estimated to grow at a CAGR of 15.7% during the forecast period from 2018 to 2025. The market for telehealth is estimated to reach US$ 52,897.2 Mn in 2025.
Telehealth is a technique of exchanging data from a patient at home to healthcare professional for getting assistance in monitoring and diagnosing. Telehealth allows the healthcare practitioner to easily offer their services on consultation, care management, diagnosis, and self-management services using information & communication technologies (ICT). These services are being offered through various mode of delivery such as on-premise, web-based, and cloud-based.
Growing aging population, increase in number of chronic diseases, and increasing demand for home monitoring devices are the major drivers which are likely to aid the growth of telehealth market. Rising technological advancements and enhancing demand for home monitoring solutions are likely to add new opportunities for this market in the coming years.
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The major players operating in the market of telehealth market include 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.
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. Geographically, the market for telehealth is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA) and South and Central America (S&CAM).
The market is witnessing a potential growth rate during the previous years and is expected to witness similar trend in the coming years. Additionally, major players in the market are engaged in research and development activities. These players have been upgrading their product portfolio by applying for approvals as well as launching new products. For instance, in November, 2017, Medtronic plc with the Medtronic Care Management Services (MCMS) business launched the advanced and latest telehealth solutions for supporting the U.S. Department of Veterans Affairs (VA) for Home Telehealth Devices and Services.
The market for telehealth is well established in North America region, especially in the US. The market is expected to witness growth at a rapid rate in Asia-Pacific region during the forecast period. 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.
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