Telehealth/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
Telehealth/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
Telehealth refers to the use of modern information and communication technologies to improve access to health care and information, primarily among providers and patients, initially targeted to serve rural and underserved areas. This market is characterized by constant technological advancements to keep pace with the changing patient needs. The growth of this market is majorly fuelled by improving healthcare IT infrastructure, aging population & rising prevalence to chronic diseases, increasing awareness about benefits of telemedicine, shortage of healthcare professionals, favorable government initiatives & reforms/policies supporting digital health, and growing focus on population health management.
Global Telehealth Market is expected to reach USD 12,105.2 million by 2023, at a CAGR of 23.0% during the forecast period of 2018 to 2023.
Succeeding an extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out an impact analysis of the key industry drivers, restraints, opportunities, and challenges in the market dynamics segment. Apart from the developed countries like the U.S., emerging economies of Asia-Pacific also provide immense growth opportunities for various stakeholders in the telehealth market. However, lack of adequate reimbursement and lack of telehealth standards may hinder the market growth to some extent.
In addition, the report further gives an extensive outlook on various end users of telehealth such as healthcare providers, payers, patients. These end user segments further briefly talk about the factors impacting their growth. Apart from end users, the report provides insights on adoption of various deployment models, components, and applications of telehealth.
Geographical scenario of the industry provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) along with the coverage of major countries in each region. The geographical analysis provides detailed insights on the key trends of the industry in the listed regions & countries, identifying the demographic & economic impact, government & private investments, and regulatory scenario. The report identifies North America to be the largest market followed by Europe, Asia-Pacific, and Rest of the World. The geographical analysis section also comments on the key market players shaping the growth of the industry in the respective countries.
These vendors employed various strategies to expand their product and service offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global telehealth market include agreements, partnerships, & collaborations, new product/service launch and product upgradations, mergers & acquisitions, and expansion.
The key players in 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.
Key questions answered in the report
Increasing use of web & cloud-based deployment model help to increase adoption of telehealth market