Telehealth Market Research Report by Component, by End-User, by Deployment, by Region – Global Forecast to 2027 – Cumulative Impact of COVID-19

Telehealth Market: Information By Component (Hardware, Software and Services), By Mode of Delivery (Web/Cloud-Based and On-Premise), By Application (Radiology, Cardiology, Primary Care, Neurophysiology and others), By End User (Hospitals and Clinics, Diagnostic Centers, Home Care and others) – Global Forecast till 2027

Telehealth Market – Overview

Diversification of service delivery in the healthcare sector has given way to the development of the telehealth market. Market focused reports related to the healthcare industry among others recently have been made available by Market Research Future which publishes reports on this industry. The market is expected to develop with a robust CAGR of 29.8 percent approximately in the forecast period.

One of the main factors that are promoting the growth of the market is the shortage of qualified nursing staff to address the requirements of the patients. As the competition has spiked in the healthcare sector to a substantial level, patient care and superior service quality have become paramount factors for the success of any healthcare organization. In addition to this, the use of modern communication channels has enabled a higher level of connectivity between the patient and the healthcare provider thereby increasing demand for the market. Use of empathetic virtual personal health coaches and artificial intelligence will further mobilize the development trajectory of the market in the coming years.

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Industry Segments

The telehealth market globally is segmented on the basis of types, components and end users. On the basis of types, the market segmentation includes web based, on-premises, and cloud based. The segmented on the basis of component includes software, hardware, and others. The hardware segment is further segmented into medical devices, monitors, and others. The monitors are additionally segmented into blood pressure monitors, blood glucose monitors, ECG monitors, and others. The end user segment of the market is segmented into pharmaceutical companies, hospitals & clinics and others. 

Detailed Regional Analysis

The regional analysis of the telehealth market is led by America due to the existence of huge geriatric population and a huge number of people suffering from chronic respiratory diseases and diabetes. Between all the regions in the world, the U.S. has been the primary choice for the deployment of telehealth solutions owing to an established healthcare system along with technological advancements. It has achieved a noteworthy position in the market globally with the rise in number of telehealth facilities which target fitness and wellness. Therefore, these telehealth solutions will help in cost reduction, save time by reducing visits to physicians, and deliver better healthcare systems. In addition to this, a well-developed healthcare industry and high levels of healthcare spending have contributed to the development of the market. The European region is responsible for the second largest market in the global telehealth market which is followed by the Asia Pacific region. Germany is leading the connected healthcare deployments in the European region, with various kinds of solutions being offered and services being supplied through diverse means, from complex apps to simple messages. The Asia pacific region has the most rapidly growing market owing to the incidence of quickly developing economies like India and China.

Global Competitive Analysis

The continual delivery of customer value has enhanced the market value of the industry. The forecast for growth in the market appears to be promising through the forecast period. The growing levels of diversification in the industry, have permitted the companies to use many chances available in the industry. The market competitors are framing their plans for corporate strategy in a way can bring about the best value for growth in the current scenario, while also simultaneously improving their product’s value. The proficiency to fuel competitive capabilities is among the main reasons powering their efforts in this period. Moreover, the challengers are handling the competitive environment by driving the market growth elements to their advantage. The companies in this market are adapting to the state of events by employing portfolio upgrades and upholding financial fluidity.

Koninklijke Philips N.V. (the Netherlands), General Electric Company (UK), McKesson Corporation (US), Care Innovations, LLC. (US), Cerner Corporation (US), GlobalMedia Group, LLC (US), Medtronic (Ireland), Siemens Healthcare Private Limited (US), AMD Global Telemedicine, Inc. (US), InTouch Technologies, Inc. (US) are among the foremost contenders in the global telehealth market.

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Industry Updates:

May 2018 iCare Navigator which is an interactive patient engagement system that uses virtual health coaches trained by artificial intelligence (AI) to address the shortage of nurses has been launched recently by TeleHealth Services. With iCare Navigator, nurses are aided by virtual health coaches, so they can deal with more patients while refining patient engagement. Incorporation with the electronic medical record also permits providers to see more patients with chronic diseases.

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