(09.04.2019, New York) According to a new report released by Research on Global Markets, the global telehealth market is expected to expand at a compound annual growth rate (CAGR) of 14.1% during the 2017-2023 period. Telehealth is the provision of healthcare services by means of telecommunications technology. Telehealth services and technology enables resource and knowledge sharing between the rural and urban regions in the fastest possible time.
According to the report, the popularity of telehealth is growing from strength to strength globally. telehealth has improved healthcare services by bridging the gap between doctors and patients and is expected to experience a higher rate of adoption due to the increasing geriatric population, greater government expenditure on healthcare, and increasing prevalence of chronic diseases. Some of the factors that have boosted the demand for telehealth services are ease of medical care delivery, patient-driven model and improved patient data management. Time saved on trips to the clinic and additional costs incurred during physical check-ups makes telehealth services the preferred choice for working individuals.
The global telehealth market is segmented based on technology, application, and region. Based on the technology, remote patient monitoring (RPM) occupied 63% of the market share in 2017. The key drivers of the RPM segment are rising healthcare costs and healthcare regulations imposed by countries such as the United States (U.S.), Canada, and the United Kingdom (U.K.). Mobile Health (mHealth), held a market share of 22% in 2017 while telemedicine accounted for 15% of the market share in the same.
Based on end-users, payers, providers, patients, and others make up the end-user base of telehealth services. The payer's segment is anticipated to expand significantly due to the growing adoption of telehealth services and other connected medical services provided by insurance companies.
Based on the applications, teledermatology has the highest adoption rate due to the high cost of specialty healthcare. Following closely is Teleradiology (25%) and telecardiology (24%). The demand for telecardiology is driven by the growing prevalence of cardiac ailments such as cardiac arrhythmia, while Teleradiology is popular among cancer patients who need regular check-ups but cannot make regular visits to the hospital.
North America occupied 49% of the global telehealth market in 2017 while accounting for the highest adoption of telehealth technologies. Government expenditure on developing telehealth has led to the growth of the telehealth market in Europe which occupies 33% of the total market. The telehealth market is still in its nascent phase in the Asia-Pacific, Latin America, Middle East, and Africa.
Key highlights of this report:
1. Trends in the global telehealth market.
2. Market attractiveness analysis, and geography-wise market revenue (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)
3. Qualitative analysis of the global drivers, trends, and challenges affecting the market and its segments
4. Value chain analysis
5. Porter’s five forces analysis
6. Segmentation based on technology (remote patient monitoring, mobile health [mHealth], and video telemedicine) - historical (2014-2016) and forecasted (2017-2022) market size (USD Bn), and key market observation.
7. Segmentation based on application (telecardiology, teleradiology, teledermatology, telepathology, and others [teleaudiology, teleopthalmology]) - historical (2014-2016) and forecasted (2017-2022) market size (USD Bn), and key market observations.
8. Detailed analysis of the key developments and major innovations in the market.
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