The telehealth market is projected to reach USD 9.35 billion by 2021 from USD 2.78 billion in 2016, at a CAGR of 27.5% in the next five years (2016 to 2021).
The healthcare industry is undergoing a fundamental transformation globally—a shift from a volume-based business to a value-based business. Growing demands from consumers for improved healthcare quality and greater value are forcing healthcare providers and payers to deliver optimized outcomes. In order to overcome these challenges and meet consumer expectations, healthcare providers are increasingly adopting telehealth solutions that enable them to provide improved healthcare at reduced costs.
Growth in geriatric population, rising prevalence of chronic diseases, dearth of healthcare professionals worldwide, improvements in telecommunication infrastructure, technological advancements, benefits of telehealth, and need for affordable treatment options due to rising healthcare costs are some factors expected to drive the growth of the global telehealth market in the coming years.
In 2016, North America is expected to account for the largest share of the global telehealth market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). In the U.S., the telehealth market is driven by the rising healthcare costs, upcoming regulatory policies, shortage of physicians, growth in geriatric population, implementation of the Affordable Care Act (ACA), and increasing funding for telehealth. In Canada, the growth of the telehealth market is driven by the rising healthcare spending, and growing number of conferences and events that are generating awareness about telehealth services in the country.
In the coming years, the telehealth market is expected to witness the highest growth in the Asia-Pacific region, with emphasis on India, China, and Japan. This can be attributed to factors such as growth in geriatric population in Japan, favorable initiatives for the adoption of telepathology in China, and low doctor-patient ratio and high internet penetration in India. Furthermore, increasing number of HCIT programs and rising prevalence of chronic diseases in Australia; growing medical tourism in India, Malaysia, Singapore, and Thailand; and increasing funding for telehealth in Australia are additional drivers for the telehealth market in the Asia-Pacific region.
The market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies [agreements, collaborations, mergers, partnerships, and alliances; new product launches; marketing and promotional activities; acquisitions; and other strategies (including product enhancements, expansions, market developments, funding, approvals, investment, contract extensions, website launches, client acquisitions, and accreditations] to increase their market shares and establish a strong foothold in the global market.
In-depth interviews were conducted with CEOs, Sales and Marketing Directors, other innovation and technology directors, and executives from various key organizations operating in the adaptive security market place.
- By Company Type: Tier 1: 50%, Tier 2: 42%, Tier 3: 8% - By Designation: Director Level: 58%, C-Level: 25%, Others: 17% - By Region: North America: 46%, Europe: 31%, APAC: 15%, ROW: 8%
The report includes the study of key players offering telehealth services such as Philips Healthcare (The Netherlands), Medtronic plc (Ireland), Honeywell Life Care Solutions (U.S.), Tunstall Healthcare (U.K.), Care Innovations (U.S.), Cerner Corporation (U.S.), Cisco Systems, Inc. (U.S.), Medvivo Group Ltd. (U.K.), GlobalMedia Group, LLC (U.S.), Aerotel Medical Systems Ltd. (Israel), AMD Global Telemedicine, Inc. (U.S.), American Well (U.S.), InTouch Health (U.S.), and Vidyo, Inc. (U.S.)
Reasons to Buy the Report: The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn helps firms to garner a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the products and services offered by top players in the telehealth market. The report analyzes the telehealth market by component, mode of delivery, and end user. - Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the telehealth market - Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for telehealth across regions - Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the telehealth market - Competitive Assessment: In-depth assessment of market shares, strategies, products, and distribution networks of the leading players in the telehealth market
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