According to the report by Fortune Business Insights, titled “Telehealth Market Size, Share and Industry Analysis By Type (Products, Services), By Application (Telemedicine, Patient Monitoring, Continuous Medical Education, Others), By Modality (Store-and-forward (Asynchronous), Real-time (Synchronous), Remote Patient Monitoring), By End User (Healthcare Facilities, Homecare, Others), and Geography Forecast, 2019 – 2026”, the value of this market in 2018 was USD 49.8 billion. The report further provides a detailed analysis of the factors that will play an influential role in the development of the Telehealth market. A comprehensive evaluation of the trends, dynamics, and industry outlook is also contained in the report.
Fortune Business Insights profiles some of the important participants in the telehealth market:
- Dictum Health, Inc.
- SnapMD, Inc.
- American Well
- MDLIVE Inc.
- Doctor on Demand, Inc.
- Encounter Telehealth
- Teledoc Health, Inc.
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Tangible Benefits of Telemedicine to Boost the Market
Telehealth refers to a healthcare delivery system that is not limited by distance between the doctor and patient. The expansion of the telehealth market size is premised on the host of advantages that telehealth market services offer and growing awareness of these benefits. They are very visible benefits and has already led to positive outcomes.
For example, according to a study published in Medicine Journal of Australia, effective telemedicine provision has reduced hospital readmission by 24% and has brought down mortality by 20%. Moreover, telemedicine care helped patients save close to 19% of what they would have spent on inpatient care.
The National Institutes of Health (NIH) in the US states that telehealth has noticeably positive impact on the mental and physical health of patients. For example, the NIH estimates that emergence of telehealth services has led to around 38% reduction in hospital admissions. Lastly, telehealth can help governments in underdeveloped countries to provide quality healthcare to the rural population in these regions.
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Key Segmentation of Telehealth Market
- Patient Monitoring
- Continuous Medical Education
- Store-and-forward (Asynchronous)
- Real-time (Synchronous)
- Remote Patient Monitoring
By End User
- Healthcare Facilities
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Company Collaborations Are Proving Chief Growth Drivers
Due to the increasing demand, telehealth market companies are adopting collaborative strategies with the aim of expanding business on a global scale. Furthermore, leading companies in the telehealth industry are focusing on mergers and acquisitions to gain competitive strength. Companies are trying to incorporate modern industrial concepts with a view to gain more end users. Fortune Business Insights expects market collaborations will help companies generate substantial telehealth market revenue.
In April 2018, American Well acquired Avizia Limited with the aim of strengthening its position among the companies in the telehealth industry. American Well’s acquisition of Avizia will help the company take a big leap in the telehealth market, owing to the exceptional portfolio of telehealth services bolstered by Avizia. The report includes company mergers, similar to American Well’s latest acquisition and signifies the impact of such M&As on the global telehealth market.
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