Telehealth refers to use of ICT to transfer medical information and health-related services through electronic telecommunication and electronic data. It enables long distance patient/clinician contact, consultation, treatment, advice, education, reminders, medication monitoring, remote hospital admissions, care, education, therapy, support, tracking, and remote transfers.
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Recent Developments:
Major players operating in the global telehealth market are focused on launching new services to expand their product portfolio. For instance, in September 2021, iXensor, Taipei-based mobile health platform, launched a new telehealth service to support fertility monitoring at home.
Global Telehealth Market: Drivers
Shortages of primary care providers is expected to propel growth of the global telehealth market over the forecast period. For instance, 59 million people in the U.S. are living in Health Professional Shortage Area (HPSAs)-rural and urban areas with shortages of primary care providers, according to the 2016 E-health and Telemedicine report of U.S. Department of Health and Human Services.
Moreover, increasing geriatric population is also expected to aid in growth of the global telehealth market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Global Telehealth Market: Opportunities
Increase in telehealth and telemedicine payments is expected to offer lucrative growth opportunities for players in the global telehealth market. For instance, telehealth and telemedicine payments increased by 28% and claims increased by 33% in 2016, over the year 2015, according to 2017 finding from Centers for Medicare and Medicaid Services.
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Moreover, ability of telehealth to significantly decrease the dependency on hospitals is also expected to aid in growth of the market. For instance, telemedicine is poised to save healthcare spending on transportation, medical facility, labor wages, and lab, according to NTCA-The Rural Broadband Association’s 2017 report.
Market Trends
North America is expected to witness significant growth in the global telehealth market, owing to high prevalence of chronic diseases in the region. For instance, according to the American Heart Association’s Heart and Stroke Statistics 2019 Update, around 48% of all adults in the U.S. suffered from some type of CVD in 2016.
Moreover, significant physician shortfall is also expected to aid in growth of the market in the region. For instance, the projected shortfall of physicians in the U.S. was in the range of 61,700 to 94,700 between 2014 and 2025, according to ‘The 2016 Physician Supply and Demand Report’ of Association of American Medical College.
Global Telehealth Market: Restraints
Concerns over privacy and security of data, low availability of telecommunication bandwidth, and lack of trained professionals in remote areas are some of the factors hindering growth of the global telehealth market. For instance, according to Pew Research Center (October 2019), Sub-Saharan Africa has a lower level of internet use than any other geographic region, ranging from a high of 59% in South Africa to a low of 25% in Tanzania.
Global Telehealth Market: Competitive Landscape
Major players operating in the global telehealth market include AMD Global Telemedicine, Inc., Cisco Systems, Inc., Care Innovations, LLC, General Electric Company, Honeywell Life Care Solutions, Koninklijke Philips N.V., Medtronic plc, McKesson Corporation, Medvivo Group Ltd., Tunstall Healthcare Group Ltd, and Vidyo, Inc.
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Global Telehealth Market: Taxonomy
By Component
- Hardware
- Software
- Services
By Mode of Delivery
- On-premise
- Cloud-based
By End User
- Telehealth Providers
- Patients
- Others
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