Telehealth Market Overview:
The Global Telehealth Market is on a path to score a CAGR of 22.74% and surpass a valuation of USD 16,173.8 Million by 2024. Market Research Future (MRFR) marks 2019 to 2024 as the forecast period. The telehealth sector is expected to thrive on the core concept it offers of sharing information using a digital platform to improve communication. It enables several functions like electronic consultations, video conferencing, remote monitoring, and wireless communications. Growing demand for easy access to various healthcare services, cost-effective and systematic procedure, hike in investment, better research & development facilities, improved IT sector, and others are factors that ensure growth for the market. But the possibility of information leakage through hacking can prevent the market from having easy growth.
Telehealth Market Segmentation
Component, application, mode of delivery, and end user are four definite segments that have been discussed in the global market report on the telehealth sector. MRFR included these segments to provide better insights regarding various intricacies of the market.
By component, the global report on the telehealth market includes software, services, and hardware. The services segment has the maximum market share. The hardware segment includes medical peripherals, monitoring devices, and others. By monitoring devices, this can be segmented further into stationary and wearable monitoring devices. By medical peripherals, the market includes ECG monitors, otoscopes, pulse oximeters, blood glucose meters, blood pressure monitors, peak flow meters, and others. By software, the report includes software and standalone software. By services, the report discusses real-time interactions, remote monitoring, and store-and-forward consultations.
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By mode of delivery, the market report has its focus on web/cloud-based and on-premise. The web/cloud-based segment had the maximum market share as per the last analysis but the on-premise segment has the chance to grow with the fastest CAGR during the review period.
By application, the market for telehealth includes primary care, radiology, neurophysiology, cardiology, and others. The radiology segment held the top spot in the recent analysis. Meanwhile, the cardiology segment has the opportunity to register the fastest growth rate.
By end user, the market encompasses hospitals & clinics, home care, diagnostic clinics, and others. The hospitals & clinics segment is the largest segment.
Telehealth Market Regional Analysis
Basic requirements and the advanced ones for the growth of the telehealth market are widely available in Europe and the Americas. Of these two regions, the Americas are all set to score big in the coming years as countries like the US and Canada are going to ensure that the market gains better profit. Improved IT sector, better investment plans, growing digitalization, huge budget expenditure, and others are several sectors that can make sure that the market gains better prospects. In Europe, this market would benefit from the growing demand to monitor the steps of healthcare procedures. Italy has emerged as one of the leading countries by having control over almost 12.4% of the Western telehealth market in 2018. France, Germany, and the UK can also make sure that their growth in the sector goes up considerably.
The Asia Pacific market has a massive population that can trigger growth for the telehealth market. Increasing the inclusion of technologies to support better growth for the telehealth market. For the Middle East & Africa, poor economy and lack of infrastructure can hold back the growth rate and deter permeation of the sector.
Telehealth Market Competitive Analysis:
The telehealth market is witnessing a strong ingress of new entrants who are impacting the market with their latest innovations. This is also making the market competitive as established players are trying to capitalize on the opportunities available and increase their profit margin. MRFR listed a few to ensure a better understanding of the market and it includes companies like Siemens (Germany), Boston Scientific Corporation (US), AMD Global Telemedicine Inc. (US), Right Health (Canada), American Well (US), Allscripts Healthcare Solutions (US), Honeywell International Inc. (US), GlobalMed (US), Care Innovations LLC (US), Philips Healthcare (Netherlands), InTouch Technologies Inc. (US), Medtronic PLC (Ireland), Maple (Canada), Cisco Systems Inc. (US), Cerner Corporation (US), Dialogue (Canada), and Livecare Health (Canada).
In January 2020, Walmart announced that they have started a collaboration Doctor on Demand to support its own staff and ensure that they get proper treatment using the telehealth services.
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