Telehealth Market to Grow with a High CAGR- Global Industry Analysis, Key Manufacturers, Trends, Size, and Forecasts

Kenneth Research has published a detailed report on Telehealth Market which has been categorized by market size, growth indicators and encompasses detailed market analysis on macro trends and region-wise growth in North America, Latin America, Europe, Asia-Pacific and Middle East & Africa region. The report also includes the challenges that are affecting the growth of the industry and offers strategic evaluation that is required to boost the growth of the market over the period of 2019-2026.

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The report covers the forecast and analysis of the Telehealth Market on a global and regional level. The study provides historical data from 2015 to 2019 along with a forecast from 2019-2026 based on revenue (USD Million). In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Telehealth Market over the period 2019-2026.

The Telehealth market is projected to record a significant CAGR during the forecast period owing to the increasing healthcare expenditure by the government of nations around the globe. According to the statistics by the World Bank, current health expenditure around the world increased from 9.391 % of GDP in the year 2011 to 9.896 % of GDP in the year 2017. Moreover, the statistics also stated that Tuvalu, a nation in Oceania region, had the highest expenditure of 17.143 % of GDP in the year 2017, followed by the United States, with 17.061 % of GDP.

The Telehealth market is driven by the increasing demand for remote patient monitoring. In addition, the growing number of M&As is anticipated to boost the growth of the telehealth market.
The rising need for better access to healthcare, increasing patient engagement, improving the quality of patient care, and enhancing patient satisfaction are factors leading to the increasing adoption of remote patient monitoring (RPM) across the world. This is increasing the use of connected health tools such as mobile applications and wearable devices to offer quality and value-based services to patients. Vendors are also increasing their focus on improving their telehealth services to enable the adoption of RPM. For instance, in October 2017, Medtronic collaborated with American Well to offer a complete telehealth solution to provide care to patients with chronic and co-morbid disease conditions. Hence, the rising demand for RPM is expected to fuel the growth of the global telehealth market during the forecast period.

Currently, the United States boasts the most mature telehealth market in the world, as well as a diverse competitive landscape, attributable to a trend towards reimbursement reform and successes of large-scale deployment initiatives. Moreover, the Veteran’s Health Administration (VHA), America’s largest purveyor of home telehealth, continues to rapidly expand the size of its remote patient monitoring (RPM) programs and funding.

In the European region, the telehealth monitoring market has grown tremendously in recent years, fueled by increasing awareness of the benefits of remote monitoring and home healthcare. While both telehealth segments are expected to experience significant growth over the forecast period, growth of the total disease management segment will continue to considerably outpace the more developed CIED market.

Factors attributed to the growth of the global telehealth market are increasing number of patient suffering from chronic diseases, increase in number of geriatric population and inclination towards home healthcare. Rapid urbanization in developing countries, high penetration of mobile phones and introduction of various apps based services are some other factors expected to support the growth of the target market. Technological advancement in healthcare products & services and introduction of advanced products has fuelled the growth of global market. However, lack of regulatory scenario and favorable policies in developing countries is expected to limit the adoption of these services thus hampering growth of global telehealth market.

Market Segmentation
Component
*Software & services
*Hardware

Application
*Teleradiology
*Tele-consultation
*Tele-ICU
*Tele-stroke
*Tele-psychiatry
*Tele-dermatology
*Other Applications

Mode of delivery
*Cloud-based
*On-Premise

End-User
*Providers
*Payers
*Patients
*Other End Users

By Regional Ananlysis
North America
*U.S.
*Canada

Europe
*Germany
*UK
*France
*Italy
*Spain
*Belgium
*Russia
*Netherlands
*Rest of Europe

Asia-Pacific
*China
*India
*Japan
*Korea
*Singapore
*Malaysia
*Indonesia
*Thailand
*Philippines
*Rest of Asia-Pacific

Latin America
*Brazil
*Mexico
*Argentina
*Rest of LATAM

Middle East & Africa
*UAE
*Saudi Arabia
*South Africa
*Rest of MEA

Some of the major players operating in the global Telehealth market are American Well, GlobalMed, Teladoc Health, Inc., Dictum Health, Inc., LLC, InTouch Technologies, Inc., Doctor On Demand, Inc., MDLIVE Inc., Encounter Telehealth, HelloMD, and SnapMD, Inc. The market players are focused on providing new services and introduction of new products in product portfolio in order to attract new customers and increase their business presence. In addition, merger and acquisition activities in order to increase the business share are expected to further increase the competition in the market.

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Competitive Analysis:
The Telehealth Market report examines competitive scenario by analyzing key players in the market. The company profiling of leading market players is included in this report with Porter’s five forces analysis and Value Chain analysis. Further, the strategies exercised by the companies for expansion of business through mergers, acquisitions, and other business development measures are discussed in the report. The financial parameters which are assessed include the sales, profits and the overall revenue generated by the key players of Market.

Key points covered in this report:
• The historical and current data is provided in the report based on which the future projections are made and the industry analysis is performed.
• The import and export details along with consumption value and production capability of every region is mentioned in the report.
• Porter’s five forces analysis, value chain analysis, SWOT analysis are some additional important parameters used for the analysis of market growth.
• The report provides the clients with the facts and figures about the market on the basis of evaluation of the industry through primary and secondary research methodologies.

The Telehealth Market report highlight the economy, past and emerging trend of industry, and availability of basic resources. Furthermore, the market report explains development trend, analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out. In the end, the report makes some important proposals for a new project of Telehealth Market before evaluating its possibility.

About Kenneth Research:
Kenneth Research is a reselling agency which focuses on multi-client market research database. The primary goal of the agency is to help industry professionals including various individuals and organizations gain an extra edge of competitiveness and help them identify the market trends and scope. The quality reports provided by the agency aims to make decision making easier for industry professionals and take firm decisions which helps them to form strategies after complete assessment of the market. Some of the industries under focus include healthcare & pharmaceuticals, ICT & Telecom, automotive and transportation, energy and power, chemicals, FMCG, food and beverages, aerospace and defense and others. Kenneth Research also focuses on strategic business consultancy services and offers a single platform for the best industry market research reports.

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