Telehealth Market Will be Worth US$ 19.5 Bn by 2025
Global Telehealth Market: Snapshot
Owing to the increase in geriatric population and rise in cardiovascular diseases, the global telehealth market is anticipated to witness a rapid growth rate. The competitive landscape of the market is highly fragmented regarding the number of players who provide services like hardware and software. Due to the increase in the number of chronic diseases like asthma, cancer and diabetes, there is the flow of demand for self-care solutions or devices. This is accompanied by the advancement in technology in terms of mobile health care and medical imaging which further boosts the telehealth market globally.
There are a number of factors contributing to the growth of the telehealth market like the information and communication technology or ICT, advancement in mobile perforation, and connectivity. Since mobile access is pervasive all around the globe, it is easier for the telehealth market to prevail with time. There is rise in remote monitoring solution adoption by patients in rural areas may also add to the growth of the telehealth market globally.
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The telehealth market can also be expected to draw a large share of revenue owing to factors like effective image transfer, consistent evolution in communication and information technologies, and reporting and consultation. Adding to that, the scarce population of radiologists present around the world may also add to the increase in the overall growth of the telehealth market globally.
The global telehealth market is anticipated to expand at a CAGR of 13.0% within the forecast period of 2017 to 2025. Previously the market was valued at US$ 6.0 bn as of the 2016 records. The rising number of chronic diseases and their concern is presumed to expand the growth of the global telehealth market during the forecast period.
Cardiology Contributing More Revenue Generation Owing to Increasing Cardiovascular Diseases
The global telehealth market is segmented on the basis of component, where the key classifications are services, software and hardware. The software segment is further classified into standalone software and integrated software. The services segment is further categorized into remote monitoring, store and forward, and real-time services.
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On the basis of application, the global telehealth market is classified as dermatology, psychiatry, remote intensive care unit or remote ICU, urgent care, cardiology and radiology. Cardiology, of all, seems to attract more revenue into the market and is anticipated to be the key application of telehealth. Increase in cardiovascular diseases and more heart diseases like strokes and attacks may account for almost about 19 percent share contribution to the telehealth market in the years to come.
The end-user category is further segmented into patients, providers and payers. Among these, the payers segment is expected to expand with CAGR during 2017 to 2025. This is because of the rising adoption of connected medical and telehealth devices provided by insurance companies for claiming their insurance management.
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