Global Telehealth Market to Expand at 14.5% CAGR Till 2022
Research On Global Markets has announced the addition of a market research report titled “Global Telehealth Market (2017-2022)” to their offering. According to the report, the global telehealth market is forecasted to grow at a CAGR of 14.5% and will reach USD 25.3 Bn in 2022 from USD 14.8 Bn in 2018, driven primarily by higher incidence of chronic diseases across the world. The other key drivers include rising healthcare costs, and advancements in information and communication technology, according to Research On Global Markets.
The research report published by Research On Global Markets features a comprehensive analysis of the global telehealth market segments based on technology and application. Based on technology, the market is segmented into remote patient monitoring (RPM), mHealth, and video telemedicine. RPM dominated the market with a share of 61.3% in 2018, and the segment is set to sustain this momentum till 2022. Higher incidence of chronic diseases, increase in elderly population, demand for home-based monitoring devices, and the need for reducing the average healthcare expenditure are driving this market. mHealth held the second largest market share in 2018, and is expected to expand at a CAGR of 20.3% during the forecasted period.
Based on application, the market is also segmented into teledermatology, teleradiology, telecardiology, telepathology, and others. Among these segments, teledermatology held the largest share in 2018, but is expected to have the lowest CAGR of 11.2% during the forecasted period. Teleradiology held the second largest share, and will have a CAGR of 12.4% during the forecasted period. Telecardiology, on the other hand, was the third largest segment with 23.8% market share. Others segment that include teleaudiology and teleophthalmology applications is expected to register a CAGR of 26.4% over forecasted period.
Research On Global Markets tracks the performance of the telehealth market across the key geographies of North America, Europe, Latin America, Asia-Pacific, the Middle East and Africa. North America is the largest telehealth market with revenue of approximately USD 7.2 Bn in 2018. This is due to the high prevalence of chronic diseases, implementation of the Affordable Care Act (ACA), and hospitals in US find telehealth facilities useful to avoid readmission penalties. Europe is likely to expand at a CAGR of 14.3% over the forecast period of 2018-2023. This is due to increase in the geriatric population, increase in telehealth market. Europe is followed by the Asia pacific with a market value of USD 1.63 Bn in 2018.
Research On Global Markets tracks the performance of the major players operating in the global telehealth market including McKesson Corporation, Medtronic Inc., Cisco Systems, GE Healthcare, Allscripts Healthcare, Siemens Healthineers, LifeWatch AG, Philips Healthcare, Honeywell, Cerner Corporation, and IBM, among others.
Key highlights of this report:
- Global telehealth market – overview
- Global telehealth market revenue (USD Bn)
- Forecasted global telehealth market revenue (USD Bn)
- Region-wise market revenue (USD Bn)
- Segment analysis of the global telehealth market based on technology
- Segment analysis of the global telehealth market based on application
- Market trends
- Market drivers
- Market challenges
- Analysis of the competitive landscape
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for telehealth services across the globe to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.