Zion Market Research has published a new report titled “Telehealth Market by Component Type (Hardware, Software, and Services), by Mode of Delivery Type (Web-Based, Cloud-Based and On-Premise) for Providers, Payers, Patients and Other End Users: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”. According to the report, the global telehealth market accounted for USD 2,513.3 million in 2016 and is expected to reach USD 12,131.0 million by 2022, growing at a CAGR of around 30.1% between 2017 and 2022.
As population ages, the burden of non-communicable diseases will increase. Especially chronic diseases (cardiovascular and metabolic disorders, cancer, diabetes, Alzheimer’s disease and other mental health problems) normally require prolonged treatment. An increased focus on telehealth will decrease the dependency on hospitals and enables the patients to access proper healthcare from home and leaving sufficient beds in hospitals for more urgent patients. Telehealth acts as a bridge to improve the relationship between patient and healthcare provider and for improving patient satisfaction and behavioral changes by providing healthcare guidance and treatment into daily life. Using telehealth, patients can be seen remotely by healthcare professionals in their homes; workplace and physicians can treat patients located at a distant location from a hospital, medical facility or other places of work including their own homes or even during vacation as long as they have access to the internet.
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The market for telehealth is expected to be driven by significant trends in healthcare, technology advancement, expanded patient base, consumerism within the forecast period. In addition, the introduction of new and cutting-edge technology and services, such as electronic health records also supplements the growth of telehealth market in coming five years. Furthermore, increasing prevalence of chronic diseases coupled with increasing healthcare expenditures also expected to boost the telehealth market. For instance, approximately 100 million Americans with chronic disease accounted for 75% of healthcare expenditures. Furthermore imbalanced patient to clinician ratio is also expected to foster the growth in this market within the forecast period. However, limited reimbursement is expected to hamper the growth in this market.
On the basis of mode of delivery type, the global telehealth market is categorized into; web-based, cloud-based and on premise. This segment is dominated by web-based mode of delivery, by accounting for the largest share in 2016 and is expected to grow at a CAGR of 31.1% in coming five years. Web-based technology is creating a wide variety of information solutions that improve remote telehealth interactions. A major factor for high usage of web-based methods is due to minimal software and hardware requirements for using web-based telehealth solution. Cloud-based telehealth solutions are expected to witness the fastest growth with a double-digit CAGR in coming five years owing to increasing investment by IT firms in cloud computing.
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An end-user segment of the telehealth market includes the: providers, payers, patients and other end users. In this segment, providers based healthcare solutions attributed for the largest market share in 2016 and are expected to grow at a significant rate of CAGR in coming five years owing to increasing internet use by the healthcare professionals for medical consultations.
In terms of geography, North America accounted for the largest market share of telehealth market in 2016. U.S. held the largest market share in this region owing to increasing geriatric population coupled with increasing prevalence of chronic diseases and rising healthcare expenditures. For instance, in U.S., old-aged population (people 65 and over) represented 12.4% of the population in the year 2000 and expected to grow to be 19% of the population by 2030. This aging population has the increasing incidence of chronic diseases including congestive heart failure (CHF), chronic obstructive pulmonary disease (COPD) which require prolonged care. In addition, approximately 100 million Americans with chronic disease account for a whopping 75% of healthcare expenditures as percenters for disease control and prevention. Thus these factors are expected to fuel the telehealth market in this region in coming five years.
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Europe held the second largest share of global telehealth market in 2016 owing to the high internet and mobile phone penetration. Asia-Pacific is expected as a lucrative market for telehealth solutions in coming five years, especially India, China and Japan owing to improving healthcare infrastructure and rising awareness among healthcare professional about telehealth benefits. Asia-Pacific telehealth market is expected to grow at a CAGR of 35.6% within the forecast period. Latin America and Middle East & Africa are also expected to witness a positive growth in this market within the forecast period.
The report presents comprehensive competitive outlook with company profiles of the key players operating in the global market. Key participants profiled in the report include Philips Healthcare, McKesson Corporation, Medtronic plc, Medvivo Group Ltd. and Tunstall Healthcare among others.
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