Introduction of advanced digital technology will transform the telehealth market in near future
According to a new report published by Reports Monitor titled, “Telehealth Market by products, by application, by technology, and by end users: Global Opportunity Analysis and Industry Forecast, 2018–2025,” the telehealth market was valued at XX million in 2017, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Being a nascent market, telehealth is expecting a healthy growth in near future. Various benefits of wearable technologies, improving technology, and digitalization in healthcare will create a huge opportunity for the growth of the telehealth market. Telehealth uses digital platform and communication system to deliver administrative service, health associated solution and education people. Since telehealth is a new form of health care delivery that is now gathering momentum in the health sector, many organizations have started to legislate the use of telehealth into policy.
The global telehealth market is expected to grow at a sound CAGR of over XX% during 2018-2025.
The telehealth market is majorly categorized on the basis of components, and application. On the basis of components, the market is segmented into services, software, hardware, and others. The software market is further segmented into integrated software and standalone software. Hardware is sub-segmented into blood pressure monitors, pulse oximeters, ECG monitors, weight scales, and others. On the basis of application the market is segmented into dentistry, counseling, physical & occupational therapy, home health, chronic disease monitoring & management, disaster management, and others.
Geographically, the market is segmented into America, Europe, Asia-Pacific and the Middle East & Africa. Amongst them the Middle East & Africa regions shows the least market due to presence of poor economies especially in Africa regions. North America telehelath market has been growing continuously owing to well developed technology, high spending, well-developed infrastructure and increasing awareness among the people about the availability of technology.
The key players in the telehealth market are Philips Healthcare, Medtronic plc., AMD Global Telemedicine, Inc., American Well, Medvivo Group Ltd., Cerner Corporation, Honeywell Life Care Solutions, GlobalMedia Group, LLC, Care Innovations, Vidyo, Inc., Cisco Systems, Inc., Tunstall Healthcare, InTouch Health, Aerotel Medical Systems Ltd., and others.
A number of different players are involved in the market. However, the market is dominated by top companies. Many companies are launching new software and devices to strengthen their position in the market. For instance, in May 2017, Telehealth Solutions, a producer of a wide range of technology-enabled care services, have announced the launch of CareHomePod. It will help in the treatment of patients suffering from Chronic Obstructive Pulmonary Disease (COPD), Urinary Tract Infections (UTI’s), Congestive Heart Failure (CHF), Hypertension, and many other diseases along with a video conferencing feature for remote clinical consultations.
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