Based on data by Market Research Future this report on ‘Telehealth Market’ delivers a succinct analysis on industry size, regional growth and revenue forecasts for the upcoming years. The report further sheds light on significant challenges and latest growth strategies adopted by manufacturers who are a part of the competitive spectrum of this business domain.
Telehealth Market Scope
The market for telehealth 2020 is set to progress at a rate of 22.74% during the forecast period (2016-2024). The market also demonstrates a high potential of reaching a valuation of USD 16,173.8 Million by 2024.
Telehealth Market Growth Boosters and Main Challenges
Over the years, the adoption rate of telehealth has gradually increased, mostly in the field of cardiology, radiology, online consultation, which induces significant market growth. The market is also making provisions for the growing startups funding as well as product launches with respect to telehealth services. To illustrate, in April 2019, InTouch Health had launched Solo, which is a completely integrated virtual care platform, ideal for all types of users in any healthcare setting. Apart from this, with the emergence of a variety of telehealth policies and services, the market surge is inevitable in the near future.
Telehealth effectively overcomes the huge distance barrier, making sure that healthcare delivery takes place even in remote locations. A large chunk of the population in underdeveloped economies reside in rural areas, which is characterized by unmet healthcare needs. Guided by these issues, government bodies are now focused on providing healthcare facilities to such areas via telehealth. Against this backdrop, the telehealth market size is anticipated to expand significantly during the projected timeframe.
Increasing number of service providers, rising collaborations between renowned vendors, fast-paced adoption of e-consultation, and the rapid surge in mobile health apps users also benefit the global market. Besides, the rising uptake of wearable devices for remote patient monitoring is also fueling the growth of the telehealth market.
Telehealth Market Segmentation
The global telehealth market has been segmented with regard to component, mode of delivery, application, and end user.
The telehealth market, with respect to component, includes software, hardware, and services. The services segment leads the market, given the rising number of initiatives undertaken by prominent companies. The software segment can achieve the fastest CAGR during the review period.
The modes of delivery covered in the report are web/cloud-based as well as on-premise. The web/cloud-based segment has taken the lead in the market owing to the rising popularity of cloud services across the healthcare industry. The on-premise segment, however, shows the potential to achieve the highest growth rate, because of the mounting awareness among hospital management across the world.
The primary applications of telehealth include cardiology, radiology, neurophysiology, primary care, and others. Radiology is the dominating segment, thanks to the rising use of the technology in the radiology field, while cardiology can be the fastest gaining segment, on account of the increasing cases of cardiovascular diseases.
The significant end-users in the telehealth market are diagnostic clinics, hospitals and clinics, home care, and more. Hospitals and clinics segment accounts for the most considerable share of the market, given the rising number of hospitals that are increasingly using telehealth software. Diagnostic clinics form the fastest expanding segment in the market.
Telehealth Market Regional Analysis
The trends, as well as lucrative opportunities in the global telehealth market, have been analyzed in the MRFR report, considering the primary regions of Europe, the Americas, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas shows the most promise in the global telehealth market and can take the lead in the coming years. Increasing healthcare standards coupled with well-developed healthcare infrastructure and favorable government policies, can induce substantial market growth in the region. Also, a large number of renowned companies in the region and constant business expansion activities among them such as partnerships and agreements, can facilitate considerable revenue generation in the following years.
Europe can be the second-most lucrative market for telehealth in the years ahead, thanks to the paradigm move towards a more organized way of healthcare monitoring. In 2018, Italy claimed a share of 12.4% in the whole of Western Europe telehealth market.
The APAC market can expand at the fastest rate, on account of the expanding geriatric population, increasing prevalence of chronic diseases, and lack of technical personnel. Government bodies across emerging countries are focusing on offering advanced healthcare services that can cater to more and more patients.
The MEA market is performing relatively slower than other regions, owing to restricted access to healthcare services and low financial status of the population.
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Telehealth Market Top Companies
Some of the leading companies in the worldwide market for telehealth include Boston Scientific Corporation (US), Siemens (Germany), Allscripts Healthcare Solutions (US), American Well (US), AMD Global Telemedicine Inc. (US), Livecare Health (Canada), Right Health (Canada), Maple (Canada), Care Innovations LLC (US), Honeywell International Inc. (US), Philips Healthcare (Netherlands), Cerner Corporation (US), InTouch Technologies Inc. (US), Dialogue (Canada), Medtronic PLC (Ireland), GlobalMed (US), Cisco Systems Inc. (US), and others.
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Nov 10 2020: The global Blockchain Technology market size is expected to reach USD 57,641.3 million by 2025, registering a CAGR of 69.4% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Blockchain is the underlying technology that originated in the form of a public ledger to keep a track of all cryptocurrency transactions.
This allows various participants that are connected to the network, usually public, to track information through a secure network, thereby eliminating the need for any kind of third-party verification.The market is expected to grow rapidly owing to numerous benefits that it provides, such as eradication of the requirement of a financial institution to validate transactions, reduce duplicative recordkeeping, eliminate reconciliation, minimize error rates, and facilitate faster settlement.
With the use of this technology, the databases could become universal in nature, thereby allowing multiple institutions to use it at the same time to bring various different systems closer together and help increase the efficiency.To Request A Sample Copy Of This Report @: https://www.radiantinsights.com/research/blockchain-technology-market/request-sampleThe global blockchain technology market size is expected to reach USD 57,641.3 million by 2025, registering a CAGR of 69.4% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Blockchain is the underlying technology that originated in the form of a public ledger to keep a track of all cryptocurrency transactions.
With the use of this technology, the databases could become universal in nature, thereby allowing multiple institutions to use it at the same time to bring various different systems closer together and help increase the efficiency.The increasing demand for this technology across financial services, consumer or industrial products, technology, media , healthcare, transportation, and public sector is largely responsible for driving the market toward growth.
The major drivers include the growing interest of the BFSI sector and increasing merchants accepting cryptocurrencies among others.
This growth can be attributed to growing tendency of institutions and government to inculcate open and efficient transactions.• The application & solution segment is anticipated to grow at the highest CAGR of 71.2% from 2019 to 2025.
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