According to a new report by Reports and Data, the global Telehealth market is forecast to reach USD 565.81 billion by 2030. Telehealth is experiencing prospective opportunities in the field as rising adoption of IT in healthcare domain, rising geriatric population, increasing prevalence of target diseases and majorly the advantage of maximum reach in case of different medical crisis such as pandemic outbreak of COVID-19 or untapped target of population (rural areas or bedridden patients). Geriatric population is rapidly rising across the globe, and Europe and North America have the highest share of population with age of over sixty-five years and above. Telehealth is emerging as crucial part of pandemic hit world, to remotely address many common medical conditions that are reflected among the old population such as Parkinson’s, diabetes, cardiovascular diseases, high blood pressure, and high cholesterol, arthritis and many more. According to the United Nations, in 2050, geriatric population are expected to account for 35% of the population in Europe, 28% in Northern America, 25% in Latin America and the Caribbean, 24% in Asia, 23% in Oceania and 9% in Africa. Traveling to hospitals for visits and unfamiliar environment of hospitals leads to non-compliance of patients to follow ups. Thus, tele-visits and Telehealth help in such situation to provide services remotely at their familiar environment.
In 2018, Europe in total had approximately 3 million dependent or bedridden patients. In such cases movement of patients is difficult wherein Telehealth or tele-visits need no shifting of critically ill patients leading to rising growth of Telehealth market. Additionally, favorable reimbursement policies for telehealth is one of the major factors driving the market growth. Insurance companies such as Medicare, Medicaid cover telehealth reimbursement. Medicare part B reimburses clinicians for E-visits, communication, or virtual check-ins. Recently, the center for Medicare Medicaid Services published coverage for COVID-19 telehealth resulting growing adoption of Telehealth. To approach the untapped market players are developing Telehealth solution resulting to enhance in the market demand. For instance, recently Texas AM Health launched Telehealth station for rural patients. Moreover, huge ongoing pipeline research of the platform solution is expected to fuell the market growth in future. For instance, Canniesburn Regional Plastic Surgery and Burns Unit, U.K. is engaged in developing 3D Telehealth to practice efficiently in the COVID-19 pandemic.
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Market Overview:
The global Telehealth market has significantly grown over the recent past and is expected to register rapid growth over the forecast period. The pharma and healthcare sector is rapidly evolving with innovations in technology, increasing healthcare spending and improving healthcare facilities and systems. Many hospitals, ambulatory surgical care centers and clinics across the globe are adopting advanced devices and equipment. Revenue growth of the global Telehealth market is significantly driven by factors such as increasing prevalence of chronic diseases, rapid advancements in healthcare and medical sector, high adoption of latest tools and techniques and growing funds by several public and private sectors. In addition, rising focus on drug development, increasing demand for precision medicine, high adoption of home care settings and point-of-care diagnostics, increasing investments in research and development activities are expected to drive global market revenue growth during the forecast period.
Competitive Outlook of the Global Telehealth Market
The globla Telehealth market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Telehealth market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
Top Companies Profiled in the Report:
MDLIVE, Teladoc, SteadyMD, Doctor on Demand, Maven Clinic, AMD Telehealth, Aerotel Medical Systems Ltd., iCliniq, Polycom, HealthTap, Cardio Net Inc., Amwell, CVS Health, Synapse Medicine, Practo.
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The report is inclusive of product type outlook, application spectrum, end-use outlook, technology landscape, regional market analysis, and competitive overview.
Telehealth Market Segmentation:
- End-use Outlook (Revenue, USD Billion; 2019-2030)
- Hospitals and Healthcare Facilities
- Homecare
- mHealth
- Others
Application Outlook (Revenue, USD Billion; 2019-2030)
- Teleradiology
- Telepathology
- Teledermatology
- Telecardiology
- Telepsychiatry
- Others
Mode of Delivery Outlook (Revenue, USD Billion; 2019-2030)
- Cloud-based
- On-Premise
Geographic Segment Covered in the Report:
The Telehealth report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
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