Jul 7 2015
The healthcare industry is undergoing a fundamental transformation globally—a shift from a volume-based business to a value-based business. Growing demands from consumers for improved healthcare quality and greater value are forcing healthcare providers and payers to deliver optimized outcomes.
In addition, while the number of hospital admissions is rising globally, healthcare infrastructure is not growing at a similar pace, which has added to the burden on healthcare systems. In order to overcome these challenges and meet consumer expectations, healthcare providers are increasingly adopting telehealth solutions that enable them to provide improved healthcare at reduced costs.
The global telehealth market is expected to grow at a CAGR of 24.2% from 2015 to 2020 to reach $6.5 billion by 2020 from $2.2 billion in 2015. Over the years, the healthcare industry has recognized that traditional approaches to patient care, quality assurance, and cost management are inefficient in the face of emerging challenges. Therefore, telehealth solutions will be among the priorities on the investment list of healthcare organizations seeking to streamline the telehealth process and ensure effective cost management.
Based on component, the services segment is expected to be the largest (in 2015). However, the software segment will be fastest-growing component segment. Among the hardware segments, monitors are expected to dominate the telehealth market in 2015. However, the medical peripheral devices segment is expected to be the fastest-growing (during 2015 to 2020). Based on medical peripheral devices, the blood pressure meters segment is expected to be the largest and the fastest-growing (during 2015 to 2020). Based on software, the integrated solutions segment is expected to be the largest (in 2015) and the fastest-growing (during 2015 to 2020). Based on services, the remote monitoring segment is expected to be the largest (in 2015). However, the real-time interaction segment will be fastest-growing component segment. Based on the mode of delivery, the web-based solutions segment is expected to dominate the telehealth market in 2015. However, cloud-based solutions will be the fastest-growing delivery mode. Among end users, the providers segment is expected to be the largest (in 2015) and the fastest-growing (during 2015 to 2020).
Based on region, Asia-Pacific is expected to grow at the highest CAGR during 2015 to 2020. The high growth of the Asia-Pacific region can be attributed to the growing medical tourism industry, rapidly growing healthcare industry in India, increasing number of HCIT programs and rising prevalence of chronic diseases in Australia, and increasing funding for telehealth in Australia.
The companies in this market focus on growth strategies such as agreements, partnerships, collaborations, and strategic alliances; new product launches; acquisitions; and others (FDA approvals, contract extension, market development, product enhancement, expansion, product deployment, and client acquisition) to increase their customer base.
The major players in the global telehealth market include Cerner Corporation (U.S.), GE Healthcare (U.K.), Honeywell Life Care Solutions (U.S.), McKesson Corporation (U.S.), Medtronic, Inc. (U.S.), the Medvivo Group (U.K.), Philips Healthcare (Netherlands), Robert Bosch Healthcare (U.S.), Siemens Healthcare (Germany), Cisco Systems, Inc. (U.S.), and Tunstall Healthcare (U.K.).
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help the firms in garnering a greater market shares. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product portfolios and services offered by the top 11 major players in the telehealth market. The report analyzes telehealth across regions.
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the telehealth market.
- Market Development: Comprehensive information about lucrative emerging markets.
- Market Diversification: Extensive information about new products and services, untapped geographies, recent developments, and investments in the telehealth market.
- Competitive Assessment: In-depth assessment of strategies, products, and services of leading players in the telehealth market.