With the presence of a large pool of participants, the global telehealth market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Philips Healthcare, Medtronic plc, Tunstall Healthcare, and McKesson Corporation are some of the key vendors of telehealth across the world. These players across telehealth market are focusing aggressively on innovation as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the telehealth market study.
Citing an instance, on August 29th 2018, Partners HealthCare, a U.S. based non-profit network of physicians & hospitals, has joined hands with Teladoc Inc., a key player across telehealth market, for introducing direct-to consumer telehealth service. Reportedly, the new service will provide health plan members a quick access to critical care services through video conferencing.
As estimated in this report, the global telehealth market stood at US$ 2,513.3 million in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this market is expected to reach US$ 12,131 million by the end of the forecast period. The main component types available in this market are service, hardware, and software. Among them, the demand for hardware is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Rapid Advancements In Telecommunications To Vivify Market Growth
“Rising incidences of chronic ailments along with hefty expenditure on healthcare activities are the key factors stimulating the demand for telehealth services, “says the author of this study. Apart from this, telecommunications sector is witnessing a paradigm shift through the launch of new technologies and this will enable massive expansion of telehealth market over the forthcoming years.
Inadequate compensation benefits, rising technological costs, and lacuna in the interoperability rules, however, are likely to hinder the growth of telehealth market during the forecast timeline. Nevertheless, inception of cutting-edge technologies such as electronic health records is likely to facilitate the growth of telehealth market over the ensuing years, thereby normalizing the impact of hindrances on the market, reports the telehealth market study.
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Escalating Healthcare Expenditure To Leverage North American Dominance
Regionally, North America has been leading the worldwide telehealth market and is anticipated to continue on the dominant position in the years to come, states the market study. Rise in elderly population, high incidence of chronic diseases, and bulging healthcare costs are the key factors behind the dominance of the North America telehealth market.
Low availability of healthcare experts and growing occurrence of chronic ailments such as chronic obstructive pulmonary disease and congestive heart failure are witnessed in the U.S. For the record, U.S. contributed a big chunk towards telehealth market share of the region in 2016. Reportedly, in Canada 77% of doctors make use of electronic healthcare record and 98% of hospitals provide telehealth video conferencing. The aforementioned factors are likely to further boost the telehealth market growth in the ensuing years.
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