Telehealth refers to augmenting healthcare experience, medical training, education, monitoring, and other such medical activities, with the support of telecommunications technologies. This helps healthcare providers for efficient and rapid interaction with various intermediaries. Telehealth is observed to be among the fastest-growing areas of the healthcare market. Efficient use of telehealth has been proven to deliver better healthcare outcomes and grow accessibility to remote areas, specialist referral, patient monitoring, distance education, and recordkeeping.
This report studies the global telehealth market regarding components, services, end-users, and geography. Based on the components of the telehealth system, this market is classified into services, hardware, and software markets. The telehealth services studied in this report are teleconsultation, telemonitoring, tele-education, tele-training, telecare, telesurgery, and teleradiology markets. Market size and forecast for such mentioned segments for the period 2014-2022, along with their respective CAGRs for the period 2016-2022, are provided in this study.Healthcare providers, patients, and payers are considered the prime end-users of telehealth. The adoption of telehealth in home care has resulted in the rapid growth of the telehealth market among patients.
Geographically, the global direct-to-consumer genetic testing market is studied for the following regional markets:
The market size and forecast for the period 2014-2022, along with the CAGRs for the period 2016-2022 for the mentioned segments, are also presented in this study.
This market assessment report provides qualitative information sets such as market dynamics (drivers, challenges, future prospects) and market inclination insights. Tools such as fractal map analysis and attractive investment proposition are also included in this study for assessment of the market competition. The report concludes with a company profiles section highlighting key information about the major market players operating in the global telehealth market.
Based on the physical components, the global telehealth market is classified as follows:
Software In terms of revenue, hardware formed the largest telehealth segment in 2015. Equipment such as videoconferencing units, remote monitoring ECG equipment, vital sign monitors, and others are in high demand across all regional markets. Products such as imaging units that enable fast and prompt data transfer will experience the highest demand during the forecast period. However, the risk of compromised confidentiality may hold the growth of this market to a minor yet noticeable extent.
Integrated software solutions currently generate significant revenue in the telehealth software market. High demand for integrated solutions also indicates long-term engagement on the part of customers, hence indicating a stable future in this market. Additionally, the services segment is the most promising component of the telehealth market. The availability of modern communication solutions at competitive costs and their associated benefits for remote regions are the fueling factors for the growth of the services segment in the global telehealth market.
Based on service type, the global telehealth market is classified into the following segments:
Tele-RadiologyTele-Consultation is observed to be the largest market in 2015. Various studies demonstrate that teleconsultation is highly instrumental in improving healthcare delivery in underserved remote locations that are difficult to access and services under normal conditions. Major insights imply that teleconsultation in a store-and-forward format is highly feasible and offers significant assistance in emergency response and settings. The demand for teleconsultation is the highest in emerging markets such as China, Malaysia, Brazil, and other parts of Asia-Pacific and Latin America.
Healthcare providers, payers, patients, and others form the major classification of the telehealth market by end-users.
Providers are the largest segment for telehealth solutions and services. As several healthcare systems worldwide are increasingly focusing on reducing the number of hospital visits and length of hospital stay, the need for remote monitoring is being felt more intensely. Growing healthcare costs has led to the emergence of efficient adoption of telemedicine. Conversely, lack of physician support, lack of awareness in lesser developed regions of the world, and challenges about legal and reimbursement policies pose a significant restraint to the market growth.
Based on geographical segmentation, the global direct-to-consumer testing market is studied for:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
The United States is the largest market for telehealth equipment services. The high demand for self-care and the growth in the trend of home care is a key to growth in the US market. Large-scale adoption of home-care alternatives is due to psychological impact regarding safety and comfort, custom care provision, and associated cost benefits.
Overall, the requirement of continuous assistive care and monitoring among the rising geriatric population is efficiently addressed by telehealth.
Other additional benefits offered are:
- Round-the-clock remote monitoring.
- Fewer instances of hospital readmission.
- The privilege of recovering at my own home.
These factors ultimately lead to phenomenal cost savings for patients and caregivers, which is already at its peak in the North American market.