However, certain barriers such as the failure to reduce outpatient attendance, lack of skilled healthcare IT professionals, and concerns regarding the security of patient data are hindering market growth.
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Telehealth Market worth $6.5 Billion by 2020
The report “Telehealth Market by Component (Hardware (Blood Glucose Meters), Software
(Integrated), Services (Remote Monitoring, Real-time Interactions)), by End User (Providers,
Patients), by Delivery Mode (On Premise, Web, & Cloud) - Trends & Global Forecast to
2020”analyzes and studies the major market drivers, restraints, and opportunities, in North America,
Europe, Asia-Pacific, and Rest of the World (RoW).
This report studies the global telehealth market over the forecast period of 2015 to 2020 This market was
valued at $2.2 Billion in 2015 and is poised to grow at a CAGR of 24.2% to reach $6.5 Billion by 2020.
The market is segmented on the basis of component, delivery mode, end user, and region. The market,
by component, is divided into hardware, software, and services. Based on delivery mode, the market is
categorized into web-based, on-premise, and cloud-based. The market by end user is categorized into
providers, payers, patients, and others. Based on region, the market is divided into North America,
Europe, Asia-Pacific, and the Rest of the World (Middle East & Africa, and Latin America).
The major factors driving the growth of the telehealth solutions market are the rise in the aging and
chronically ill population, the shortage of physicians in the U.S., uneven physician distribution worldwide,
improvement in telecommunication infrastructure, technological advancements, rising healthcare costs,
and awareness on the benefits of tele-health. However, certain barriers, such as limited reimbursement in
the U.S. and legality, privacy, and security concerns worldwide, are restraining the growth of this market.
In 2015, the North American market is expected to command the largest share of the global market,
followed by Europe and Asia-Pacific. Asia-Pacific is the fastest-growing region in this market. The rapidly
growing healthcare industry in India, increasing number of HCIT programs, the rising prevalence of
chronic diseases in Australia, and increasing funding for telehealth in Australia will drive the growth of this
market in Asia.
Major players in the global 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.).
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