Telehealth Market is anticipated to grow at a CAGR of ~24% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Telehealth Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global telehealth market was estimated to account for over US$ 5.7 billion in 2019. It is anticipated to grow at a CAGR of ~24% from 2019 to 2030.
The significant market growth can be attributed to the growing geriatric population followed by several benefits offered by telehealth. Moreover, the increasing prevalence of various chronic diseases and improvements in telecommunication infrastructure in emerging countries are anticipated to boost market growth further, over the forecast period. The rate of adoption of telehealth is gradually increasing, especially in the field of radiology, cardiology, and online consultation, further augmenting market growth. Extensive research & development activities by major companies and universities across the globe to introduce new technologies with maximum safety & precision are expected to contribute significantly to market expansion. In April 2019, InTouch Technologies, Inc. announced the launch of Solo, an end-to-end fully integrated care platform, which is suitable for different user types in healthcare setting. Solo is a flexible platform integrated with services such as enhanced emergency care solutions, direct-to-patient, and direct-to-customer.
Additionally, the aging population is contributing considerably to the overall market growth. According to the World Health Organization, the proportion of the world’s population over 60 years will nearly double from 12% to 22% between 2015 and 2050. Aging is a process that results from the impact of the accumulation of a wide variety of molecular and cellular damage over time. This leads to a gradual decrease in physical and mental capacity, a growing risk of diseases, and ultimately, death. These chronic illnesses cause an increasing burden on health systems and require treatment, which will boost the need for telehealth services. This, in turn, aids substantial growth of the telehealth market.
The increasing prevalence of chronic diseases along with rising healthcare expenditures and the high adoption rates of health IT infrastructure to support telehealth initiatives are expected to further boost market growth. According to the National Center for Biotechnology Information, chronic diseases are among the most prevalent and costly health conditions in the U.S. Approximately 45% or 133 million Americans suffer from at least one chronic disease and the number is growing. This is expected to propel growth of the telehealth market.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Telehealth Market by Component (Services, Software, and Hardware), Mode of Delivery (Web-Based, Cloud-Based, and On-Premise), End User (Providers, Payers, and Patients) – Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/telehealth-market/243
Legalities, privacy & security concerns and the lack of skilled professionals in developing countries are restraining market growth. Lack of security and privacy in telehealth technology and possible breach of confidentiality of the patient’s data is expected to impede the market growth to a certain extent. There are chances that unsecure network issues or improper encrypted data can be snooped and accessed by third parties which is expected to further restrain market growth.
North America is estimated to account for the highest CAGR in the telehealth market over the forecast period. Rising healthcare expenses, upcoming regulatory policies, rising prevalence of chronic diseases, shortage of physicians, implementation of the Affordable Care Act (ACA), and increasing funds for telehealth will boost market growth. For instance, in February 2018, U.S. President Donald Trump signed the Bipartisan Budget Act of 2018 (BBA) that impacts major changes for telehealth policies in Medicare by incorporating policies from the Senate’s Creating High-Quality Results and Outcomes Necessary to Improve Chronic (CHRONIC) Care Act. The U.S. represents one of the largest markets for telehealth followed by Canada in the North America region.
Some of the prominent players in the telehealth market include Cerner Corporation, Tunstall Group, Vidyo, Inc., Medvivo Group Ltd, Aerotel Medical Systems Ltd, American Well, Resideo Technologies, Inc., Medtronic, Koninklijke Philips N.V., and Cisco, among others.
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