Telehealth Market to Witness Significant Revenue Growth during the Forecast Period, 2020-2027
Government initiatives for launching the telehealth sector in rural areas, increased demand for the cloud-based segment, and wireless technology are key factors contributing to the growth of the market.
New York City, United States – June 30, 2020 /MarketersMedia/ —
The global Telehealth market is forecast to reach USD 75.51 Billion by 2027, according to a new report by Reports and Data. The market has witnessed an increase in demand in the past few years owing to the growing penetration of the internet and the emergence of advanced technologies in the healthcare sector. Digital health has developed into a successful business, attracting several industries from the outside of healthcare.
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Key players mentioned in the research report are:
Medtronic, GE Healthcare, Cerner Corporation, Cisco Systems, Siemens Healthineers AG, American Well, Asahi Kasei Corporation, Iron Bow Technologies, Teladoc Health, and MDLive, among others.
In terms of applications, the global Telehealth market can be segmented into:
Patients
Payers
Healthcare Providers
In terms of types, the global Telehealth market can be segmented into:
Service
Hardware
Software
The Telehealth Market is analyzed on the basis of dynamics of demand and supply, pricing, total volume produced, revenue generated, and others. The manufacturing is studied on the basis of several factors such as manufacturing plant distribution, industry production, production capacity, and research and development. It also delivers accurate market evaluations with the use of SWOT analysis, investment analysis, returns analysis, and growth trend analysis, and others.
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For geographical segmentation, regional supply, application-wise, and type-wise demand, key players, and others, this report covers the following regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The report sheds light on the competitive landscape of the market that covers the product offerings, services, market shares, and business overview. This Telehealth Market research report covers various dynamic aspects like the market drivers, restraints and challenges, and growth prospects. The prominent and leading companies are profiled in the report.
Further key findings from the report suggest
• The success of IoT in healthcare can be attributed to speedy, error-free transmission of data across devices. As of 2018, 3.7 million medical devices were connected to the internet. Better high-speed internet access, government initiatives for technological advancement, and effective government policies have helped fuel growth. In 2018, the number of internet users around the world reached 4.1 billion, and the fixed average download speed increased by 26.4%.
• Telemedicine is projected to witness significant growth during the forecasted period. The integration of IoT in the healthcare sector has enhanced telemedicine by helping providers to offer a quality of care, which is better than many in-person treatment modalities. Increasing adoption of smart wearables coupled with advancements in telemedicine technology is anticipated to drive demand.
• There is increased adoption of cloud-based telehealth technologies. It removes the issues of maintaining a Local Area Network and its cost-efficient as well. The cloud-based mode of delivery is forecasted to grow with a CAGR of 17.0% over the forecast period.
• North America is forecasted to grow with a CAGR of 16.9% during the forecasted period due to greater awareness and acceptance of newer technologies and higher spending on healthcare services. The high cost of healthcare in the region is a key factor that is likely to influence the adoption of IoT in the sector. In 2017, the average American spent around USD 4,342 on healthcare. The adoption of IoT would enable in-house monitoring, thereby decreasing hospital admissions and reducing costs.
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