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By component, the telehealth market is categorized into services, software, and hardware. The services segment is expected to command the largest share of the global telehealth market, by component in 2016. This is attributed to factors such as increasing adoption of remote monitoring solutions by patients in remote rural areas, technological advancements in telecommunication, and introduction of ACA and similar legislations in the U.S. The software segment, on the other hand, is an integral part of telehealth solutions and works as an interface between the database and end users. Owing to this, the software segment is expected to witness the highest growth in the forecast period.
On the basis of end users, the global telehealth market is segmented into providers, payers, patients, and other end users (employer groups and government bodies).
In 2016, the providers segment is estimated to account for the largest share of the global telehealth market, by end user. This can be attributed to the implementation of the Affordable Care Act and Hospital Readmissions Reduction Program in the U.S. (which is aimed at lowering healthcare costs by making use of novel solutions such as telehealth) as well as the high demand for telehealth solutions among healthcare providers owing to various benefits offered by these solutions.
On the basis of region, the global market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. In 2016, North America is poised to account for the largest share of the telehealth market, followed by Europe and Asia-Pacific. However, the Asia-Pacific market is slated to grow at the highest CAGR during the forecast period.
Factors such as growth in geriatric population in Japan, Japan’s ICT fund to support the adoption of HCIT solutions, favorable initiatives for the adoption of telepathology in China, low doctor-patient ratio and high internet penetration in India, and rapidly growing healthcare industry in India.
Furthermore, increasing number of HCIT programs and rising prevalence of chronic diseases in Australia; growing medical tourism in India, Malaysia, Singapore, and Thailand; and increasing funding for telehealth in Australia are additional drivers for the telehealth market in the Asia-Pacific region.
Growth in geriatric population, rising prevalence of chronic diseases, dearth of healthcare professionals worldwide, improvements in telecommunication infrastructure, technological advancements, increasing utilization of connected devices for the management of chronic diseases, benefits of telehealth, and need for affordable treatment options due to rising healthcare costs are expected to drive the growth of the market in the coming years.
Philips Healthcare (The Netherlands), Medtronic plc (Ireland), Honeywell Life Care Solutions (U.S.), Tunstall Healthcare (U.K.), Care Innovations (U.S.), Cerner Corporation (U.S.), Cisco Systems, Inc. (U.S.), Medvivo Group Ltd. (U.K.), GlobalMedia Group, LLC (U.S.), Aerotel Medical Systems Ltd. (Israel), AMD Global Telemedicine, Inc. (U.S.), American Well (U.S.), InTouch Health (U.S.), and Vidyo, Inc. (U.S.) are some of the key players in the telehealth market worldwide.
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