Telehealth Market- Rising Demand, Revenue Growth, Technological Innovations and Future Scope till 2028
Research Nester released a report titled “Telehealth Market: Global Demand Analysis & Opportunity Outlook 2028”which delivers detailed overview of the global telehealth market in terms of market segmentation by deployment, by component, by mode of delivery, by application, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market for telehealth is projected to grow at a significantly high CAGR of 17.06% over the forecast period, i.e., 2021-2028. Moreover, the market accounted for a market value of USD 31,193.46 million in 2019 and is anticipated to grow further by 2028. Telehealth platforms can be used to perform monitoring tests and to record live patient data for testing the various parameters such as vital signs, cardiac events, respiratory, neurology, and other indications or for general physician consultation.
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The market is segmented by deployment, by component, by mode of delivery, by application, by end user and by region. On the basis of applications, the market is segmented into radiology, cardiology, neurology, orthopedics, pediatrics, general physician applications and others, out of which, the segment for cardiology is estimated to lead the market over the forecast period. On account of rising cardiovascular disorders across the globe, there is a higher demand for physician consultations and services such as cardiac telemetry for monitoring the patients.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Telehealth market is anticipated to hold the largest share in North America out of all the regions. The market in North America had a market share of 46.08% in the year 2019, which is anticipated to grow further over the forecast period on account of rising investments in the healthcare sector by government and private organizations in order to ensure high quality healthcare. Further, the market in Asia Pacific region is predicted to grow at the highest rate over the forecast period as a result of increasing availability of advanced healthcare in the region, especially in countries such as China, Japan and India.
Rising Incidences of Cardiovascular Disease to Drive the Market Growth
According to the Centers for Disease Control and Prevention (CDC), an estimated 6 in 10 adults in the United States suffer from chronic diseases and around 4 out of 10 people have two or more such disorders. The growing prevalence of cardiac deaths is a major factor which is anticipated to increase the demand for telehealth platforms across the globe and thus result in the growth of this market. Telehealth platforms have been observed to improve the outcomes of patients suffering from various chronic diseases including heart diseases. However, shortage of clinical experts as well as professional physicians to evaluate and maintain the real time data analysis of the patient is predicted to restrict the market growth in future.
This report also provides the existing competitive scenario of some of the key players of the global telehealth market which includes company profiling of Teladoc Health (NYSE: TDOC), Aerotel Medical Systems, AMD Global Telemedicine, InTouch Technologies Inc., Vidyo, Siemens Healthineers AG (ETR: SIE), Medtronic (NYSE: MDT), Resideo Technologies, Inc. (NYSE: REZI), Cerner Corporation (NASDAQ: CERN), Philips Healthcare (AMS: PHIA) and Aerotel Medical Systems.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global telehealth market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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