Growth of Telehealth Market Backed by the Growing Medical Tourism and Healthcare Industry in the World
Telehealth is one of the fastest-growing areas of the healthcare industry. It helps to enhance healthcare experience, public health, health education, monitoring, and medical training using telecommunication and information technologies, thereby providing services to various remote locations in the world. With the rising aging population and prevalence of chronic diseases across the globe, there has arisen a need for low-cost and affordable treatments due to high healthcare costs. Advancements in technology has increased accessibility and reduced the distance barrier, thus making it possible for the medical service providers to reach out to the patients in remote locations. Therefore, it has resulted in higher adoption of telehealth services, thereby driving the global market towards growth.
How is the telehealth market progressing globally?
The growth of the telehealth market can be attributed to growth in geriatric population, dearth of healthcare professionals worldwide, improvements in telecommunication infrastructure, technological advancements, increasing utilization of connected devices for the management of chronic diseases, and need for affordable treatment options due to rising healthcare costs.
In the coming years, the global telehealth market is expected to witness the highest growth in the Asia-Pacific region. This can be attributed to the growth in geriatric population in Japan, favorable initiatives for the adoption of telepathology in China, and low doctor-patient ratio and high internet penetration 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 market in the Asia-Pacific region.
North America is expected to account for the largest share of the global market. In the U.S., the global market is driven by the rising healthcare costs, upcoming regulatory policies, rising prevalence of chronic diseases, shortage of physicians, implementation of the Affordable Care Act (ACA), and increasing funding for telehealth. In Canada, the growth of the market is driven by the rising healthcare spending, and growing number of conferences and events that are generating awareness about telehealth services in the country.
What is driving and restraining the market growth?
The growth of the global telehealth market is majorly backed by the rising aging population, rising prevalence of chronic diseases, lack of trained physicians in the U.S., improved telecommunication infrastructure, advancements in technology, growing awareness regarding the benefits of telehealth, and the growing need for more affordable treatment options due to rising healthcare costs. Also, the benefit of wearable technologies is another factor that is expected to create good growth opportunities for this market in the near future.
On the other hand, limited reimbursement scenario in the U.S. coupled with legality, privacy, and security concerns are the major factors that may hamper the growth of this market. Apart from this, lack of telehealth standards is a major challenge being faced by the companies involved in this market.
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Leading market players and strategies implemented
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.. These companies adopted some major strategies such as agreements, partnerships, collaborations, and strategic alliances, new product launches, and mergers & acquisitions in order to gain a stronger hold on the market.
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