CHICAGO, March 27, 2020 /PRNewswire/ -- According to the new market research report "Telehealth Market by Component Software & Services (RPM, RTM), Application (Teleradiology, telestroke, teleICU), Hardware (Glucose Meters), End-User (Provider, Payer, Patient), Delivery Mode (On-Premise, Cloud) Trends & Global Forecast to 2025", published by MarketsandMarkets, the global Telehealth and Telemedicine Market is projected to reach USD 55.6 billion by 2025 from USD 25.4 billion in 2020, at a CAGR of 16.9% during the forecast period.
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The growth of this market is majorly attributed to the shortage of physicians, rise in population & need to expand the healthcare access, rising prevalence of chronic conditions & cost benefits of telehealth and telemedicine, advancements in telecommunications, and government support and raising awareness.
By component, the software and services segment took the largest share of the telehealth market in 2019,
Based on, component, the telehealth market is parted into software & services, and hardware segments. In 2019, the software & services segment accounted for the largest share of the telehealth market. The large share of this segment is attributed to the increasing adoption of telehealth and telemedicine across the globe. However, the hardware segment is projected to register the highest CAGR of 18.6% in the forecast period.
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Teleradiology segment commanded the largest share of the telehealth market, by application, in 2019.
Based on application, the telehealth market has been segmented into teleradiology, teleconsultation, teleICU, telestroke, telepsychiatry, teledermatology, and other applications. By application, the teleradiology segment accounted for the largest share of the telehealth market in 2019. The factors such as- the increase in imaging practices, increase in teleradiology workflow adoption by healthcare providers, and the streamlining and regulation of teleradiology practices are some of the major factors driving the growth of this segment.
Providers segment accounted for the largest end-user segment of the telehealth market.
Based on end-users, the telehealth market is segmented into providers, payers, patients and the other end users. The providers segment accounted for the largest share of the global telehealth and telemedicine market, by end-user, in 2019. Factors contributing to the large share of this segment include the increase in adoption of remote monitoring in chronically ill and old aged patients, advancements in telehealth monitoring devices, and the increased number of tele-specialty services offered by the providers.
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North America dominates the telehealth market during the forecast period.
In 2019, North America accounted for the largest share of the telehealth market, followed by Europe. This large share can be attributed to factors such as the rising prevalence of chronic conditions in the region, the need to reduce healthcare expenditure, increasing overall and geriatric population. However, the Asia Pacific region is expected to grow at the highest rate during the forecast period.
The key players operating in the telehealth market are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland),GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems, Inc. (US), Teladoc Health Inc. (US), American Well (US), AMC Health (US), MDLive (US), Doctor on Demand (US), Medvivo Group Ltd (UK), Asahi Kasie Corporation (Japan), Iron Bow Technologies (US), Telespecialists Llc (US), GlobalMed (US), MedWeb (US), IMediplus Inc. (China), Vsee (US), Chiron Health (US), Zipnosis (US)
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