According to the latest report published by Credence Research, Inc. “Telehealth Market Growth, Future Prospects and Competitive Analysis, 2016 – 2022,” the telehealth market was valued at USD 2,193.1 Mn in 2015, and is expected to reach USD 10,467.0 Mn by 2022, expanding at a CAGR of 24.7% from 2016 to 2022.
Browse the full report Telehealth Market Growth, Future Prospects and Competitive Analysis, 2016-2022 at https://www.credenceresearch.com/report/telehealth-market
Phenomenal rise in the aging and chronically ill population, shortage of specialized medical practitioners in North America and some other parts of the world, growing need for remote patient monitoring and rapid technological evolution in the field of telecommunications are some of the factors that have led to introduction of telehealth. Growth in healthcare expenditure, rising trend of home and remote patient care, and increasing awareness about technology assisted healthcare and wellness further act on advantage of telehealth. Conversely, arrested reimbursement, threat of patient record breach, and cost constraints are some of the factors that hold back the market growth.
Growth in number of virtual medical facilities, advent of remote patient monitoring ad clinical enterprises are some of the major trends being witnessed in the global telehealth market. Dearth of basic physicians in rural areas, and skilled practitioners certain developed markets serve as potential opportunities for the telehealth market players.
North America and Europe are the largest regional markets for telehealth applications and services. Widespread acceptance of remote healthcare is the major influencing factor for the growth. Government initiatives in these regions to augment the adoption of healthcare IT and the growing need for providing healthcare at competitive costs are expected to support the growth of telehealth in these regions. Markets of emerging countries such as China, Russia, Brazil and China will undergo the growth during the forecast period. Staggering patient population, high incidence of chronic diseases and increasing healthcare expenditure are the major contributors to the market growth in Asia-Pacific and Latin America markets. Additionally, growth in awareness about telemedicine and access to specialty physicians through telehealth (in remote areas) are further expected to fuel the market growth in these regions.
Some of the prime companies operating in the telehealth market include AMD Telemedicine, Philips Healthcare, GE Healthcare, McKesson Corporation, and others. He high growth potential in counties in Asia-Pacific and Latin America has led to growing focus of major market players in expanding their reach in these regions.