Global Telehealth Market to Reach USD 266.8 Billion by 2026Posted by Hrushikesh Dudhane on December 24th, 2020 The global telehealth market is slated to reach USD 266.8 billion 2026, exhibiting a CAGR of 23.4% during the forecast period. One of the main drivers of this is the high prevalence of stark inequalities in rural healthcare, especially in developing and underdeveloped countries where majority of the population lives in villages. For example, the World Health Organization Health Report 2018 states that in 2015, 303,000 women died across the world due to poor pre and post- natal healthcare. Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/telehealth-market-101065 More importantly, 99% of these deaths occurred in low and middle-income countries; 64% of those happened in Sub-Saharan Africa. This situation is a result of low levels of socio-economic development, owing to which governments in these countries are unable to bring modern healthcare facilities to the rural poor. This is where telehealth services can come to the fore and many governments today are utilizing them to improve health of their citizens. According to the report by Fortune Business Insights, titled “Telehealth Market Size, Share and Industry Analysis By Type (Products, Services), By Application (Telemedicine, Patient Monitoring, Continuous Medical Education, Others), By Modality (Store-and-forward (Asynchronous), Real-time (Synchronous), Remote Patient Monitoring), By End User (Healthcare Facilities, Homecare, Others), and Geography Forecast, 2019 – 2026”, the value of this market in 2018 was USD 49.8 billion. The report further provides a detailed analysis of the factors that will play an influential role in the development of the Telehealth market. A comprehensive evaluation of the trends, dynamics, and industry outlook is also contained in the report. Tangible Benefits of Telemedicine to Boost the Market Telehealth refers to a healthcare delivery system that is not limited by distance between the doctor and patient. The expansion of the telehealth market size is premised on the host of advantages that telehealth market services offer and growing awareness of these benefits. They are very visible benefits and has already led to positive outcomes. For example, according to a study published in Medicine Journal of Australia, effective telemedicine provision has reduced hospital readmission by 24% and has brought down mortality by 20%. Moreover, telemedicine care helped patients save close to 19% of what they would have spent on inpatient care. The National Institutes of Health (NIH) in the US states that telehealth has noticeably positive impact on the mental and physical health of patients. For example, the NIH estimates that emergence of telehealth services has led to around 38% reduction in hospital admissions. Lastly, telehealth can help governments in underdeveloped countries to provide quality healthcare to the rural population in these regions. Get PDF Brochure of this Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/telehealth-market-101065 Preference for Online Consultation to Favour the Telehealth Market in North America Among regions, North America is expected to dominate the global telehealth market share during the forecast period. The main factors driving the market in the region is the increasing inclination towards online medical consultation and a well-established healthcare insurance system in the continent. Rising popularity of wearable devices is anticipated to be the primary force behind the telehealth market growth in Europe. In Asia-Pacific, government schemes and increasing investment in healthcare brings good news for the market in the forecast period. Increasing healthcare spending in the Middle East and high concentration of population in rural areas will be the main factors augmenting the telehealth market growth till 2026. Strategic Collaborations to Make Competition Dynamic Key players are entering into partnerships to strengthen their position in the market and diversify their product portfolio. For example, in October 2019, Doctor on Demand announced that they were joining hands with Walmart to provide quality and low-cost virtual primary care to Walmart associates based in different US states. Similarly, Comcast partnered with Independent Health Group in April 2018 to develop a unique communication and patient care platform. Key Segmentation of Telehealth Market Telehealth Market Segments by Type
Telehealth Market Segments by Application
Telehealth Market Segments by Modality
By End User
By Geography
Company Collaborations Are Proving Chief Growth Drivers Due to the increasing demand, telehealth market companies are adopting collaborative strategies with the aim of expanding business on a global scale. Furthermore, leading companies in the telehealth industry are focusing on mergers and acquisitions to gain competitive strength. Companies are trying to incorporate modern industrial concepts with a view to gain more end users. Fortune Business Insights expects market collaborations will help companies generate substantial telehealth market revenue. In April 2018, American Well acquired Avizia Limited with the aim of strengthening its position among the companies in the telehealth industry. American Well’s acquisition of Avizia will help the company take a big leap in the telehealth market, owing to the exceptional portfolio of telehealth services bolstered by Avizia. The report includes company mergers, similar to American Well’s latest acquisition and signifies the impact of such M&As on the global telehealth market. Fortune Business Insights profiles some of the important participants in the telehealth market:
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