Telehealth is an electronic information and telecommunications technologies to support long-distance clinical healthcare, patient and professional health-related education, and public health administration. Telemedicine was first used primarily for military and space applications, but has been gaining traction in recent years. Interest for telemedicine is growing in the healthcare sector globally, especially in the fields of teleradiology, telepathology, and teledermatology. Telemedicine offers high potential in terms of reducing healthcare cost and increasing efficiency through better management of chronic diseases, sharing health professional staffing, reducing travel time, and enabling fewer or shorter hospital stays.
A growing need to increase the reach of improved medical care facilities and increasing demand to integrate digital healthcare systems are some of the key factors driving growth of the global telehealth and telemedicine market. In addition, the increase in government financial support, rise in an aging population, rising prevalence of chronic diseases, tremendous growth of the telecommunication sector, and rising adoption of related healthcare IT solutions are some of the other factors boosting the demand for telehealth and telemedicine solution in the global market.
However, certain barriers such as healthcare providers sometimes resist innovation in telehealth and telemedicine because it creates competition. High costs of telehealth devices, high maintenance and service costs, and shortage of trained telehealth and telemedicine professionals are some of the major factors that are anticipated to restrain growth of the global telehealth and telemedicine market during the forecast period.
The global telehealth and telemedicine market is segmented on the basis of component, application, end user, and region. On the basis of region, the global telehealth and telemedicine market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Currently, the market in North America dominates the global telehealth and telemedicine market in revenue terms. This is attributed to presence of advanced medical services and increasing government initiatives for creating awareness about telehealth and telemedicine in the region. In terms of CAGR, the market in Asia Pacific is projected to have fastest growth over the forecast period, owing to growing demand for healthcare IT services in emerging economies in the region.
Prominent players in the global telehealth and telemedicine market include Philips Healthcare, Medtronic plc, Honeywell Life Care Solutions, Tunstall Healthcare, Care Innovations, Cerner Corporation, Cisco Systems, Inc., Medvivo Group Ltd., GlobalMedia Group, Aerotel Medical Systems Ltd., AMD Global Telemedicine, Inc., American Well, InTouch Health, and Vidyo, Inc.