Telehealth Market worth $6.5 Billion by 2020

Telehealth Market worth $6.5 Billion by 2020

The report studies the global telehealth market over the forecast period of 2015 to 2020 This market was valued at $2.2 Billion in 2015 and is poised to grow at a CAGR of 24.2% to reach $6.5 Billion by 2020.

The market is segmented on the basis of component, delivery mode, end user, and region. The market, by component, is divided into hardware, software, and services. Based on delivery mode, the market is categorized into web-based, on-premise, and cloud-based. The market by end user is categorized into providers, payers, patients, and others. Based on region, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (Middle East & Africa, and Latin America).

The major factors driving the growth of the telehealth solutions market are the rise in the aging and chronically ill population, the shortage of physicians in the U.S., uneven physician distribution worldwide, improvement in telecommunication infrastructure, technological advancements, rising healthcare costs, and awareness on the benefits of tele-health. However, certain barriers, such as limited reimbursement in the U.S. and legality, privacy, and security concerns worldwide, are restraining the growth of this market.

In 2015, the North American market is expected to command the largest share of the global market, followed by Europe and Asia-Pacific. Asia-Pacific is the fastest-growing region in this market. The rapidly growing healthcare industry in India, increasing number of HCIT programs, the rising prevalence of chronic diseases in Australia, and increasing funding for telehealth in Australia will drive the growth of this market in Asia.

Major players in the global market include Cerner Corporation (U.S.), GE Healthcare (U.K.), Honeywell Life Care Solutions (U.S.), McKesson Corporation (U.S.), Medtronic, Inc. (U.S.), the Medvivo Group (U.K.), Philips Healthcare (Netherlands), Robert Bosch Healthcare (U.S.), Siemens Healthcare (Germany), Cisco Systems, Inc. (U.S.), and Tunstall Healthcare (U.K.).