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Philips Healthcare and Medtronic plc battle to secure leadership position in the Global Telehealth Market
A number of key players are competing to secure larger shares of the telehealth market by launching new products. Based on the revenues gained from the sales of telehealth products and services, the overall telehealth market is dominated by Philips Healthcare and Medtronic plc in 2015. Other players in these markets include Honeywell Life Care Solutions (U.S.), Tunstall Healthcare (U.K.), Care Innovations (U.S.), Cerner Corporation (U.S.), Cisco Systems, Inc. (U.S.), Medvivo Group Ltd. (U.K.), GlobalMedia Group, LLC (U.S.), Aerotel Medical Systems Ltd. (Israel), AMD Global Telemedicine, Inc. (U.S.), American Well (U.S.), InTouch Health (U.S.), and Vidyo, Inc. (U.S.).
Philips Healthcare Solutions, Inc. is the leader in the telehealth market. The firm is engaged in the development of diagnostics devices and HCIT solutions. The company’s telehealth solutions are designed to reduce readmissions, improve clinical outcomes, and lower costs. The firm’s heavy R&D spending—USD 1.19 Billion in 2015—allow it to develop innovative products for the market, like the Philips Care Event launched in April 2015. The company focuses on collaboration as another growth strategy to enhance its foothold in the market and garner a greater market share. Other growth strategies adopted by Philips include acquisitions and expansion.
Medtronic offers patient management solutions such as glucose monitors, infusion pumps, and insulin pumps to provide better diabetes management. The company’s products and services include remote monitoring and patient-centered software to enable specialized telehealth nurse support and efficient care coordination. R&D is a key area of focus for Medtronic—it invested USD 2.2 billion in 2015—as this strengthens the firm’s capabilities and allows it to develop and enhance products and services. One example of a notable product launch is the February 2014 introduction of its implantable cardiac monitoring device, the Reveal LINQ insertable cardiac monitor (ICM) system. Medtronic’s comprehensive solutions, wide geographical presence, marketing and sales, focus on inorganic growth strategies, and emphasis on R&D has allowed it to create a strong foothold in the telehealth market.
Players operating in the telehealth market adopted the strategy of agreements, collaborations, partnerships, mergers, and alliances being the most-preferred strategy (44.7% of the total strategic developments in the market during 2013 to 2016). The key players that have adopted this strategy include Philips Healthcare (The Netherlands), Medtronic plc (Ireland), Honeywell Life Care Solutions (U.S.), and Tunstall Healthcare (U.K.).
Telehealth Market by Component (Hardware (Blood Glucose Monitors), Software (Integrated), Services (Remote Monitoring, Real-time Interactions)), End User (Providers, Payers, Patients), & Mode of Delivery (Web, Cloud)) - Global Forecast to 2021
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