Telehealth Market

Telehealth Market - New report by MarketsandMarkets

The overall market for telehealth is projected to reach USD 9.35 Billion by 2021 from USD 2.78 Billion in 2016, at a CAGR of 27.5% in the next five years (2016 to 2021). The growth of the overall market for telehealth can be attributed to growth in geriatric population, dearth of healthcare professionals worldwide, improvements in telecommunication infrastructure, technological advancements, increasing utilization of connected devices for the management of chronic diseases, and need for affordable treatment options due to rising healthcare costs.

Philips Healthcare Solutions, Inc. is the leader in the global market of telehealth. 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—$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 $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.).

Related Reports:

Telehealth Market Size & Share by End User (Providers, Payers, Patients), Component (Services (Remote Monitoring, Real-time Interactions), Hardware (Blood Glucose Monitors), Software (Integrated)), Mode of Delivery (Cloud, Web) & Region - Global Forecast to 2021

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Report Code
HIT 3542
Published ON
Nov, 2016
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