Telehealth/Telemedicine Market

Koninklikje Phillips (Netherlands) is the leading player in the Telehealth/Telemedicine Market

Koninklijke Phillips was the most significant player in the telehealth market in 2019. The company has a strong geographic presence across the globe and focuses on the development of innovative products. Philips operates in more than 100 countries worldwide and focuses on increasing its performance by introducing innovative and impactful outcomes. The company focuses on organic and inorganic growth strategies to maintain its position in the market and expand its global presence. Since 2018, the company has launched numerous telehealth platforms and devices in the teleradiology, telepsychology, and digital health solutions sectors. In 2020, the company launched data-driven personalized connected care solutions for oral health, mother & childcare, and sleep care respectively—Sonicare oral healthcare ecosystem, Avent mother and childcare ecosystem, and SmartSleep ecosystem. Also in April 2020, Philips Healthcare announced the potential of its dedicated and scalable telehealth solution to manage increased patient inflow using online screening, follow-up questionnaires, monitoring, and external call center collaborations

Medtronic held the second position in the global telehealth and telemedicine market in 2019. The company has a broad geographic base—it operates in more than 350 locations in over 150 countries, with subsidiaries in Ireland, Israel, and the US, among others. The company markets a plethora of products and care management services, including remote monitoring platforms and patient-centered software. To increase its market share, Medtronic focuses on long-term growth strategies of therapy innovation, globalization, and economic value. The company has also demonstrated a commitment to inorganic growth through partnerships, agreements, and collaborations

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The global telehealth/telemedicine market is projected to reach USD 191.7 billion by 2025 from USD 38.7 billion in 2020, at a CAGR of 37.7% during the forecast period. The growth in this market is mainly driven by factors such as the rising population, the need to expand healthcare access, the growing prevalence of chronic diseases and conditions, shortage of physicians, advancements in telecommunications, government support and raising awareness, and rising technology adoption in the wake of COVID-19. However, regional variations in regulations, fraud, and the use of social media for care provision limit the market growth for the forecast period.

The telehealth market is an emerging market owing to the combination of established and newly emerging market players, such as Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Teladoc Health Inc. (US), American Well (US). The other prominent players in this market are AMC Health (US), and Doctor on Demand (US), MDLive (US), Medvivo Group Ltd (UK), Asahi Kasie Corporation (Japan), Iron Bow Technologies (US), Telespecialists Llc (US), GlobalMed (US), MedWeb (US), IMediplus Inc. (China), Vsee (US), Chiron Health (US), Zipnosis (US), AMD Global Telemedicine (US), MyTelemedicine (US), Telemedicine.com (US), CareClix Telemedicine (Washington, D.C.).

Related Reports:

Telehealth/Telemedicine Market by Component (Software & Services, RPM, Real-Time), Application (Teleradiology, Telestroke, TeleICU), Hardware (Glucose Meters), End-User (Provider, Payer, patient), Delivery (On-Premise, Cloud) - Global Forecast to 2025

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Report Code
HIT 3542
RI Published ON
11/11/2020
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