The global telehealth market boasts a total value of $87.8 billion in 2022 and is projected to register a growth rate of 26.6% to reach a value of $285.7 billion by 2027. 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. However, regional variations in regulations, possibility of fraud, and the use of social media for care provision may restrain the market growth during 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 (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems (US), Asahi Kasei Corporation (Japan), Teladoc Health (US), American Well (US), AMC Health (US), MDLIVE (US), Doctor on Demand (US), Medvivo (UK), Iron Bow Technologies (US), TeleSpecialists (US), GlobalMed (US), Medweb (US), IMEDIPLUS (Taiwan), VSee (US), Chiron Health (US), Zipnosis (US), ALTEN Calsoft Labs (US), iCliniq (India), Preventice Solutions (US), and Resideo Life Care Solutions (US.
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Top Telehealth Market Players
Koninklijke Phillips was the most significant player in the telehealth market in 2021. 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 2021. 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.
GE Healthcare is another prominent player in the global telehealth and telemedicine market. The company serves customers in more than 140 countries worldwide. The company’s dominant position can be attributed to its focus on acquisitions and partnerships with government and private institutes. The company focuses on innovating advanced solutions and upgrading its existing products as a part of its organic strategy. It has also developed many innovative products, which gives it a competitive edge over other players. GE also adopts various inorganic strategies like partnerships, collaborations, and acquisitions to enhance its presence in the telehealth & telemedicine market.
Telehealth Market Size, Growth by Component (Software & Services (RPM, Real-Time), Hardware (Monitors)), Delivery (On-Premise, Cloud-Based), Application (Teleradiology, Telestroke, TeleICU), End User (Provider, Payer) & Region - Global Forecasts to 2027
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