Telehealth market to be worth $6.5 billion by 2020

telehealth

According to a new research published by MarketsandMarkets, the global Telehealth Market will grow at a CAGR of 24.2% from $2.2 billion this year to $6.5 Billion by 2020.

The market is segmented on the basis of component, delivery mode, end user, and region. By component, the market is divided into hardware, software, and services; based on delivery mode, it is categorized into web-based, on-premise, and cloud-based; the market by end user is categorized into providers, payers, patients, and others; and 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 attributing to the growth 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 telehealth. However there are certain barriers, including limited reimbursement in the U.S. and legality, privacy, and security concerns around the world.

Between 2015 and 2020, the global Telehealth Market will grow at a CAGR of 24.2%.In 2015, North America is expected to command the largest share of the global market, followed by Europe and Asia-Pacific. Asia-Pacific is the fastest-growing region due to several factors, such as rapidly growing healthcare industry in India, increasing number of HCIT programs, the rising prevalence of chronic diseases and increasing funding for telehealth in Australia.

MarketsandMarkets identified the following companies as major telehealth market players: Cerner Corporation (U.S.), GE Healthcare (U.K.), Honeywell Life Care Solutions (U.S.), McKesson Corporation (U.S.), Medtronic (U.S.), the Medvivo Group (U.K.), Philips Healthcare (Netherlands), Robert Bosch Healthcare (U.S.), Siemens Healthcare (Germany), Cisco (U.S.), and Tunstall Healthcare (U.K.).