Telehealth Market was Estimated to Grow at 14.97% CAGR During the Forecast Period due to the Rising Need for Optimum Ailment Detection and Treatment: Absolute Markets Insights

PUNE, India, March 11, 2020 /PRNewswire/ -- Healthcare costs are observed to be increasing globally due to the growing demand for new medicines, innovative techniques, lifestyle factors, fast diagnosis, etc. from consumers. This leads to increased expenses for hospitals and doctors that in exchange charge private payers significantly higher rates for the same facilities and services. Telehealth reduced the cost of healthcare and improved efficiency, by improving chronic disease management, reducing travel times, shared medical personnel, and increasingly reducing hospital spending. Therefore, due to all of the above factors, the Telehealth Market is expected to increase significantly over the forecast period.

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The market for telehealth is influenced by several variables, constraints and opportunities. Multiple factors, including an increased population aging, an increased number of chronic diseases, and a shortage of doctors, drive the Telehealth market today. Telehealth offers patients good results because specialists can have more time to use their expertise and knowledge by abiding the established healthcare procedures while examining the patient. In addition, telehealth supports clinical staff for accessing the network of healthcare specialists for providing primary care to both patients and the community.

Patient demand is changing and the penetration rate is expected to improve in years to come. A large amount of data on medical conditions is available on the internet, so patients are kept up to date with symptoms and medication. Patients will be more proactive in the coming years because consumers know what health-related queries they have and what the possible results may be in the near future for their healthy well-being. With increasing telemedicine adoption, patients won't have to travel to the hospital all the way long and doctors can also attend all patients sitting in one place. Waiting time can be eliminated and the process can be automated in accounting and other operations to minimize human errors. All these factors are propelling the adoption of telehealth among health providers and patients alike.

Patients are getting highly aware of their wellness through telehealth technology. Online wellness networking via tele calling or video conferencing with doctor and community support encourages people to control chronic conditions, lose weight, raise levels of physical activity, and gain emotional support. Many patients connect with their physicians via secure online contact channels and schedule appointments. In addition, they access health education material through smartphones and computers to add to their toolboxes for self-care.

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A notable change in telehealth is because of the enhancements in communication among care providers and patients via digital and telecommunications platforms. Care teams are allowed to swiftly collaborate with patients in the treatment process through telehealth technologies.

The detailed research study provides qualitative and quantitative analysis of telehealth market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

• The services segment was the largest share of growing initiatives by key organizations, while software segment is expected to grow faster as telehealth software is increasingly expected to be deployed.
• On the basis of end users, healthcare providers dominated the market as the number of hospitals using telehealth software increased significantly, while the diagnostic clinic segment is projected to be the fastest growing segment.
• North America held the largest market share in the global market due to rising demand from the healthcare providers and patients and the availability of highly advanced telecommunications technology.
• The primary players in the global telehealth market include Cisco Systems Inc., Life Care Solutions, Siemens Healthcare, Robert Bosch Healthcare amongst others

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Telehealth Market:

• By Component
• Hardware
• Services
• Software
• By Delivery
• On demand
• Web based
• Cloud
• By End User
• Healthcare Providers
• Patients and Payer
• By Geography
• North America
• U.S
• Canada
• Mexico
• Rest of North America
• Europe
• France
• The UK
• Spain
• Germany
• Italy
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia Pacific
• Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

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SOURCE Absolute Markets Insights