Pune, India, Oct. 19, 2023 (GLOBE NEWSWIRE) -- A technique of exchanging health knowledge from a patient reception to clinician(s) for obtaining help in treatment. Telehealth enables to offer the services on consultation, care management, diagnosis, and self-management services by using information & communication technologies (ICT).
According to our new research study on “Telehealth Market to 2025 - Global Analysis and Forecasts by Product (Integrated and Standalone), Type (Hardware, Services, and Software), Mode of Delivery (On-Premise, Web-Based, and Cloud-Based); and End User (Patients, Payers, and Healthcare Providers),” the telehealth market is estimated to grow from USD 17.28 billion in 2017 to USD 52.89 billion by 2025; it is estimated to record a CAGR of 15.7% during 2016 to 2025.
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Global Telehealth Market: Competitive Landscape and Key Developments
Medtronic, Cerner Corporation, Tunstall Healthcare, AMD Global Telemedicine, Inc., Philips Healthcare, Cisco Systems, Inc., Aerotel Medical Systems Ltd., Honeywell Life Care Solutions, Medvivo Group Ltd. and American Well are among the leading companies operating in the telehealth market. These players are focusing on expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities in the telehealth market.
Many market players are launching their innovative products in the telehealth market with advanced features. For instance, In June 2020, Philips, a global leader in health technology, announced an addition to its remote patient monitoring suite supporting at-risk populations during the COVID-19 emergency. The new wireless Avalon CL Fetal and Maternal Pod and Patch aim to reduce unnecessary physical interactions between clinicians and patients, which is of particular importance during the COVID-19 pandemic.
Use of Blockchain Provides Locative Opportunities for Global Telehealth Market Growth During 2016-2025:
The development in technology and increased demands for personalized care has made it necessary for the healthcare industry to adopt blockchain gradually. When integrated with a telemedicine system, blockchain provides a distributed architecture to manage the shared ledger of health records. Every data on the ledger is synced and verified with every other node on the network. Blockchain eliminates all the significant challenges prevailing in a telehealth system. It facilitates tracing the pharmacy supply chain, verifying patients' credentials, tracking infected patients' locations, protecting health records, and handling other clinician activities. The increasing incidences of data breaches, privacy issues, counterfeit drugs, are the significant factors for the growth of healthcare blockchain. Before integration with blockchain, centralization was a key impediment for telemedicine systems. However, centralized systems always pose the risk of a single point of failure and are highly prone to various external and internal data breaches, risking systems’ reliability. Blockchain technology now handles such crucial issues efficiently.
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Global Telehealth Market: Segmental Overview
The “Global Telehealth Market” is segmented based on type, product, mode of delivery, end user, and geography. Based on type, the telehealth market is segmented into hardware, services, and software. Based on product, the telehealth market is bifurcated into integrated and standalone. Based on mode of delivery, the telehealth market is segmented into on-premise, web-based, and cloud-based. Based on end user, the market is segmented into patients, payers, and healthcare providers.
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