Top Telehealth Companies 2018: Rapid growth in the prevalence of chronic diseases and ageing population has been leading to the evolution of technological advancements in telehealth, telemedicine which are providing benefits to the patients as well as physicians. According to the Envision Inteligence survey on telehealth market, introduction of the telehealth and telemedicine into the market are satisfying the needs of the patients and generates huge revenue to the telehealth players during the forecast period. Telehealth is a transfer and exchange of the medical information from the doctor to patient with the help of the telecommunication and information technologies. The first telehealth service was encountered by the Alexander graham bell in the year 1876 and specifically the telemedicine was reported in the Lancet in 1879. In 1972 department of health and Education & Welfare in the United States of America started approving funding for the telemedicine projects across different states. In the present scenario there is an increasing need for affordable treatment owing to rising healthcare costs and shortage of healthcare professionals worldwide are driving the demand for telehealth services. Many of the major companies are introducing the new novel technologies in to the market for the various diagnoses and increasing merger & acquisitions among the key players to expand their presence in the telehealth market.
Top 5 Telehealth Companies
- Philips Healthcare
- Medtronic PLC
- General Electric Company
- American Well
- AMD Global Telemedicine, Inc.
Philips Healthcare Company has a significant share in the overall telehealth market, during the forecast period owing to an increasingly technological management with clinical expertise & a proven pragmatic approach for the improvement of clinical and financial outcomes. Medtronic PLC Company has been launching a number of novel technologies into the market to increase its market share during the forecast period. GE healthcare company has launched the novel telehealth technology for diabetes patients and is creating huge opportunities for the growth telehealth market.
According to the Envision Inteligence the Global telehealth market size will be $2.98 billion in 2018 and is projected to reach $16.67 billion in 2025 with a CAGR 27.89% during the forecast period. Growing aging population, rising prevalence of chronic diseases, improvements in telecommunication infrastructure, technological advancements and need of affordable treatments option due to rising healthcare costs are the major factors contributing to the growth of the telehealth market. Telehealth market is expected to show a vast growth in the coming years owing to increasing benefits offered by the wearable technologies and increasing developments in key enabling technologies.
Ease of integration of advanced technologies into the smartphone and computer which helps in creating platforms for telehealth services such as apps, remote patient monitoring, Live Video. The telehealth services also help in booking the doctor appointment from the mobile phone or computer for diagnosis, check-ups and others. According to the Envision intelligence survey, Millennials place a high value on convenience and limiting cost in seeking treatments. Millennials were likely to visit a primary care physician for non-emergency treatment and millennials are holding 60% of usage in the telehealth services in the present scenario.
Usage Of The Telehealth Services (%)
Source: Envision Inteligence Analysis & Experts Insights
In the present day, there is a rising demand for the telehealth services because of an increasing number of technologies which are satisfying the needs of the patients, there are various types of telehealth services which are having the major role in the growth of the telehealth market. Live video conferencing service in telehealth is widely used by everyone from physicians in local hospitals to providers who own their own private practice. An asynchronous video is a technology used for the delivery patient’s document and health history and it is widely used in rural areas for consulting with a specialist in another location. Remote patient monitoring technologies is the collection of a patient’s health data from the patient and are especially helpful in senior living areas in order to prevent falls and keep a watchful eye on resident vitals. Mobile health technology is the use of smart devices, the health-based software apps developed for these devices, these apps help to encourage healthier lifestyle behaviour and also can integrate with a patient’s personal health records.
According to the Envision Inteligence global telehealth market report, the North America region is having the major growth in the telehealth market share during the forecast period. This growth can be attributed to the increasing demand for telehealth services, improvements in telecommunication infrastructure, increasing developments in key enabling technologies. Coming to the United States of America which is having a major share in the telehealth market in the North America region because of the presence of major players in the U.S. Market. Canada is also showing a significant growth during the forecast period owing to increasing healthcare infrastructure, increasing usage of mobile devices and growing healthcare expenditure. The major telehealth companies in Canada are Robert Bosch Healthcare, Medtronic, Inc., and McKesson Corporation.
Top Telehealth Companies In United States Of America
- Siemens Healthcare
- Boston Scientific Corporation
- Allscripts Healthcare Solutions Inc.
- Honeywell Life Care Solutions
- Cerner Corporation
Europe is the second largest region of the telehealth market during the forecast period owing to the increasing availabilities of telehealth technologies and the emerging prevalence of chronic diseases in this region. The United Kingdom has a prominent share in the telehealth market owing to the rising cost of healthcare, growing enabling remote patient monitoring and increasing technological innovation by the key players in this country.
Telehealth Companies In United Kingdom
- GE Healthcare,
- Ergotron, Inc.,
- Polycom, Inc.
- Philips Healthcare
- The Medvivo Group
Of all the regions, Asia Pacific is expected to show a swift growth in the coming years owing to increasing healthcare spending and growing healthcare infrastructure in the developing countries such as China and India. Owing to the huge potential of the telehealth, a number of small players and new start-ups are venturing into the market with an aim to solve the low doctor-patient ratio and increasing healthcare costs.
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