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NewswireTODAY - /newswire/ -
London, Hackney, United Kingdom, 2012/08/20 - The telehealth market looks set for a promising few years having been predicted a CAGR of 14%, the industry looks set to boom through the introduction of new forms of technology - CompaniesAndMarkets.com.
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The global telehealth market has been forecast to increase at a compound annual growth rate (CAGR) of 14% over the next six years, jumping from a value of $13.2 billion recorded in 2011, to be worth $32.5 billion by 2018.
The provision of healthcare services and information by telecommunication methods - or 'telehealth' - holds the potential to change the way many of us receive medical care.
The global telehealth market will experience a boom in growth over the next few years as technology continues to expand, both in terms of number of applications and availability.
Growth within the telehealth market looks set to be driven by the need to increase the reach of quality medical care to remote locations, a reduction in healthcare expenditure and the enabling of the optimal usage of limited provider resources.
The telehealth market is currently dominated by the US, holding a 51% share in 2011, but it is the Asia-Pacific region that is estimated to exhibit the most impressive growth over the next few years.
In 2011, Asia-Pacific contributed $2 billion to the global telehealth market and this is expected to almost quadruple by the end of 2018, to just under $8 billion. This means a CAGR of 21%, while the US and European markets are expected to climb at the less substantial rates of 12% and 13%, respectively.
Growth in the Asia-Pacific region is expected to be driven by improved awareness of the model's potential for expanding the penetration of affordable medical care to the wider population, with the governments of India and China rapidly adopting and pushing telehealth to cater to the needs of the huge rural patient population.
Key players within the telehealth market include; Philips Healthcare, AMD Global Telemedicine, Intel-GE Care Innovations, Aerotel Medical Systems, and Honeywell HomMed.
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