Global telehealth to hit $6.5B by 2020
The global telehealth market is expected to grow rapidly within the next five years and reach $6.5 billion by 2020, according to a Markets and Markets report. Currently valued at $2.2 billion, the market is expected to grow at a compound annual growth rate of 24.2 percent.
The biggest drivers of the growth are the aging population, physician shortage, rising healthcare costs, improvement in telecommunication infrastructure and increasing awareness.
This year, North America is expected to have the largest market share, followed by Europe and Asia-Pacific. The Asia-Pacific market is the fastest growing segment.
Key players in the telehealth market include the following:
• Cerner
• Cisco Systems
• GE Healthcare
• Honeywell Life Care Solutions
• McKesson
• Medvivo Group
• Philips Healthcare
• Robert Bosch Healthcare
• Siemens Healthcare
• Tunstall Healthcare
Editor Beth earned a bachelor’s degree in journalism and master’s in health communication. She has worked in hospital, academic and publishing settings over the past 20 years. Beth joined TriMed in 2005, as editor of CMIO and Clinical Innovation + Technology. When not covering all things related to health IT, she spends time with her husband and three children.