According to the current analysis of Reports and Data, the global Telehealth market was valued at USD 3.20 billion in the year 2018 and is expected to reach USD 21.31 billion by the year 2026, at a CAGR of 25.0%. Telehealth is the delivery and assistance of health services which consists of medical care, understanding the patient’s disease condition, personal care by the use of telecommunications. The concept of Remote Patient monitors (RPM) in Telehealth analyses the patient’s health record data through wearables, LAN-enabled computers, mobile devices. The complications can be early detected in RPM and the patients can be identified and medical attention can be given prior to appointment.
The Telehealth utilizes digital information and telecommunications (smartphones, computers) to access in distant areas and regular updates about the patient’s health is taken care. 35% of the healthcare departments control more than 50% of the data in the cloud. Cloud computing in telehealth is useful in reduction of operational expenses, and the ease of interoperability services is optimal. Telehealth is being used in Atrium Health, where virtual respiratory therapists deliver critical health care services in hospital located in remote areas.
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According to the 2018 survey, a quarter of US consumers had gone for the telehealth visit. Virtual communication is developed between the doctor and the patient. The increased prevalence of chronic diseases in rural areas, increasing healthcare expenditure, the favorable government initiatives, cost-effective, the advent of artificial intelligence, and wireless technology are the key factors responsible for the telehealth industry to maintain a steady position in the market.
The telehealth industry has been in the news for its upcoming trends; the hospital network and healthcare services are prime targets of cybercrime. The telehealth industry is now focusing on encoding the record data of the patients, and only the individuals having official permission can access the data. Remote patient monitoring systems are now being used at the patient’s home to keep a check of their health status. Incorrect guidance leading to wrong prescriptions, no proper training given to the medical assistants, medical reimbursement, and vendors not being a part of the telehealth program are the certain restraints the telehealth market is facing.
Further key findings from the report suggest
- The web-based segment is anticipated to reach a CAGR of 27.7%, due to the minimum use of software and hardware necessities.
- Teladoc Health, had recently entered into a mutual consent with the leading market player, In Touch Health for providing proper treatment within and outside the hospital and healthcare facilities
- Global market player AMD Telemedicine combines MyNIC hemodynamic monitor system technology. It provides the patient’s cardiac output reports, so the treatment procedure can be initiated quickly
- Several companies are engaged in expanding their product portfolio via various strategic approach. For instance, Allscripts Healthcare Solutions had announced its partnership with PIH Healthcare, to improve the healthcare workflow services and to expand its product portfolio
- IMS International Medical Services based in Hungary, partnered with Aerotel Medical systems to provide digital ECG Recorders in National Ambulance services of Hungary, OMSZ.
- The US Department of Health and Human Services are implementing Telehealth to increase buprenorphine via the DATA-2000 waiver providers
- The EHR Provider in California obtained two software companies OTTO Health and Medfusion, thereby launching a System On Chip, bringing variation in health information systems.
- Cisco Systems has collaborated with American Well, a leading market player to increase the home healthcare facility.
- There is an increased adoption of cloud-based telehealth technologies. It removes the issues of maintaining a Local Area Network and it’s cost efficient, the patient’s records are
- Asia Pacific has high potential to reach the maximum CAGR of 28.8% in 2026, due to intense growth in geriatric population, extended technological potential advancements, virtual interaction between the doctor and patient is excellent.
- The global Telehealth market is fragmented with major players such as Aerotel Medical Systems Ltd (Israel), Allscripts Healthcare Solutions, Inc(USA), Cardiocom, LLC(USA), Lifewatch AG (Switzerland), InTouch Technologies, Inc, (USA), Honeywell Hommed (USA), Hoffmann La-Roche Ltd (Switzerland), Cisco Systems(US), McKesson Corporation(US), Telehealth Inc(US), AMD Global(US).
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For the purpose of this report, Reports and Data has segmented the Telehealth market on the basis of component, service, hardware, software, by mode of delivery, application, end user and region:
Component (Revenue in Million USD; 2016–2026)
- Medical peripheral devices
- Integrated software
- Standalone software
Application (Revenue in Million USD; 2016–2026)
- Emergency care
- Internal medicine
End use (Revenue in Million USD; 2016–2026)
- Healthcare facilities
Regional Outlook (Revenue in Million USD; 2016–2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/telehealth-market
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