Telehealth Market – Overview
Telehealth is the sharing of medical information and health-related services through telecommunication technology and medical information. Telemedicine is a generic term that describes a range of medical services which are delivered via telephone. Telehealth allows the long-distance patient and medical practitioner contact, advice, education, reminders, medical monitoring, education, guidance, intervention, diagnostics, treatment, and remote visits. This technology can also allow for the exchange of patient information between different healthcare entities. The term ‘telemedicine is increasingly being used to refer to all patient care and treatment provided in the virtual world, rather than only hospital care. Since the Internet became widespread across all sectors of our society, telemedicine is rapidly expanding its role in the health care industry.
“The Telehealth Market was valued at USD 28.39 Billion in 2020 and is projected to reach USD 80.31 Billion by 2028, growing at a CAGR of 21.52% from 2021 to 2028.”
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Telehealth Market – Dynamics
Emergence of Covid-19 is expected to propel the growth of the telehealth market over the forecast period. For instance, globally, as of 5:10 pm CEST, 23 September 2021, there have been 229,858,719 confirmed cases of COVID-19, including 4,713,543 deaths, reported to WHO. Moreover, increasing funding in telehealth is also expected to aid in the growth of the market. For instance, in September 2021, eVisit, a provider of telehealth platform that includes scheduling, intake, a waiting room, discharge, and analytics, raised US$ 45 million in a Series B funding round to boost the platform’s technology and capabilities, and to make new hires.
Integration of various digital services is expected to offer lucrative growth opportunities for players in the telehealth market. For instance, in September 2021, GenieMD, a provider of virtual care solutions, collaborated with Vytal, a healthcare technology company, to integrate Vytal’s prescription management platform, VytalOS, with GenieMD’s virtual care platform, iVisit, to provide telehealth services on prescription management and delivery platform.
Telehealth Market – Key Takeaways
- Emergence of Covid-19 is expected to propel the growth of the telehealth market over the forecast period. For instance, according to a new report in September 2021 from the American Medical Association, telehealth use, although much higher than before the COVID-19 pandemic, accounted for less than 20% of weekly outpatient visits 6 months into the pandemic.
- Major players operating in the telehealth market are focused on launching new services to expand their product portfolio. For instance, in September 2021, iXensor, a Taipei-based mobile health platform, launched a new telehealth service to support fertility monitoring at home.
Telehealth Market – Competition Assessment
Major players operating in the telehealth market include Koninklijke Philips N.V., Medtronic Plc, GE Healthcare, Cerner Corporation, Siemens Healthineers, Cisco Systems Inc., Teladoc Health Inc., American Well, AMC Health, MDLive, Doctor on Demand, Medvivo Group Ltd., Asahi Kasie Corporation, Iron Bow Technologies, Telespecialists LLC, GlobalMed, MedWeb, IMediplus Inc., Vsee, Chiron Health, and Zipnosis
The updated report, free extract available, comes with an option to access premium features that covers extensive past, current, and future data. Other valuable updates to the global Telehealth Market report include a reviewed and refined pricing model for manufacturing and launch prices. The report incorporates new content to help give decision-makers key knowledge about the market and offers up-to-date forecasts accounting for the economic situation and impact of COVID-19.
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Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2028. For the purpose of this study, Stratagem Market Insights has segmented the global Telehealth Market report on the basis of Types, Applications, and Regions.
By Product Type, the market is primarily segmented into Software & Services, RPM, Real-Tim.
By Applications, the market is segmented into Telehealth Providers, Patients, Other end-users.
Telehealth Market – Growth by Region:
The different section on regional segmentation gives the regional aspects of the global Telehealth market. This section describes the regulatory structure that is likely to impact the complete market. It highlights the political and governmental landscape in the market and predicts its influence on the Telehealth market globally.
The global Telehealth market has been segmented into five major regions, namely, North America (U.S., Canada, and others), Europe (U.K., France, Germany, Russia, and others), Asia-Pacific (China, Japan, India, Australia, and others), South America (Brazil, Argentina, and others), Middle East & Africa (South Africa, Saudi Arabia, and others).
The Report Sheds Light on Various Aspects of the Market, Some of the important ones are:
- What can be the best investment choices for venturing into new product and service lines?
- Which regions might see the demand maturing in certain segments in near future?
- Which government regulations might challenge the status of key regional markets?
- What are some of the value-grab opportunities in various segments?
- What will be the barrier to entry for new players in the market?
Why You Should Buy This Report:
- The report provides an all-inclusive environment of the analysis for the market
- In-depth secondary research and primary interviews
- Impact of various social, political, and economic factors
- Porter’s Five Forces Analysis
- Competitive Landscape
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