Telehealth Market Overview
The telehealth market worth by the end of the analysis period could be USD 16,173.8 Million at a CAGR of 22.74% during the forecast period, says Market Research Future (MRFR). With rapid digitization in conjunction with escalating internet usage, the telehealth market can expect to thrive the market growth.
During the review period, however, security concerns and the enforcement of stringent rules for telehealth services are expected to stifle industry growth. During the projected period, ongoing technology advancements in the healthcare industry are expected to drive demand for telehealth services. The ease of access, expanding collaboration among key players, favorable government efforts implemented by various nations, and rising need to lower healthcare costs are some of the major factors that are expected to boost the telehealth market over the forecast period.
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Furthermore, the increased use of mobile phones and reliance on various applications to obtain healthcare services is likely to provide profitable prospects that will help to boost the market during the assessment period. Because of the increased demand for telehealth services, the market is expected to grow significantly throughout the assessment period. Furthermore, in the COVID-19 age, the growing need for technologies like this is expected to support trade expansion in the near future
Growth Boosters and Barriers
Various healthcare services as well as technologies have been experiencing substantial demand since the COVID-19 pandemic outbreak. Cutting-edge technologies including chatbots, telemedicine, and robots are increasingly being used to collect information, manage the population, treat and diagnose disorders, and even develop potential vaccines. Telehealth’s potential is now under the spotlight, in the wake of worldwide shortage in medical workforce, hospital beds and other medical supplies. Vendors active in the telehealth market are striving to offer advanced solutions to support healthcare providers, and hospitals, as the pandemic continues to spread.
Big data analytics help process data gathered from telehealth modalities, such as objective (ambient environment, vital signs) as well as subjective (patient behavior, symptoms), combined with historical data for better risk prediction & management. Additionally, public payers, commercial insurers, and federal agencies have fostered telehealth access post pandemic.
Most of the companies are focused on ensuring continuous telehealth access to the patients, with higher efficiency and efficacy in care delivery. To that end, healthcare is realizing the potential in analytics, artificial intelligence, and machine learning.
Telehealth Market Leading Companies
The major telehealth services and solutions developers are InTouch Technologies Inc. (US), Care Innovations LLC (US), Honeywell International Inc. (US), Boston Scientific Corporation (US), Philips Healthcare (Netherlands), Maple (Canada), GlobalMed (US), Cisco Systems Inc. (US), Livecare Health (Canada), Cerner Corporation (US), AMD Global Telemedicine Inc. (US), Medtronic PLC (Ireland), Siemens (Germany), American Well (US), Allscripts Healthcare Solutions (US), Right Health (Canada), Dialogue (Canada), and many more.
Telehealth Market Segmentation
Major components highlighted in the telehealth market report are services, hardware, and software. Services could be the highest gaining segment in the years ahead, thanks to the robust efforts given by the leading contenders in this regard. Meanwhile, software will be fastest developing segment in the following years, on account of the surging adoption of a variety of advanced telehealth software worldwide.
Depending on mode of delivery, the key segments can be on-premise along with web/cloud-based. Between these, the web/cloud-based mode of delivery will be the top segment due to its widespread preference among patients and healthcare workers alike. The on-premise segment, on the other hand, should procure the fastest development rate resulting from the surging awareness about the same among the hospital management.
Telehealth has application in cardiology, neurophysiology, primary care, radiology, and more. Radiology segment would secure the lead in subsequent years, while the cardiology segment should thrive at the fastest pace over the evaluation period.
Major end-users of telehealth are diagnostic clinics, home care, hospitals and clinics, and others. The hospitals and clinics category emerges as the highest gainer in the telehealth market, as the number of hospitals that use telehealth software and services continues to shoot up worldwide.
Telehealth Market Regional Analysis
The American telehealth market is the clear winner and will retain its impressive growth rate throughout the appraisal period. Mounting preference for telemedicine, online consultations, and e-visits, combined with the supportive insurance schemes in the region will augment the market position in the future. America is known for early adoption of the latest technologies such as chatbots, and robots, for information collection, effective treatment of the massive patient base and developing vaccines. This factor should work in favor of the regional telehealth market in subsequent years.
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Asia Pacific will reach great heights in the next several years, procuring the fastest CAGR on account of the mushrooming geriatric patient pool and the shortage in skilled medical professionals. Unmet medical requirements, particularly in the rural areas will open attractive avenues for the telehealth market in the given period.
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