Telehealth MarketAnalysis
Telehealth, also known as telemedicine is the provision of medical help in remote locations through the use of telecommunication technologies such as video conferencing. Although a relatively new concept, telehealth solutions garnered many accolades in recent years since it bridges the gap amid patients and healthcare professionals. According to the MRFR (Market Research Future) report,Global Telehealth Marketsize is expected to register aCAGR of22.74%to reachUSD16,173.8Million by 2024.
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The global telehealth market has grown considerably against the backdrop of an alarming surge in the incidence rate of chronic diseases and mounting healthcare costs. Patients prefer telehealth solutions for the management of diseases such as cancer, diabetes, and respiratory disorders which require constant monitoring. Penetration of smartphones and smart devices has also increased the acceptance rate of telehealth solutions. The rise in geriatric population who are in greater need of medical attention also foster the growth of the global telehealth market. Improvement of telecom infrastructure, especially in developing countries has facilitated the deployment of telehealth solutions. Among other factors which can augment the market growth include a shortage of healthcare professionals.
In addition, unwillingness to serve in remote locations paired with the outbreak of natural disasters also supports market growth. Government endeavors to incorporate telehealth solutions as a part of routine operational flow is likely to trigger the market growth. On the other hand, the growth of the global telehealth market might be undermined by underdeveloped infrastructure and unavailability of technical know-how in developing countries. Interoperability and legal issues associated with ensuring patient confidentiality are other major bottlenecks.
Impact 0f COVID-19 on the Telehealth Market
1.1 A HISTORICAL PERSPECTIVE
It did not take novel coronavirus for the telehealth industry to start gaining traction among healthcare providers and patients. Telehealth was already experiencing significant momentum and growth prior to this public health emergency, particularly over the past few years as the technology has become more streamlined and young tech-savvy generation is gaining interest in this care model. The appetite for telehealth is growing, but many consumers are confused or unsure about its availability.
Given the debilitating impact ofCOVID-19 (Coronavirus) onTelehealth Market, companies are on the lookout for starting production lines. Get an inside look at the market prospects and its future decisions in light of the pandemic and other such unforeseen circumstances.
What was thwarting the growth of the telehealth industry before the outbreak?
- There are certain federal restrictions, regulatory and legislative barriers to the data privacy, cybersecurity, and accuracy of care that had made the adoption of telehealth and remote patient monitoring challenging.
- Secondly, the medical care provided under the virtual care and telehealth sector was without incentives and with a lot of conditions as to which type of care qualifies for medical reimbursement.
- Care provider needed to have HIPAA complied software and infrastructure to provide care through telehealth, and the violation of these rules led to heavy penalty
1.2 WHAT HAS CHANGED WITH COVID-19?
Statistically, 40% of doctors are providing care to coronavirus patients, and rest 60% of doctors are forced to stop their services until told otherwise. Social distancing and lockdowns across the countries due to COVID-19 have forced non-urgent healthcare providers to close their doors and pushed many patients to seek care remotely. Due to the uncertainty of the COVID-19 crisis, a number of care providers are thinking about changing their service model and implementing the telehealth solutions as part of their regular medical setup. Telehealth is no longer a supplementary care option but a must-have option for healthcare professionals and patients.
Telehealth MarketSegmentation
Market Research Future report offers an all-inclusive segmental analysis of the telehealth market on the basis of components, end user, and type.
Based on component, it has been segmented into software, hardware, and others. Hardware segment is further segmented into medical devices, monitors and others. Monitors are again segmented into ECG monitors, blood pressure monitors, blood glucose monitors and others.
Based on end user, the telehealth market has been segmented into pharmaceutical companies, hospitals and clinics, and others.
Based on type, it is segmented into on-premise, web-based, and cloud-based.
Telehealth MarketRegional Analysis
Based on region, thetelehealth marketcovers growth opportunities and latest trends across the Americas, Asia Pacific, Europe, and the Middle East & Africa. Of these, the Americas will have an upper hand in the telehealth market. Massive patient pool suffering from chronic diseases and a considerably high number of the aged populace is creating a favorable setting for the growth of the market. The deployment of telehealth solutions is highly feasible due to the robust healthcare system and technology advancement in the region. Improvement and amendment of telehealth laws aimed at providing improved access to care have been a plus for the growth of the market. Europe follows the Americas closely and is expected to showcase substantial growth in the coming years.
The developed countries in the region are demonstrating greater interest in the deployment of telehealth services which is enhancing the growth of the market. Germany is likely to contribute significantly to the growth of the market. The telehealth market in the APAC region is expected to expand with rapid momentum and capture the highest CAGR over the forecast period. The existence of emerging countries such as China and India which are adopting telehealth services at a torrid pace is favoring the growth of the market. On the other hand, the Middle East and Africa accounts for the smallest share of the market. Sluggish adoption of telehealth solutions due to poor economic conditions, low healthcare expenditure and lack of awareness are restricting the growth of the market. The Middle East holds the bulk share of the MEA market.
Telehealth MarketKey Players
Leading players profiled in the telehealth market include InTouch Technologies, Inc. (US), GlobalMedia Group, LLC (US), AMD Global Telemedicine, Inc. (US), Cerner Corporation (US), Siemens Healthcare Private Limited (US), Care Innovations, LLC. (US), McKesson Corporation (US), Koninklijke Philips N.V. (the Netherlands), Medtronic (Ireland), and General Electric Company (UK).
Telehealth Industry News
March 2019- Berkley County School District is all set to roll out telehealth that is school-based shortly. By joining hands with the school district and MUSC, their goal is in eliminating barriers and offering care to students who lack transportation for visiting the physician’s office.
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Contact Information:
Contact:
Akash Anand
Market Research Future
+1 646 845 9312
Email:
sales@marketresearchfuture.com
