MarketDigits MR recently added Global Telehealth Market Study that gives deep analysis of current scenario of the Market size, demand, growth, trends, and forecast. Revenue for Telehealth Market has grown substantially over the five years to 2020 as a result of strengthening macroeconomic conditions and healthier demand, however with current economic slowdown and Face-off with COVID-19 Industry Players are seeing Big Impact in operations and identifying ways to keep momentum. Telehealth Market estimates rely extensively on both the volume and value and due to slowdown price fluctuation in widening demand and supply gap.
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If you are part of this market, then Get to Know how you are perceived in comparison to your competitors Koninklijke Philips N.V., Medtronic, GE Healthcare, Siemens Healthineers, Cisco Systems, Teladoc Health; Get an accurate view of your business in Telehealth Marketplace with latest study published by MarketDigits.
Report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
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The global telehealth and telemedicine market is expected to grow at a CAGR of 37.7% during the forecast period, to reach USD 191.7 billion by 2025 from an estimated USD 38.7 billion in 2020. Growth in the telehealth and telemedicine market is mainly driven by factors such as the rising population, the need to expand healthcare access, the growing prevalence of chronic diseases and conditions, a shortage of physicians, advancements in telecommunications, government support, increasing awareness, and increasing technology adoption In the wake of COVID-19. However, regional variations in regulations, fraud, and the use of social media for care provision will affect market growth negatively during the forecast period.
COVID-19 IMPACT ON THE TELEHEALTH MARKET
The COVID-19 pandemic has had a devastating global impact on the health of the population and a huge economic impact on most countries. As of October 27, 2020, 43.7 million cases have been reported worldwide, with 1,164,761 deaths (Worldometer). The COVID-19 pandemic is providing immense opportunities for telehealth solutions, considering that social distancing is the only existing solution developed so far, which is capable of minimizing exposure. In line with this, telehealth represents an attractive, effective, and affordable option. Moreover, this technology is of critical importance in keeping healthcare providers safe..
Telehealth Market: Dynamics
Driver: Technology adoption in the wake of COVID-19
The demand for healthcare services and technologies reached an all-time high in the wake of the pandemic. Technologies such as telemedicine, and chatbots, robots, are being deployed to help gather information, reassure the population, treat patients, make diagnoses, and even prepare future vaccines. The potential of telehealth has been been emphasized, given a global shortage in hospital beds and healthcare workers. Players operating in the telehealth market are focusing on providing innovative solutions on COVID-19 to support hospitals and healthcare providers.
Restraint : Healthcare Fraud
Healthcare fraud is an important consideration in the area of telehealth and telemedicine practices. There are numerous ways a patient or a physician can be victimized—for instance, the physician’s name and accounts can be used to receive payments from the insurance company, or non-eligible or non-listed institutional providers can practice improper coding and billing for false claims.
Challenge: behavioral barriers, healthcare affordability, and the lack of awareness
Behavioral barriers may not be the most obvious restricting factor but still pose significant barriers to telehealth and telemedicine adoption. Physicians and patients often face a lack of familiarity with new practices and do not readily give up existing (conventional) practices. Older people may also refuse to use telehealth and telemedicine services due to unfamiliarity with technology.
Opportunity: AI and Analytics
Big data analytics can process data collected from telehealth modalities, including both objective (vital signs, ambient environment) and subjective data (symptoms, patient behavior), along with historical data to enable risk prediction and management. Moreover, federal agencies, public payers, and large commercial insurers have expanded telehealth access amid the pandemic. The majority of them are struggling to ensure that telehealth is being applied to the right patients for the right healthcare needs, increasing efficacy and efficiency in care delivery. In that regard, there appears to be significant potential in analytics, AI, and machine learning, as care delivery adapts to the extensive use of telehealth. Data-driven analytics thus forms an important component of ensuring efficacy and efficiency of telehealth.
“Software and services accounted for the largest market share in 2019”
Based on the component, the telehealth and telemedicine market is segmented into software & services and hardware. The software & services segment is expected to account for the largest share of the global telehealth and telemedicine market in 2020. The large share of this segment is mainly due to the increasing adoption of telehealth and telemedicine. The hardware segment is projected to register the highest CAGR during the forecast period.
North America accounted for the largest share of the global telehealth/telemedicine market in 2019.
North America accounted for the largest share of the telehealth market in 2019. The large share of this region in the global telehealth market can be attributed to the factors such as the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, increasing overall and geriatric population. The Asia Pacific market is expected to grow at the highest rate during the forecast period, owing to the prevalence of chronic diseases and the overcrowding of hospitals. Additionally, the growing need to curtail COVID-19 cases, federal mandates to increase healthcare facilities, and a growing focus on improving the quality of care delivered to COVID-19 patients are some key factors driving the growth of the telehealth market in the US in the wake of COVID-19. However, the Asia Pacific region is expected to grow at the highest rate during the forecast period
The major players in the global telehealth market are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland),GE Healthcare (US). Other prominent players in this market include Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems, Inc. (US), Teladoc Health Inc. (US), American Well (US), AMC Health (US), MDLive (US), Doctor on Demand (US), Medvivo Group Ltd (UK), Asahi Kasie Corporation (Japan), Iron Bow Technologies (US), Telespecialists Llc (US), GlobalMed (US), MedWeb (US), IMediplus Inc. (China), Vsee (US), Chiron Health (US), Zipnosis (US).
Telehealth Market report provides statistics on the current state of the industry and thereby acts as a valuable source of guidance and direction for companies & investors interested in this market. Each of the topics is researched and analysed in depth for generating comprehensive Telehealth Market research report. This Telehealth Market report examines the market with respect to general market conditions, market status, market improvement, key developments, cost & profit of the specified market regions, position and comparative pricing between major players. Telehealth Market report is an absolute background analysis of the industry which includes an assessment of the parental market.
Telehealth Market Reports – Table of Contents
2. Assumptions and Research Methodology
3. Executive Summary: Global Telehealth Market
4. Market Overview
5. Key Insights
6. Global Telehealth Market Analysis and Forecast, By Product
7. Global Telehealth Market Analysis and Forecast, By Detector
8. Global Telehealth Market Analysis and Forecast, By Technology
9. Global Telehealth Market Analysis and Forecast, By Application
10. Global Telehealth Market Analysis and Forecast, By End-user
11. Global Telehealth Market Analysis and Forecast, By Region
12. North America Telehealth Market Analysis and Forecast
13. Europe Telehealth Market Analysis and Forecast
14. Asia Pacific Telehealth Market Analysis and Forecast
15. Latin America Telehealth Market Analysis and Forecast
16. Middle East & Africa Telehealth Market Analysis and Forecast
17. Competitive Landscape
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