Telehealth Market Insight
The global Telehealth market is rising continually, improving supportive care for various chronic diseases. Besides, significant benefits offered by telehealth, such as improved outcomes and enhanced care-coordination, drive the market growth, improving clinical efficiency & consumer engagement. Moreover, the recent COVID-19 outbreak has given a healthy boost to the telehealth market.
Technology is the core of telehealth, as it enables patients to connect with medical professionals from their homes' safety and comfort. When some HIPPA regulations waived due to the coronavirus pandemic, telehealth assisted patients using a HIPPA-compliant platform, such as SimplePractice or Zoom for Healthcare. Furthermore, the paradigm shift toward more organized and continuous healthcare monitoring accelerate the growth of the market.
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According to Market Research Future (MRFR), the global Telehealth market is expected to create a valuation of USD 16,173.8 Million by 2024, growing at a robust CAGR of 22.74% throughout the forecast period (2019–2024). Rising prevalence of myriads of chronic disorders, increasing cases of severe road accidents, and trauma cases, has helped market growth. Besides, the proliferation of the internet, smartphones, connected devices, and advances in telemedicine technologies act as key driving forces.
Additionally, factors such as the increasing geriatric population, technological advances in the healthcare sector, and growing cases of patients affected by chronic diseases worldwide are expected to drive the growth of the market. Rising R&D spending and aggressive growth strategies adopted by top players, such as new product launches, contribute to the increase of the market.
On the other hand, the lack of adequate reimbursement policy and high costs involved in the deployments of telehealth devices are the factors estimated to impede the growth of the market. Nevertheless, the rising uptake of telehealth would support market growth throughout the assessment period.
Impact 0f COVID-19 on the Telehealth Market
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.
Given the debilitating impact of COVID-19 (Coronavirus) on Telehealth 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.
Global Telehealth Market - Segmentations
The report is segmented into four dynamics;
By Component: Services (Remote Monitoring, Real-Time Interactions, Store-and-Forward Consultations, others), Hardware {Monitoring Devices (Stationary and Wearable), Medical Peripherals (Blood Pressure Monitors, ECG Monitors, Pulse Oximeters, Blood Glucose Meters, Peak Flow Meters, Otoscopes, others)}, others, Software (Integrated Software, Standalone Software, others), and others.
By Mode of Delivery: Web/Cloud-Based, On-Premise, and others.
By Application: Radiology, Cardiology, Primary Care, Neurophysiology, and others.
By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Telehealth Market - Regional Analysis
North America dominates the global Telehealth market. The largest telehealth market share attributes to the increasing adoption of telehealth services across the region. Besides, considerable advancements in healthcare-related technologies and surging cases of hospitalizations in the region drive the growth of the market. Also, the rising prevalence of chronic diseases & disorders, road accidents, and traumatic incidents and growing geriatric populaces foster regional market growth.
Moreover, the proliferating home-based care services, key industry players, and increasing numbers of hospitals and clinics in the region, influences the market growth. Additionally, the well-developed healthcare infrastructure and the high healthcare expenditure in the region, act as a significant tailwind for the market growth. Furthermore, the increasing adoption of tele- ICU led by favorable government policies and increased incentives drive the regional market growth.
Europe accounts for the second-largest share in the global Telehealth market. The growth is driven by the increasing demand for connected healthcare systems that can provide real-time data and encouraging government funding support for R&D and in the healthcare sector. Moreover, favorable reimbursement policies are contributing to the growth of the market in this region.
Rising focus on more organized and continuous healthcare monitoring in the region is a significant tailwind for the growth of the market. Germany is the largest Telehealth market in the region, leading the connected healthcare deployments in Europe. Besides, increased digitization and focus on data quality management, data integration, and data governance, boost the growth of Telehealth market in the European region.
The telehealth market is rapidly emerging in the Asia Pacific region. The telehealth concept is catching a rapid momentum in the region. Besides, the region observes the increasing adoption of telehealth in quadrupling numbers of healthcare facilities. The APAC market demonstrates tremendous development opportunities due to the continually developing healthcare infrastructure in the region, which, in turn, acts as significant tailwinds pushing up the growth in the market. Rapidly developing countries, India, China, and Japan, contribute to the regional market growth majorly, witnessing the wide adoption of tele-ICU management products.
Global Telehealth Market – Competitive Landscape
Highly competitive, the telehealth market appears to be fragmented due to the presence of many well-established players. Players initiate strategies such as mergers & acquisitions, collaboration, and innovations and invest colossal amounts. Investments are majorly used to bring innovations as well as to expand their market presence. They also make substantial investments in R&D activities to develop a cost-effective product portfolio. These players focus on optimizing situational awareness towards customers to ensure their mission success.
Telehealth Market Major Players
Players leading the global telehealth market include AMD Global Telemedicine Inc. (US), Boston Scientific Corporation (US), Siemens (Germany), Right Health (Canada), Allscripts Healthcare Solutions (US), American Well (US), Care Innovations LLC (US), GlobalMed (US), Honeywell International Inc. (US), Medtronic PLC (Ireland), InTouch Technologies Inc. (US), Philips Healthcare (Netherlands), Dialogue (Canada), Cerner Corporation (US), Maple (Canada), Livecare Health (Canada), and Cisco Systems Inc. (US), among others.
Telehealth Industry/Innovation/Related News:
June 07, 2020 ---- American Medical Group Association (AMGA), asked the Centers for Medicare & Medicaid Services (CMS) to permanently extend the telehealth flexibilities it instituted as a result of the COVID-19. The reality of the coronavirus crises has necessitated widespread use of telemedicine in the US, imposing social distancing, stay-at-home orders, and quarantines. Now that these capabilities have been established well and hence, telehealth flexibilities should not be rolled back, After COVID-19 Pandemic, states AMGA.
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