Telehealth Solutions Market is Segmented By Type (Products, Telemedicine Carts, Hospital TV Kit, Touchpoint Tablet, Kiosks, Other), Services, By Application(Telemedicine, Patient Monitoring, Continuous Medical Education, Other), By End User(Hospitals, Homecare, Other), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Telehealth Solutions Market Summary
The Telehealth Solutions Market size is estimated to reach USD YY billion by the end of 2029, with growth at a CAGR of 32.1% during the forecast period 2022-2029.
Telehealth allows patients to communicate with a healthcare provider via technology rather than visiting a doctor's office or hospital in person. It also enables communication with a healthcare provider in real-time via video, online portals, and email about symptoms, medical issues, and other topics. In Addition, continuing research on introducing new technologies helps normal people, and rising medical tourism in developing countries such as India, Malaysia, Australia, Singapore, and Chine are additionally motivating the telehealth solutions market growth. In a Pandemic time, telehealth plays a key role in minimizing the virus spread from one person to another person. Several health professionals support telemedicine in this crucial period to reduce the direct contact between doctors and patients.
North American telehealth Solution Market controlled the global market with over the xx% of market share in 2021 and the regional market is projected to retain its dominance over the forecast period 2022-2029. This is owing to the increasing telehealth investments and rising occurrences of chronic diseases. In the North America region, the United States is projected to control, followed by the Canada telehealth solutions market. Furthermore, rising consciousness among people about telehealth solutions, the increase in smartphone usage, and enhanced online devices accelerate the growth of the telehealth solutions market in North America.
Telehealth Solutions Market Scope
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Metrics |
Details |
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Market CAGR |
32.1% |
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Segments Covered |
By Type, By Applications, By End User, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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The Europe telehealth solution market is another substantial region in the global market that is expected to show a decent growth rate over the forecast period. Europe region merger has started to promote the implementation of telehealth for the managing of healthcare access while saving resources. The United Kingdom is one of the largest markets in the European region with a huge population who are privately insured. Growing individual income in urban areas is also a key element enhancing the growth of the market in the United Kingdom.
The German telehealth solutions market is projected to grow constantly during the forecast period 2022-2029.
The telehealth Solution market in the Asia Pacific region registered a prominent share of the global market in 2021, and the region is projected to reach the highest CAGR of XX% throughout the forecast period owing to developing countries. Major populated countries like China and India are anticipated to produce the market’s huge growth outlook to rise in the coming years. The Australian telehealth solution market is probably estimated to produce a significant growth rate during the forecast period 2022-2029.
Telehealth Solutions Market Dynamics
The factors driving the telehealth solutions market are the increasing technological advancements expected to drive the market growth.
The increasing technological advancements are expected to drive the market growth
Telehealth accesses and manages health care services remotely using digital information and communication technologies such as computers and mobile devices. These could be technologies used at home or that doctor uses to improve or supplement health care services.
The market for such technology is rapidly evolving. Previously, patient care and monitoring were mainly limited to in-office visits. Patients can now frequently communicate with clinicians via mail, check lab results and schedule their visits through secure web portals, consult with their clinicians via video conferencing, and for certain conditions, receive continuous updates on their vital statistics, such as blood glucose levels through implants linked to smartphone apps. Patients benefit from improved provider communication as well. Teleconsults with specialist providers, for example, can provide primary care providers with advice on specific cases.
Hence, the global telehealth solutions market is expected to grow with increasing technological advancements.
The problems associated with telehealth solutions are expected to hamper the market growth
Healthcare fraud is an important factor to consider in telehealth and telemedicine practices. A patient or a physician can be victimized in various ways, such as when the physician's name and accounts are used to receive payments from the insurance company or when non-eligible or non-listed institutional providers practice improper coding and billing for false claims.
Moreover, behavioral barriers may not be the most obvious impediment to telehealth and telemedicine adoption, but they are significant. Physicians and patients frequently lack familiarity with new practices and are hesitant to abandon existing (conventional) practices. Because of their unfamiliarity with technology, older people may also refuse to use telehealth and telemedicine services.
COVID-19 Impact Analysis
Following the pandemic, the demand for healthcare services and technologies reached an all-time high. Telemedicine and chatbots, or robots, are being used to gather information, reassure the public, treat patients, make diagnoses, and even prepare future vaccines. Given the global shortage of hospital beds and healthcare workers, the potential of telehealth has been emphasized. Players in the telehealth market are focused on providing innovative COVID-19 solutions to hospitals and healthcare providers. During the pandemic's tragedy, telehealth provided a bridge to care. It now provides an opportunity to reinvent virtual and hybrid virtual/in-person care models to improve healthcare access, outcomes, and affordability.
For instance, since the initial surge in April 2020, telehealth adoption has increased to up to 17% of all outpatient/office visit claims with evaluation and management (E&M) services. Since June 2020, this utilization has remained relatively stable.
Telehealth Solutions Market Segment Analysis
Based on application, the Telemedicine segment is expected to dominate the market growth
Telemedicine advances have provided clinicians with greater levels of real-time guidance and technical assistance for diagnoses, monitoring, operations, or interventions from colleagues in remote locations. During the SARS-CoV-2 pandemic, physical separation was implemented to reduce the spread of coronavirus disease, according to a research article published in JCO Global Oncology-An American Society of Clinical Oncology Journal, 2020.
As a result, most outpatient oncology appointments have been converted to telemedicine. Though telemedicine services were integrated into most healthcare systems prior to the onset of the pandemic, they were extensively used only during the COVID-19 crisis, which encouraged clinicians to adapt to telemedicine-based consultations even more during the COVID-19. For instance, as per the MDPI (Multidisciplinary Digital Publishing Institute) journals survey, around 89% of patients prefer telemedicine.
Telehealth Solutions Market Geographical Analysis
The North American region is expected to hold the largest market share in the global telehealth solutions market
The increasing use of teleconsultation and the presence of key players are expected to dominate the market in this region. For instance, according to McKinsey COVID-19 Consumer Survey, April 27, 2020, COVID-19 resulted in a significant increase in the use of telehealth. Consumer adoption has skyrocketed, with 11 percent of US consumers using telehealth in 2019 rising to 46 percent now using telehealth to replace missed healthcare appointments. Providers have rapidly expanded their offerings and are now seeing 50 to 175 times2 3 4 the number of patients via telehealth than they did previously.
Existing telemedicine platforms in the United States, such as Amwell and UPMC's virtual urgent care, have rapidly increased usage. According to a recent study, 23 percent of adults have used telehealth services in response to the COVID-19 pandemic.
Telehealth Solutions Market Competitive Landscape
The global telehealth solutions market is highly competitive with increasing product launches, collaborations, and mergers. Some of the key players are American Well, MDLIVE Inc., Teladoc Health Inc., Doctor on Demand Inc., Dictum Health Inc., Grand Rounds Inc., OpenTeleHealth, GE Healthcare, Telespecialists Llc, MedWeb
Teladoc Health Inc.
Overview: Teladoc Health, Inc. is American multinational telemedicine and virtual healthcare company. Telehealth, medical opinions, AI and analytics, telehealth devices, and licensable platform services are primary. The company was founded in 2002.
Product Portfolio: Teladoc Telemedicine Service connects patients with a licensed doctor who speaks the member's preferred language and can provide immediate relief for a wide range of conditions for which members can be diagnosed and (if necessary) prescribed medication via phone or mobile app. The company provides Solo Virtual Care Platform, Virtual Care solutions, and Telehealth devices.
Key Development: On October 21, 2020, Teladoc Health launched Mental Health Care, a new telemedicine service that provides employees with convenient, stigma-free access to high-quality psychiatrists, psychologists, and therapists via phone, web, or mobile app.
The global telehealth solutions market report would provide an access to an approx. 45+market data table, 40+figures and 180 pages.
