Telehealth is an emerging technology in the global healthcare industry. Telehealth make the use of digital communication and information technologies, such as mobile devices, tablets and computers, to access health care services from remote location and manage health care. This technology can connect patients to various healthcare services through remote monitoring, videoconferencing, wireless communications, and electronic consults. By improving access to specialists and physicians, telehealth helps confirm patients receive the right care, at the right place, at the right time.
A surge in the adoption telehealth technology by worldwide healthcare companies and related settings is major driving factor behind the growth of the market. Likewise, factors such as ongoing advancements and development in technologies related to the remote patient monitoring, increasing population, rising investment in the healthcare infrastructure, growing prevalence rate of chronic diseases and cost-benefits of telemedicine & telehealth, rapid growth and continuous advancements in the telecommunication industry, surge in the adoption of several advanced technologies and products owing to COVID-19 pandemic, and rising significance of artificial intelligence and analytics in the healthcare applications are expected to improve growth of the market during the forecast period.
Nevertheless, possibility of fraud in telehealth and telemedicine and rising misuse of social media are some of the major retraining factors that could hamper the growth of the market.
The study analyses global telehealth market based on product, mode of delivery, application, end user and geography.
Based on product, software and services segment is projected to witness fast growth during the forecast period. Software segment is further sub-segmented into integrated software and standalone software. And services segment is bifurcated into remote monitoring services, diagnosis & consultation services, database management services, and others. A massive availability of several software that required for the various telehealth application and vast presence of various telehealth service providers is attributed to the growth of the segment.
Based on mode of delivery, cloud-based segment is likely to experience rapid growth during the projection period. A surge in the adoption of cloud-based services in the telehealth as it provides ease of access to healthcare information at any location on any device to professionals is likely to contribute to the market growth.
Based on application, tele-consultation segment is expected to see significant growth over the forecast period. The growth of the segment can be attributed to the surge in the use of videoconferencing for appointments with healthcare professionals when they are at a different location to patient. Alternatively, tele-ICU segment also likely to expand during projection period owing to rising number of intensive care units worldwide.
Based on end user, patient segment is witnessing fastest growth. An increasing demand telemedicine and telehealth services by patients for several purposes ranging from moderate or mild health issues to emergency situations is attributed to the segment growth. Likewise, factors such as growing population of the world, rising incidence of chronic diseases among children as well as adults and rising need to prevent various infectious diseases are anticipated to improve market growth.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World. North America held the largest market share of global telehealth market and is likely to dominate the market over the estimated time frame. The massive presence of several telehealth service providers across the region, growing conduction of various research and study by clinicians, healthcare professionals and engineers for the development of software and hardware devices for healthcare applications and increasing focus on enhancing the quality of care delivered to COVID-19 patients are some of the major driving factors that attributed to the healthy growth of the market in the NA region.
The major key players of market includes Koninklijke Philips, Amc Health, American Well, Asahi Kasei Corporation, Cerner Corporation, Chiron Health, Cisco Systems, Doctor On Demand, Ge Healthcare, Globalmed, Imediplus, Iron Bow Technologies, Mdlive, Medtronic, Medvivo Group, Medweb, Siemens Healthineers Ag, Teladoc Health, Telespecialists, Vsee and Zipnosis among others.
The study analyses global telehealth market based on product, mode of delivery, application, end user, and geography. Telehealth market by product is segmented into hardware, software, and services. The software and services segment is likely to dominate the market over the forecast period. Massive presence of several telehealth service providers across the globe is attributed to the market growth. By mode of delivery, the market is segmented into cloud-based and on-premise. The market finds application in tele-consultation, tele-dermatology, tele-icu, tele-psychiatry, teleradiology, tele-stroke, and other applications. By end user, market is segmented into providers, payers, patients, and other end users. The patient segment is likely to register fastest growth in years to come owing to the growing use of tele-healthcare services by patients across the globe. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and Rest of the World.
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