Global Telehealth Solutions Market - 2021-2028

Global Telehealth Solutions Market - 2021-2028

Market Overview

The global telehealth solutions market size was valued at US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).

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.

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 is 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 victimised 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, behavioural 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 emphasised. 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.

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.

Geographical Analysis

North America 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.

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.

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• Visualize the composition of the global telehealth solutions market segmentation by type, by application, and end user highlighting the key commercial assets and players.
• Identify commercial opportunities in global telehealth solutions market by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of global telehealth solutions market- level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global telehealth solutions market report would provide an access to an approx. 45+market data table, 40+figures and 180 pages.

Target Audience
• Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Manufacturers

Market Segmentation

Global Telehealth Solutions Market- By Type
• Products

o Telemedicine Carts

o Hospital TV Kit

o Touchpoint Tablet

o Kiosks

o Other
• Services

o Patient App

o Mobile SDK

o Other

Global Telehealth Solutions Market- By Application
• Telemedicine
• Patient Monitoring
• Continuous Medical Education
• Other

Global Telehealth Solutions Market- By End User
• Hospitals
• Homecare
• Other

Global Telehealth Solutions Market- By Region
• North America
• Europe
• South America
• Asia Pacific
• Middle East and Africa