As per our report, the global telehealth market size is forecasted to be growing at a CAGR of 24.1% from 2022 to 2027 and worth USD 17.2 bn by 2027.
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The world has ground to a stop due to the sudden emergence of the COVID-19 pandemic. This pandemic is affecting people all around the globe, putting additional strain on hospitals and healthcare providers. Digital health platforms, on the other hand, have gained new commercial potential as a result of this. During this turmoil, demand for virtual consultations is expected to skyrocket. In the fight against the COVID-19 pandemic, this has shown to be a potent weapon. As a result, Teleconsultation and remote monitoring services are becoming increasingly popular. One of the main reasons for the increased consumption of services is the heavy emphasis on the social separation between the patient and the providers.
However, because of its capacity to reduce exposure, the pandemic presents a pool of prospects for telehealth solutions. Telemedicine can be effective monitoring and coordinating technique to ensure the appropriate use of provider facilities, especially in routine care and circumstances when services do not require direct provider-patient engagement. However, due to the enormous immediate increase in utilization, telehealth organizations may experience difficulties handling loads, technical issues, and IT crashes, necessitating advanced mobility solutions. As a result, telehealth organizations have a chance to comprehend and analyze these difficulties and deal with them.
The increasing usage of internet networks and smartphone innovation to better global connectivity has made it easier to fill care gaps and use telehealth services. The bulk of them is working to guarantee that telehealth is used on the right patients for the relevant healthcare needs, increasing the efficacy and efficiency of care delivery. As medical delivery adjusts to the broad use of telemedicine, analytics, AI, and machine learning look to have a lot of promise. As a result, data-driven analytics is crucial for maintaining telehealth’s efficacy and efficiency. In addition, physicians are increasingly using telehealth as a distribution method to market their services. As a result, the global telehealth market benefits from the rising demand for telehealth platforms from consumers and clinicians.
The growing geriatric and medically underserved populations, the rising prevalence of chronic conditions, the benefits of telehealth and telemedicine were given the current shortage of physicians and care personnel, and advancements in telecommunications, as well as increasing technology adoption in the wake of COVID-19, are all driving growth in the telehealth market.
Healthcare fraud is a crucial concern in the field of telehealth. A patient or a physician can be used in several ways. For example, non-eligible or non-listed institutional providers can submit fake claims utilizing the physician’s identity and accounts, or non-eligible or non-listed institutional providers can use faulty coding and billing to submit bogus claims. Such deception might lead to a loss of trust and credibility in telehealth services. Victimized patients also tend to vent their frustrations on social media, affecting many newcomers and limiting the market growth.
The government and non-governmental organizations are assisting the healthcare department in various ways to promote the expansion of telemedicine. Still, there is presently no unified legal approach to telehealth, which remains a key roadblock to its advancement.
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KEY MARKET INSIGHTS:
- Based on components, Because of the increased demand for affordable and accessible healthcare, improved quality of care, and effective workflow management, the software segment is expected to grow quickly over the estimated period. The adoption of these software solutions and applications is aided by rising healthcare expenses and the growing requirement to monitor population health in real-time and correctly. In addition, a shift will drive the segment to value-based care models in developed economies and various public and private initiatives to further build telehealth applications.
- Based on Delivery, Due to the advent of many web-based telehealth & virtual care applications and the increased acceptance rates of these web-based platforms as it enables direct access to healthcare delivery solutions, the web-based delivery segment accounted for the most significant market share. The rise of the web-based delivery segment is being fueled by smartphone innovation and internet penetration in rural and distant areas. In addition, web-based virtual care platforms’ flawless user interface and cost-effectiveness drive their rapid adoption rate.
- Based on End-User, Due to increased internet connectivity, increasing smartphone users, and growing active subscribers on telehealth platforms, the patient segment is expected to grow fastest during the forecast period. These innovative digital health solutions have bridged the care delivery and communication gaps between healthcare practitioners and patients.
- Due to improvements in the field of telehealth and continual research activities performed by many market participants, Asia Pacific is projected to achieve a high CAGR over the estimated period. The adoption rate of these digital health solutions is being aided by improving internet access and increased smartphone prevalence. In addition, the rising demand for medical and healthcare help in Asia Pacific’s rural and remote areas forces key stakeholders to find creative solutions to meet the demand.
- Teladoc Health, Inc., Siemens, Cisco Systems, Inc., Koninklijke Philips N.V., IBM, Cerner Corporation, American Well, CareCloud, Inc., eClinicalWorks, AMD Global Telemedicine, Appello, Medtronic, F. Hoffmann-La Roche Ltd, Vidyo, Inc., Epic Systems Corporation, Tunstall Group, Care Innovations, LLC, Aerotel Medical Systems, ClearArch, Inc., and others are among the major players in the market.
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