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(Health-NewsWire.Net, August 04, 2022 ) According to a new market research report, “Telehealth Market by Component [Hardware (Peripheral Devices, Monitor), Software (Cloud, On-premise), Services (Real-time, Remote Monitoring)], Application (Radiology, Cardiology, Psychiatry), End User (Provider, Payer, Patient) - Global Forecast to 2029”, published by Meticulous Research, the telehealth market is expected to grow at a CAGR of 21.6% from 2022 to reach $539.73 billion by 2029.
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Telehealth, also known as telemedicine, is a tool for remotely delivering healthcare services, such as examinations and consultations. Telemedicine enables healthcare professionals to evaluate, diagnose, and treat patients without needing an in-person visit. Telehealth services allow patients to communicate with healthcare professionals remotely using their personal devices or by visiting a dedicated telehealth kiosk. Telehealth provides great convenience for patients and increases access to healthcare, especially in rural areas.
The main factors driving the global telehealth market are the rising trend of telehealth services, the rising geriatric population, the increasing prevalence of chronic diseases, and increasing awareness about the benefits & convenience of telehealth. Furthermore, the use of AI & virtual assistants and the advent of telerobots offer significant growth opportunities for players operating in this market. However, a lack of health standards compared to traditional health systems and patient privacy & confidentiality concerns are expected to limit the market growth to some degree.
Impact of COVID-19 on the Telehealth Market
In March 2020, the WHO declared COVID-19 a global pandemic and directed countries to take immediate action to detect and reduce the transmission. The COVID-19 pandemic led to urgent calls for the adoption of telehealth solutions. Governments across the globe recommended healthcare facilities and providers to offer clinical services through virtual means such as telehealth. In the U.S., during the first quarter of 2020, the number of telehealth visits increased by 50%, compared with the same period in 2019, with a 154% increase in visits noted in surveillance week 13 in 2020 compared with the same period in 2019 (Source: CDC).
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The outbreak of the COVID-19 pandemic resulted in a significant increase in the adoption of telehealth all over the world. In the U.S., Medicare telehealth utilization increased about 63-fold between 2019 and 2020 (Source: Assistant Secretary for Planning and Evaluation (ASPE). While it was already gaining traction before the pandemic, it has evolved as a critical component of care delivery for doctors and patients. During this period, the demand for telehealth services witnessed a significant increase across 50 countries most affected by COVID-19, highlighting the need to scale up telehealth capabilities during and beyond the pandemic.
Regulatory waivers in place during COVID-19, as well as public health guidance supporting virtual visits and CDC recommendations for using telehealth services, increased the uptake of telehealth services throughout the pandemic. In March 2020, the Centers for Medicare & Medicaid Services (CMS) announced key reforms that provided greater flexibility in providing safe and effective care during the pandemic. These interim modifications were intended to encourage the use of telemedicine while relaxing previous standards. Thus, the outbreak of the COVID-19 pandemic accelerated the adoption of telehealth services.
The global telehealth market is mainly segmented based on component, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
On the basis of component, in 2022, the services segment is estimated to account for the largest share of the overall telehealth market. The large share of this segment can be attributed to the increased access to specialist care, reduced expenses & healthcare costs, improved health outcomes, increased healthcare efficiencies, and improved doctor & patient satisfaction.
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Based on application, the market has been segmented into psychiatry radiology, cardiology, primary care, dermatology, remote ICU, and other applications. During the forecast period, radiology and psychiatry applications have been reported to have greater adoption in the overall the telehealth market. Telehealth products & services are most commonly used for radiology and psychiatry applications. The high number of diagnostic imaging procedures performed in hospitals, shortage of radiologists, and the outbreak of the COVID-19 pandemic have led to significant penetration of radiology in the telehealth market. Moreover, the adoption of psychiatry applications is also rapidly growing in the telehealth market due to increased awareness about mental health treatment, high prevalence of disorders related to anxiety, stress, and mental illnesses, increased mental health concerns due to the COVID-19 pandemic, and a shortage of psychiatric primary care.
Based on end user, in 2022, the healthcare providers segment is estimated to account for the largest share of the overall telehealth market. The large share of this segment can be attributed to the advanced telehealth infrastructure in hospitals and increased adoption by healthcare providers owing to the benefit that telehealth offers, such as convenience in terms of quick access to patient records, improved decision support & clinical alerts, and real-time quality reporting.
Geographically, the Asia-Pacific region is estimated to be the fastest growing region for the telehealth market during the forecast period (2022-2029). The region's largest share is attributed to factors such as a large pool of patient population, shortage of physicians, strong growth in urbanization & economic expansion, growing purchasing, rising geriatric population and growing prevalence of chronic conditions, and favorable government reforms in the region.
The report also includes an extensive assessment of the component, application, end user, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the years (2019–2022). In recent years, the telehealth market has witnessed numerous new product launches; agreements, collaborations, & partnerships; and acquisitions.
Some of the key players operating in this market are Aerotel Medical Systems (1998) Ltd. (Israel), Cerner Corporation (U.S.), Medtronic Public Limited Company (Ireland), Koninklijke Philips N.V. (Netherlands), AMD Global Telemedicine, Inc. (U.S.), American Well Corporation (U.S.), Cisco Systems, Inc. (U.S.), Doctor On Demand, Inc. (U.S.), MDlive Inc. (U.S.), Siemens Healthineers AG (Germany), Teladoc Health, Inc. (U.S.), and Zipnosis, Inc. (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/telehealth-market-4174
Meticulous Research™
chhagan yadav
+91 744-7780008
chhagan.y@meticulousresearch.com
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