Telehealth Software Market Expected to More Than Triple by 2030 | CAGR to be recorded at 17% |IMF

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Future Market Insights predicts that the global telehealth software market will grow at an impressive CAGR of 17% between the forecast years 2020 and 2030. The use of information and communication technologies in support of the delivery of health care is about to become indispensable.

The adoption of telehealth software is dramatically transforming the delivery of healthcare. With remote monitoring, wireless communications, and electronic consultations, telehealth software helps healthcare providers extend patient care while improving patient satisfaction and outcomes.

With the increasing use of digital technologies to deliver medical care and public health, hospitals and health systems are at the forefront of adoption and expansion via telehealth. For example, according to the American Hospital Association, recent years have seen significant growth in the adoption of telehealth software and solutions with over 76% of hospitals in the United States fully or partially implementing a system. of computerized telehealth until 2018.

Digital technologies are continuously becoming an important resource for improving healthcare service delivery and with the growing adoption of mHealth solutions, the growth opportunities for telehealth software are expected to increase sharply in the coming years.

Research indicates that there has been high spending on digital health infrastructure with an increase in wearable technology sales. Additionally, the integration and development of digital health technologies such as Internet of Things (IoT), Augmented and Virtual Reality (AR/VR), Artificial Intelligence (AI), etc., are creating opportunities potential growth opportunities for the telehealth software market.

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Key Takeaways from Telehealth Software Market Research

  • The cloud-based segment is expected to capture around 45% market share in 2020 and register a CAGR of 18% during the forecast period
  • Healthcare providers dominate the market with an 85% market share in 2019, driven by the growing adoption of real-time communication solutions and increased adoption of remote patient monitoring
  • South Asia & Pacific is expected to grow at a CAGR of 20% in the telehealth software market due to continuous investments in digitization of healthcare infrastructure

Impact Analysis of COVID-19 on Telehealth Software Market

The COVID-19 outbreak has highlighted the need for businesses to quickly adapt to remote work options, pushing them to change their technology landscape to ensure business continuity during the pandemic. Thus, it has brought the critical need for adoption of digital technologies and innovative solutions in the healthcare sector. With the evolution of the COVID-19 pandemic, healthcare providers are focusing on implementing and upgrading telehealth software and solutions to improve their ability to support a massive surge in numbers. of patients.

Adopting telehealth software and solutions is helping healthcare providers and payers avoid unnecessary visits to healthcare facilities, thereby reducing exposure to the coronavirus and also keeping people on the front lines safe. In addition to this, the demand for cloud-based telehealth software is expected to increase as the demand for real-time communication and remote monitoring is expected to increase in the coming years.

The telehealth software market grew by around 13% YoY in 2018 and 2019 and with the outbreak of COVID-19, the market is expected to witness a growth rate of around 18% to 20% during the period 2021-2023. Additionally, telehealth software market is expected to grow 1.4x between 2020 and 2022, owing to the COVID-19 outbreak.

“With the outbreak of COVID-19, the digital health sector is likely to witness a massive spike in both supply and demand side. ‘healthcare infrastructure by unleashing the supremacy of digital technologies is expected to create potential opportunities for the telehealth software market in the coming years,’ says the IMF analyst.

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Competitive Landscape – Driving Growth Through Innovation

Ongoing technological revolution, intense competition and ever-changing customer expectations are creating a storm in the global telehealth software market, forcing solution providers to integrate smart technologies such as AI, IoT , blockchain and AR/VR. Moreover, collaborations and partnerships with IT solution providers can also help telehealth software solution providers to improve their market share and customer base.

For example, in October 2019, American Well and Cleveland Clinic entered into a partnership to provide customers with broad access to health services via telehealth. Together, the two organizations have formed a joint venture “The Clinic” which offers virtual care through American Well’s digital health technology platform.

Some of the major players in the telehealth software market are Aerotel Medical Systems Ltd., Koninklijke Philips NV, Teladoc Inc., American Well, Chiron Health, Medtronic, Honeywell International, Tunstall Healthcare, AMD Global Telemedicine, Inc., Cisco Systems, Inc. . ., and Medvivo Group Ltd.

More Valuable Insights into the Telehealth Software Market

FMI’s Telehealth Software Market report is segmented into four major sections which are Components (Software and Services), Deployment (On-Premises and Cloud-Based), End User (Healthcare Providers and healthcare payers and patients) and region (North America, Latin America, Europe, East Asia, South Asia and Pacific, Middle East and Africa) to help readers understand and assess the opportunities profitable in the telehealth software market.

About Future Market Insights (IMF)

Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, USA and India. FMI’s latest market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity amidst fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.

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