Future Market Insights predicts that the global market telehealth software market will reach an impressive 17% CAGR between the forecast years 2020 and 2030. The use of information and communication technologies in support of health care delivery is becoming essential.
The adoption of telehealth software is dramatically transforming the delivery of health care. 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 healthcare systems are at the forefront of adoption and expansion through 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 telehealth system. computerized until 2018.
Digital technologies are continually becoming an important resource for improving health service delivery and with the increasing adoption of mHealth solutions, the growth opportunities for telehealth software are expected to increase sharply in the years to come.
Research indicates that there has been high spending on digital healthcare infrastructure with increased sales of wearable technology. In addition, the integration and development of digital health technologies such as the Internet of Things (IoT), augmented and virtual reality (AR / VR), artificial intelligence (AI), etc. create potential growth opportunities for the telehealth software market.
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Key Points From Telehealth Software Market Research
- 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 the increased adoption of remote patient monitoring.
- South Asia and the Pacific Expected to Grow at a CAGR of 20% in the Telehealth Software Market Due to Continued Investments in the Digitization of Healthcare Infrastructure
Analysis of the impact of COVID-19 on the telehealth software market
The COVID-19 outbreak has highlighted the need for businesses to quickly adapt to remote working options, prompting them to change their tech landscape to ensure business continuity during the pandemic. Thus, he brought the critical need for the adoption of digital technologies and innovative solutions in the healthcare sector. As the COVID-19 pandemic evolves, healthcare providers are focusing on implementing and upgrading telehealth software and solutions to improve their ability to support a massive increase in numbers of patients.
Adoption of telehealth software and solutions is helping healthcare providers and payers avoid unnecessary visits to healthcare facilities, thereby reducing exposure to the coronavirus and also ensuring the safety of people on the front lines. 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% year-on-year in 2018 and 2019 and with the COVID-19 outbreak, the market is expected to experience a growth rate of around 18% -20% during 2021 -2023. In addition, the telehealth software market is expected to grow 1.4 times between 2020 and 2022, owing to the outbreak of COVID-19.
âWith the COVID-19 outbreak, the digital health sector is likely to experience a massive spike on the supply and demand side. The need to transform healthcare delivery and develop healthcare infrastructure by unleashing the supremacy of digital technologies is expected to create potential opportunities for the telehealth software market in the years to come, âthe analyst said. IMF.
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Competition landscape – Driving growth through innovation
The 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. In addition, collaborations and partnerships with IT solution providers can also help telehealth software solution providers improve their market share and customer base.
For example, in October 2019, American Well and Cleveland Clinic entered into a partnership to provide clients with broad access to health services through telehealth. Together, the two organizations have formed a joint venture “The Clinic” which delivers 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
The IMF Telehealth Software Market report is segmented into four main sections which are component (software and services), deployment (on-premise and in cloud), end user (healthcare providers and payers). and healthcare patients) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and assess lucrative opportunities on the Telehealth Software market.