DUBAI, U.A.E, Aug. 4, 2020 /PRNewswire/ -- Future Market Insights' latest report on the telehealth software market predicts a double-digit growth outlook in the upcoming forecast period of 2020-2030.
As technological advancements progress, the healthcare industry is constantly upgrading its caregiving capabilities. As wireless communications and remote monitoring become the new normal, the scope of telehealth software is registering a bullish trend since the past few years. Governments worldwide are increasing their budgets to pave way for telehealth services.
A massive boost is projected for the market, attributed to the COVID-19 pandemic. As both patients and physicians are averse to physical contact, hospitals and clinics are relying on teleconsulting to diagnose patients without unnecessary exposure. When required, patients only need visit their nearest clinic/hospital for the actual test by taking prior appointments.
Due to this, market players are increasingly investing in technological advancements and provide sophisticated solutions to potential end-users, thus ushering in a positive growth trend.
"Manufacturers anticipate a massive upsurge in the demand for telehealth solutions from healthcare providers amid the pandemic, compelling them to increase their supply by introducing new solutions in the market," says the FMI analyst.
Key Takeaways from FMI's Telehealth Software Market Study
- Telehealth software market will surge at a CAGR of ~15% from 2020-2030
- Cloud-bases telehealth software deployment to expand at a double-digit CAGR, attributed to the high number of patients
- Healthcare providers shall leverage telehealth software solutions to the maximum in the coming years
- North America shall account for 50% of the total market in value terms by 2020-end
- Market will expand at 18% CAGR from 2020 to 2022 due to the COVID-19 pandemic
Telehealth Software Market- Key Trends
- High penetration of mobile wireless technologies shall generate lucrative growth opportunities in the long-term forecast period
- Proliferation of healthcare applications to assist patients in monitoring blood sugar, blood pressure and heart rates will bode well for the market
- High capital funding is enabling market players to introduce sophisticated telehealth solutions in the market
- Telehealth consultations have helped mitigate earlier epidemics such as Ebola
Telehealth Software Market- Region-wise Analysis
- North America & Europe jointly held 66% of the total revenue share as of 2019
- Rapid digitization of healthcare infrastructure across the U.S, U.K and France is driving both regions' growth
- South Asia & Pacific shall witness credible growth prospects, attributed to increased healthcare IT spending in India, China and Indonesia
Telehealth Software Market- Region-wise Analysis
Prominent players in the telehealth software market landscape include: Medvivo Group Ltd., GlobalMedia Group LLC, Medtronic, Chiron Health, Teladon Inc., American Well, Koninklijke Philips, Aerotel Medical Systems Ltd., Honeywell International, Cisco Systems Inc., AMD Global Medicine and Tunstall Healthcare.
Partnerships and collaborations largely dominate the abovementioned players' expansion strategies. For instance, Cisco Systems collaborated with American Well to expand healthcare delivery across home settings in 2019. These players are also concentrating on remote monitoring and care, enabling to engage in product differentiation to strengthen their presence and acquire a competitive edge.
Telehealth Software Market Taxonomy
- Real-time Communication Telehealth Software
- Remote Patient Monitoring Telehealth Software
- Store and Forward Telehealth Software
- Professional Services
- Managed Services
- Cloud Based
- Healthcare Providers
- Healthcare Payers & Patients
- Rest of Latin America
- Rest of Europe
South Asia & Pacific
- New Zealand
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More Valuable Insights on Telehealth Software Market
FMI's report on the telehealth software market is segmented into four major sections which are Component (Software and Services), deployment (On-premises and Cloud based), end user (Healthcare Providers and Healthcare Payers & Patients), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the Telehealth Software market.
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