COVID-19 Drives Telehealth Market 2020, Global Industry Size, Covid-19 Impact Analysis, Top Company Share, Technology Advancement, Business Trends

Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Telehealth Market and demographic challenges, showed how it could move forward in the coming years.

Telehealth Market Analysis

Telehealth or telemedicine leverages connected medical devices for the evaluation, diagnosis, and treatment of patients in remote locations. Although a relatively new concept, telehealth has been garnering many accolades owing to its ability to improve treatment, expedite treatment, and reduce costs made possible by advancements in telehealth technologies. Telehealth bridges the gap between patients and healthcare professionals by catering to the needs of both the ends. The global telehealth market is predicted to register an impressive CAGR of 29.8% over the forecast period of 2017-2023, asserts Market research Future (MRFR) in an in-depth study.

Towering healthcare costs and the need to overcome healthcare challenges along with the pressing need to enhance the quality of care has led to a growing interest in the application of telehealth solutions which is driving the growth of the global telehealth market.

Get a FREE Sample with Complete TOC By Considering the COVID-19 impact on Global Market @ https://www.marketresearchfuture.com/sample_request/900

Improvement of telecom infrastructure and robust mobile engagement platform, especially in developing countries combined with the availability of funds for the deployment of telehealth solutions are leading growth within the global telehealth market. In addition, shortage in a number of healthcare professionals willing to serve in remote locations has necessitated the deployment of telehealth solutions to cater to the needs of patients in remote areas.

Telehealth could curb healthcare costs to a large extent, and the governments in multiple countries are endeavoring to implement telehealth solutions which are likely to stimulate the growth of the global telehealth market.

Other factors contributing to the growth of the market include the outbreak of natural disasters, the prevalence of chronic diseases, and rise in geriatric population. However, lack of awareness and unavailability of the needed infrastructure in many parts of the world are likely to deter the growth of the global telehealth market over the forecast period.

Impact 0f COVID-19 on the Telehealth Market

1.1 A HISTORICAL PERSPECTIVE

It did not take novel coronavirus for the telehealth industry to start gaining traction among healthcare providers and patients. Telehealth was already experiencing significant momentum and growth prior to this public health emergency, particularly over the past few years as the technology has become more streamlined and young tech-savvy generation is gaining interest in this care model. The appetite for telehealth is growing, but many consumers are confused or unsure about its availability.

What was thwarting the growth of the telehealth industry before the outbreak?

There are certain federal restrictions, regulatory and legislative barriers to the data privacy, cybersecurity, and accuracy of care that had made the adoption of telehealth and remote patient monitoring challenging.
Secondly, the medical care provided under the virtual care and telehealth sector was without incentives and with a lot of conditions as to which type of care qualifies for medical reimbursement.
Care provider needed to have HIPAA complied software and infrastructure to provide care through telehealth, and the violation of these rules led to heavy penalty
1.2 WHAT HAS CHANGED WITH COVID-19?

Statistically, 40% of doctors are providing care to coronavirus patients, and rest 60% of doctors are forced to stop their services until told otherwise. Social distancing and lockdowns across the countries due to COVID-19 have forced non-urgent healthcare providers to close their doors and pushed many patients to seek care remotely. Due to the uncertainty of the COVID-19 crisis, a number of care providers are thinking about changing their service model and implementing the telehealth solutions as part of their regular medical setup. Telehealth is no longer a supplementary care option but a must-have option for healthcare professionals and patients.

Steps taken by governments across the globe in implementing telehealth services during COVID-19

In the US, the Federal Communications Commission (FCC) has established a USD 200 Million COVID-19 Telehealth Program to help eligible healthcare providers continue to treat patients with the help of telehealth tech. This program will help in making the technology more accessible to patients who might otherwise be unable to access telehealth services.
Lowered Regulatory Barriers (Temporarily) - The regulatory changes have, at least temporarily, reduced or eliminated the barriers that previously existed to encourage both providers and patients to opt for telehealth over in-person visits when appropriate.
On March 17, 2020, the as US Department of Health and Human Services Office for Civil Rights announced wave of penalties for HIPAA violations during the pandemic to encourage the use of regular video conferencing apps including WhatsApp, Facetime, Zoom, and many others which don’t have required security features, are permissible (temporarily) to use for teleconsultations
Japanese Ministry, METI, launched a free remote health consultation service to address COVID-19 related concerns. The major participants in this program are Mediplat and LINE healthcare. Both the companies have managed to handle up to 5,000 consultations a day during the period from March 11 to 31
In April 2020, the Ministry of Health and NITI Aayog release ‘Telemedicine’ guidelines amidst COVID-19 in India. With these revised guidelines, there have been 70% surge in the patient inquiries for consultations
Countries that are most benefitted due to the existing telehealth infrastructure

US, Canada, Germany, Australia, Singapore
Get More Information at: https://www.marketresearchfuture.com/report/covid-19-impact-telehealth-market
Telehealth Market Segmentation

The global telehealth market has been segmented based on component, type, and end user.

By component, the global telehealth market has been segmented into hardware, software, and others. The hardware segment has been further segmented into monitors, medical devices, and others. The monitors sub-segment has been further segmented into blood glucose monitors, blood pressure monitors, ECG monitors, and others.

By type, the global telehealth market has been segmented into web-based, on-premises, and cloud-based.

By end user, the global telehealth market has been segmented into hospitals & clinics, pharmaceutical companies, and others.

Telehealth Market Regional Analysis

By region, the global telehealth market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).

North America has been actively working since the last few years towards the improvement of telehealth and telemedicine laws and guidelines with an aim to improve access to care which reflects favorably on the growth of the market. Moreover, due to robust healthcare infrastructure and technological superiority, the region is a frontrunner in the deployment of telehealth solutions.

Europe holds the second most significant share of the global telehealth market. Growing interest in telehealth services from the developed countries of the region is favoring the growth of the market. Germany is a key contributor to the Europe market.

The existence of rapidly emerging economies such as India and China who are increasingly leveraging telehealth solutions are favoring the growth of the APAC telehealth market.

Telehealth Market Competitive Landscape

Care Innovations LLC. (U.S.), Siemens Healthcare Private Limited (U.S.), Medtronic (Ireland), Cerner Corporation (U.S.), General Electric Company (U.K.), McKesson Corporation (U.S.), Koninklijke Philips N.V. (the Netherlands), InTouch Technologies Inc. (U.S.), GlobalMedia Group LLC (U.S.), and AMD Global Telemedicine Inc. (U.S.) are the notable players in the global telehealth market.

Telehealth Industry Updates

In February 2019, Teladoc Health, leading telehealth provider, announced the expansion of its virtual care capabilities which would facilitate delivery of a wider range of virtual care services. The company has extended its services to specialty and complex care.

In February 2019, Blum Telehealth, a leading provider of telehealth services, and Medxoom, a growing digital health identity, payments and engagement platform, announced partnership to modernize patient engagement and payments.

Obtain Premium Research Report Details, Considering the impact of COVID-19 @ https://www.marketresearchfuture.com/reports/telehealth-market-900

Contact:

Akash Anand

Market Research Future

+1 646 845 9312

Email: sales@marketresearchfuture.com

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

NOTE: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required we will be considering covid-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

This release was published on openPR.