Telehealth Market Growing at a CAGR of 26.6% - Industry Share Analysis, Key Players and Future Prospect
Opportunity: AI and Analytics
Big data analytics can process data collected from telehealth modalities, including both objective (vital signs and ambient environment) and subjective data (symptoms and patient behavior), along with historical data to enable risk prediction and management. Moreover, federal agencies, public payers, and large commercial insurers have expanded telehealth access amid the pandemic. The majority of them are struggling to ensure that telehealth is being applied to the right patients for the right healthcare needs, increasing efficacy and efficiency in care delivery. In that regard, there appears to be significant potential in analytics, AI, and machine learning, as care delivery adapts to the extensive use of telehealth. Data-driven analytics thus forms an important component of ensuring the efficacy and efficiency of telehealth.
The telehealth market has been segmented based on component, mode of delivery, application, end user, and region. The component segment is further divided into software & services and hardware. The software & services segment accounted for the largest share of the global telehealth market in 2021. The large share of this segment is mainly due to the increasing adoption of telehealth worldwide.
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Industry Segmentation In Detailed:
Teleradiology segment commanded the largest share of the telehealth and telemedicine market, by application, in 2021.
Based on application, the telehealth and telemedicine market has been segmented into teleradiology, teleconsultation, teleICU, telestroke, telepsychiatry, teledermatology, and other applications. By application, the teleradiology segment accounted for the largest share of the telehealth and telemedicine market in 2021. Factors such as increase in imaging practices, increase in teleradiology workflow adoption by healthcare providers, and the streamlining and regulation of teleradiology practices are some of the major factors driving the growth of this segment. Moreover, the COVID-19 pandemic has supported the use of teleradiology, as radiologists seek to reduce patient exposure while still ensuring sufficient output.
Providers segment accounted for the largest end user segment of the telehealth and telemedicine market.
Based on end users, the telehealth and telemedicine market is segmented into providers, payers, patients and other end users. The providers segment accounted for the largest share of the global telehealth and telemedicine market, by end user, in 2021. Factors contributing to the large share of this segment include the increase in adoption of remote monitoring in chronically ill and old aged patients, advancements in telehealth monitoring devices, the increased number of tele-specialty services offered by the providers, and the significant impact of COVID-19 pandemic, which has led to hospitals facing an acute shortage of beds and resources.
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Leading Key Players and Analysis:
The key players operating in the telehealth & telemedicine market are Koninklijke Philips (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers (Germany), Cisco Systems (US), Asahi Kasei Corporation (Japan), Teladoc Health (US), American Well (US), AMC Health (US), MDLIVE (US), Doctor on Demand (US), Medvivo (UK), Iron Bow Technologies (US), TeleSpecialists (US), GlobalMed (US), Medweb (US), IMEDIPLUS (Taiwan), VSee (US), Chiron Health (US), Zipnosis (US), ALTEN Calsoft Labs (US), iCliniq (India), Preventice Solutions (US), and Resideo Life Care Solutions (US).
Geographical Analysis in Detailed:
North America accounted for the largest share of the telehealth and telemedicine market, followed by Europe. This large share can be attributed to factors such as the rising prevalence of chronic conditions in the region, the need to reduce healthcare expenditure, increasing overall and geriatric population. Additionally, the growing need to curtail COVID-19 cases, federal mandates to increase healthcare facilities, and a growing focus on improving the quality of care delivered to COVID-19 patients are some key factors driving the growth of the telehealth and telemedicine market in the US in the wake of COVID-19. However, the Asia Pacific region is expected to grow at the highest rate during the forecast period.
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