Telehealth Market Analysis

Telehealth Market Analysis

Telehealth market from software segment is anticipated to witness a lucrative CAGR during the forecast period due to the rising demand for affordable and accessible healthcare services, efficient workflow management, and improved quality care. Rising healthcare costs combined with the growing need to monitor population health accurately and in real-time is increasing the adoption of the software. Moreover, several healthcare institutions in developed nations have shifted to value-based care models to improve patient outcomes. Furthermore, several initiatives have been undertaken by the key players globally, which is driving the segment trends.
 

Telehealth market from web-based/cloud-based delivery segment is anticipated to witness the fastest growth rate during the forecast period owing to the increasing adoption of cloud-based applications by healthcare providers and patients and the introduction of technologically advanced solutions. Additionally, seamless data storage and recovery, easy accessibility, high bandwidth, and enhanced security provided by cloud-based applications are contributing to market share. Increasing instances of data breaches on the web-based and on-premises telehealth platforms have augmented the demand for the cloud-based delivery segment. Cloud-based solutions enable patient monitoring and teleconsultation for individuals, which require immediate medical assistance in rural and remote locations.
 

By specialty, the telehealth market segmented into cardiology, gynaecology, neurology, orthopaedics, dermatology, mental health, and others. The dermatology segment dominated the market in 2022 and is expected to continue this trend throughout the forecast period. This is driven by rising incidence of skin diseases. The market is getting a significant boom with the rising start-ups funding and the launch of products, especially for virtual consultations. For example, in November 2020, One Touch Telehealth (Texas, U.S.) announced a new software release, Version 5. With the rise in video telehealth amid COVID-19, virtual care is suitable for any user type in any healthcare setting. The new release will help in expanding the operational efficiencies within workflows.
 

The telehealth market segmented into teleconsultation, tele screening and monitoring, tele diagnostics, telepsychiatry, and other applications. The teleconsultation segment accounted for the maximum portion of the market in 2022. The rising adoption of telemedicine software, increasing number of doctors joining virtual consultations apps such as Practo contributed to the dominance of this segment. For example, as per the MDPI (Multidisciplinary Digital Publishing Institute) journals survey, around 89% of patient’s preferring to accept telemedicine as an acceptable form of medical care and thus likely augment segment outlook.
 

The telehealth market is segmented into payers, providers, patients, and other end-user. The providers segment is estimated to account for the largest share of the global market. This is attributed to factors such as the high demand for convenient healthcare, the dearth of medical professionals, advanced telehealth infrastructure in hospitals, and an increase in the focus and availability of provider-specific telehealth solutions for COVID-19 to avoid the further spread of coronavirus amongst the patients, doctors, nurses, and healthcare providers at hospitals.
 

North America telehealth market accounted for more revenue share in 2022 and is estimated to witness significant growth during the forecast period. Telemedicine is a way for health care providers to deliver clinical health care to patients remotely through a computer or telephone, without an in-person office visit. The demonstrated benefits of telemedicine include improved access to care, convenience, and slowing spread of infection. During the COVID-19 pandemic, legislation expanded coverage for telemedicine health care services.