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The Global Telehealth Market And Telemedicine Market is projected to reach USD 285.7 billion by 2027, at a CAGR of 26.6%. Growth in the telehealth market is mainly driven by factors such as the growing geriatric and medically underserved (especially rural) populations, the benefits of telemedicine given the current shortage of physicians and care personnel, and advancements in telecommunications, and increasing technology adoption in the wake of COVID-19. However, regulatory disparities in different regions, possibility of fraud, and increasing usage of social media for care provision may restrain the market growth to certain extent over the coming years.

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Key Market Players of Telehealth Market:

The major players in the global Telehealth Market are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Siemens Healthineers (Germany), Cerner Corporation (US), American Well (US), Cisco Systems (US), Teladoc Health (US), Asahi Kasei Corporation (Japan), MDLIVE (US), AMC Health (US), Doctor on Demand (US), Iron Bow Technologies (US), Medvivo (UK), TeleSpecialists (US), Medweb (US), IMEDIPLUS (Taiwan), GlobalMed (US), VSee (US), Zipnosis (US), Chiron Health (US), ALTEN Calsoft Labs (US), iCliniq (India), Resideo Life Care Solutions (US) and Preventice Solutions (US).

COVID-19 Impact On The Telehealth Market & Telemedicine Market

The COVID-19 pandemic has had a stressful impact on the economy as well as the population worldwide. As of January 07, 2022, 298,915,721 confirmed cases have been reported worldwide, with 5,469,303 deaths (Source: WHO). The pandemic, however, offered a pool of opportunities in the telehealth market, owing to its capability of minimizing exposure and ensuring the safety of caregivers and physicians. Owing to its several advantages, especially in routine care and conditions where services do not require direct one-on-one interaction, telemedicine can be a powerful monitoring and coordination mechanism to ensure appropriate use of provider facilities. Telemedicine technology, with its growing applications across the entire healthcare system, serves to be a strength for the industry. Furthermore, the associated reduction in resource consumption due to the lower need for personal protective equipment can amount to substantial financial savings when considered at national, continental, or global scales. However, with the large immediate increase in usage, telehealth companies could face challenges in handling loads and may face technical problems and IT crashes, which would require sophisticated mobility solutions. Hence, telehealth companies also have a good opportunity to understand and evaluate these challenges and tackle such situations.

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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.

Recent Developments:

·         In 2021, Medtronic partnered with Statis Labs Inc, this distribution partnership helped to scale up and expand access to state-of-the-art Stasis Monitor, a connected care bedside multi-parameter monitoring system in India

·         In 2020, Koninklijke Philips, launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring

·         In 2020, Koninklijke Philips formed collaboration with American Telemedicine Association (ATA) (US), this collaboration helped increase the adoption of telehealth across acute, post-acute, and home care settings.

·         In 2020, BioTelemetry acquired the On.Demand remote patient monitoring (RPM) and coaching platform, operated by Envolve People Care, Inc., which is a Centene Corporation subsidiary. This acquisition expands chronic RPM and coaching solutions to BioTelemetry’s current suite of acute care connected health products and services, focusing specifically on diabetes, hypertension, and chronic heart failure.

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