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Telehealth Market 2020 Size, Share, Growth, Trends

The global telehealth market size is projected to reach USD 266.8 billion by 2026, exhibiting a CAGR of 23.4% during the forecast period. Rising adoption of telehealth services to combat the rapid spread of the COVID-19 infection will play a key role in boosting market growth, finds Fortune Business Insights™ in its report, titled “Telehealth Market Share and Industry Analysis By Type (Products, Services), By Application (Telemedicine, Patient Monitoring, Continuous Medical Education, Others), By Modality (Store-and-forward (Asynchronous), Real-time (Synchronous), Remote Patient Monitoring), By End User (Healthcare Facilities, Homecare, Others), and Geography Forecast, 2019 – 2026”. Telehealth leverages the power information and communication technology to provide remote healthcare services to patients.

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The COVID-19 outbreak has created immense pressure on existing healthcare infrastructures around the world, necessitating the employment of technologies that allow patients to contact with their doctors from distant locations. Moreover, since healthcare facilities are focused on dealing with coronavirus patients, treatments for other diseases have taken a backseat. In this context, telehealth technologies have enabled medical professionals to ensure that patients with chronic and other serious conditions are provided with the necessary medical care during the pandemic. Lastly, telemedicine tools have also safeguarded frontline healthcare professionals from getting infected, which have further augmented the prospects of this market.

The report states that the market value stood at USD 49.8 billion in 2018. It answers the following questions:

  • What are top trends and drivers shaping the growth of this market?
  • What kind of opportunities will the COVID-19 outbreak create in this market?
  • What are the challenges facing the market?
  • How has the market been segmented and what role are the individual segments playing in the market’s growth?
  • How are regional developments and competitive dynamics influencing the market?

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

To get the short-term and long-term impact of COVID-19 on this Market.

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Market Restraint

Technical and Practical Issues to Hinder Market Growth

The telehealth market growth is premised on the wide-ranging benefits offered by these technologies for remote patient care. Ironically, the very strengths of telehealth platforms can also be considered their weaknesses. For example, operating telehealth applications requires some level of technological knowledge.

Training existing employees in these technologies may not always be economically possible for hospitals. Moreover, not all healthcare facilities have the financial wherewithal to purchase and set up virtual health systems, which therefore limits the applicability of these solutions. Furthermore, the patient’s current care provider may not be able to access the patient’s medical records immediately, thereby narrowing the scope of diagnosis and prognosis. In addition to this, patients may not always be comfortable with communicating virtually with their physicians and are likely to demand in-person contact. Such patients may end up rejecting telehealth tools wholesale.

Regional Analysis

Rising Popularity of Virtual Consultation to Aid Market Growth in North America

Having generated USD 21.2 billion in 2018, North America is slated to lead the telehealth market share during the forecast period. This is mainly attributable to the growing preference for e-visits and online consultation in the region. This, coupled with supportive health insurance infrastructure and presence of industry giants, will propel the market in this region. On the other hand, the market in Europe will be characterized by high uptake of wearable health monitoring devices and advancements in telehealth services. In Asia-Pacific, large unmet healthcare needs of vast rural populations will open numerous avenues for market expansion in the forthcoming years.

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Competitive Landscape

Partnership-based Innovations among Players to Intensify Market Competition

The healthcare information & technology domain has provided interested participants with a wide arena to innovate and expand their presence in the healthcare sector. Players in this market are exploiting these opportunities to the fullest by entering into collaborations to develop novel solutions through enhanced research capabilities.

Industry Developments

  • June 2019: American Well, a company specializing in telehealth, joined forces with Cisco to provide patient care from different health facilities into peoples’ homes. Focusing on care provision for the elderly, the initiative will involve converting television sets at homes into points of care for efficient delivery of patient care in home settings.
  • April 2019: California-based InTouch Health introduced Solo by InTouch, the company’s fully-integrated, virtual end-to-end care platform. Touted as a first-of-its-kind telehealth solution in the industry, the solution provides scalable patient virtual healthcare and can be used in any setting.

List of Players Covered in the Telehealth Market Report:

  • SnapMD, Inc.
  • Encounter Telehealth
  • Doctor On Demand, Inc.
  • Dictum Health, Inc., LLC
  • GlobalMed
  • HelloMD
  • MDLIVE Inc.
  • InTouch Technologies, Inc.
  • Teladoc Health, Inc.
  • American Well

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Overview of Telehealth Services
    • Regulatory Scenario – For Key Countries
    • Reimbursement Scenario – For Key Countries
    • New Product Launch
    • Overview of Countries with Telehealth Policies
    • Technological Advancements in Telehealth Market
    • Startups with their Funding Overview
    • Key industry Developments – Mergers, Acquisitions and Partnerships
  • Global Telehealth Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Type
      • Products
      • Services
    • Market Analysis, Insights and Forecast – By Application
      • Telemedicine
      • Patient Monitoring
      • Continuous Medical Education
      • Others
    • Market Analysis, Insights and Forecast – By Modality
      • Store-and-forward (Asynchronous)
      • Real-time (Synchronous)
      • Remote Patient Monitoring
    • Market Analysis, Insights and Forecast – By End User
      • Healthcare Facilities
      • Homecare
      • Others
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa

TOC Continued….!!!

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