This Telehealth Software market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Telehealth Software market.
Global Telehealth Software Market: Overview
The increasing adoption of a digitalized way in the delivery of healthcare services and public health, using information and communication technologies, is resulting in growth in the deployment of telehealth software in the healthcare industry. Software vendors are focusing on constant innovation as hospitals, and other healthcare verticals are using telehealth software to facilitate the process of treatment, self-management, diagnosis, education, care management and consultation. To maintain communication transparency for patients with chronic diseases, healthcare providers prefer opting for telehealth software nowadays. Also, telehealth software is standing out as a real-time communication medium between patients and doctors. Vendors of telehealth software are establishing a partnership model with healthcare service providers to increase revenue generation and market presence and share.
Telehealth is a combination of a variety of technologies for healthcare service delivery, medical education, virtual medical and other services. It is used for providing healthcare education as well as care delivery methods to patients and physicians.
Global Telehealth Software Market: Drivers and Restraints
Continuous advancements in information technology and their applications in healthcare play a crucial role in fueling the growth of healthcare IT solutions, and telehealth software is one of them. Increasing government regulations are encouraging healthcare organizations to adopt telehealth software so as to improve patient care experience and communication between patients and healthcare providers. These factors are surging the demand for the telehealth software market. Other factors responsible for driving the telehealth software market are rising demand for 24*7 healthcare connectivity, physician’s shortage, and others. On the other hand, privacy and security issues and changing government regulations in different countries are some of the major challenges driving the growth of telehealth software.
Segmentation on the basis of type:
The telehealth software market can be segmented on the basis of type into real-time communication, store-and-forward, remote patient monitoring.
Segmentation on the basis of deployment model:
Telehealth software are available in two types on the basis of deployment model, namely Cloud and on-premise.
Segmentation on the basis of Region:
On the basis of region, the global telehealth software market has been segmented into North America, Latin America, Western Europe, Eastern Europe, the South East Asia and Others of Asia Pacific, Japan, China and Middle East & Africa.
Global Telehealth Software Market: Market Participants
Examples of some of the market participants in the global telehealth software market include Aerotel Medical Systems Ltd., Koninklijke Philips N.V., Teladoc Inc., American Well, Chiron Health, Medtronic, Honeywell International and others. Telehealth software vendors are continuously focusing on product innovation to sustain their presence in the increasing global competition from the dominant players. The vendors of telehealth software are also focusing on improving their sales channels to reach untapped markets and increase their market share.
Global Telehealth Software Market: Trends
Electronic Health Records are also known as ‘Electronic Medical Records’. EHR is a collection of patient data stored in a digital format. While delivering remote care, doctors require extra information regarding patient medical records and if they are not available at the time of requirement, the clinician’s workflow may get disturbed. Hence, vendors are focusing on the integration of EHR and telehealth software to avoid disturbance during telehealth service delivery using software.
For instance, in May 2018, American Well, a leading telehealth solution provider, launched the AW11 platform, which offers a combination of EHR ‘Electronic Health Records’ and telehealth software.
Global Telehealth Software Market: Region-Wise Outlook
North America holds a significant market share in terms of revenue generation from the sale of telehealth software, due to the rapid adoption of telehealth software among hospitals, physicians and other healthcare service providers in this region. European countries are increasingly adopting telehealth software to improve the care delivery model of hospitals.
Healthcare providers are following a partnership model with telehealth software providers to implement an efficient healthcare service delivery model. The SEA and other APAC region is expected to grow at a high CAGR over the forecast period, due to the increasing penetration of smartphones, which is leading to a rise in the adoption of telehealth software among physicians as well as patients in this region. The MEA region is expected to grow at a moderate CAGR, due to the slow adoption rate of telehealth software.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report covers exhaust analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Global Telehealth Software Market: Segmentation
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Frequently Asked Questions
What research methodology is used to develop the Telehealth Software Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Telehealth Software Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Telehealth Software Market report?
In addition to up-to-date market figures and customized of the Telehealth Software Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.