Telehealth Software Market to Witness an Outstanding Growth During 2018-2028
VALLEY COTTAGE, N.Y. – 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.
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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.
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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.
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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.
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