The global Telehealth Market size is projected to reach USD 269.9 billion by 2026, exhibiting a CAGR of 23.4% during the forecast period.
As the telehealth industry gains ground, more companies are looking to make a profit, spurring competition and innovation in the market for virtual care. Providers and health plans are starting to use this technology in new ways, shaping its future around the needs and preferences of the patients it’s meant to serve.
Major market competitors currently working in the global telehealth market are Giffen Solutions, Inc., Capsule Technologies, Inc., Chiron Health, Cisco, Biotricity, A&D company, Limited, OSI Systems, Inc., Biotronik, Koninklijke Philips N.V., AMD Global Telemedicine, Inc., Global Media Group, Inc.,
Telehealth has exploded in popularity over the last few years as care providers, state legislators, and insurance companies continue to support this technology. The telehealth industry is expected to grow exponentially over the next eight years, reaching $32.71 billion by 2027. Insurance companies are taking things one step further by advocating for what is known as “Digital First” models of care, which means care providers will soon have an incentive to push their patients towards virtual care as opposed to in-person care as a way to reduce costs. In the years ahead, insurance companies and care providers will likely work in tandem to increase access to telehealth, which should result in reduced costs, fewer emergency room visits, and better patient outcomes.
A recent estimate by consulting firm McKinsey suggests that $ 250 billion in healthcare spending could shift to virtual care models in the wake of the COVID-19 pandemic. The rapid up scaling of virtual care capacity and the mainstreaming of telehealth has given rise to new digital health tools. Self-triaging and contact tracing for COVID-19 infection detection are among the new breed of digital health applications that startups to big firms alike were looking at to seize the emerging opportunities. Another opportunity to telehealth is that the reimbursement environment has improved, with the Center for Medicare and Medicaid Services bringing telehealth and e-visits on par with in-person visits for the duration of the pandemic, along with a relaxing of rules for virtual consults across state lines.
Future Telehealth: Recent survey by the Association of Community Health Plans also indicates that nearly 90% of consumers who used telehealth for accessing care were satisfied with their experience. There is an unprecedented opportunity today to use telehealth technologies in the complete continuum of care. However, healthcare enterprises and their technology partners need to make them more users friendly. Telehealth has to be a seamless platform that replicates the in-person visit experience as much as possible. The same guiding principle applies to seamless communication on home-care models. Such seamless experiences are the integration of best-in-class telehealth and "digital front door" tools with the core EHR platform. The lack of interoperability between multiple technology platforms has been a significant challenge in developing seamless experiences consumers have come to expect.
Market Segmentation on the type consists of Component Software & services, Hardware. By Application Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke, Tele-psychiatry, Tele-dermatology. Geographically it has been split into Asia-Pacific, Europe, North-America and Middle East & Africa. 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.