Telehealth Market – Global Outlook & Forecast 2021-2031

Telehealth Market by Component [Hardware and Software & Services], Application [Tele-psychiatry, Substance Use Disorder, Tele-endocrinology, Tele-rheumatology, Tele-stroke, Tele-radiology, Tele-cardiology, Tele-ICU and Tele-dermatology] – Global Analysis & Forecast 2021-2031

Clarivoyance Research conducted an in-depth market analysis study of the global telehealth market. According to the study, the market was valued at ~US$ 40.16 billion in 2020. The market is expected to witness a CAGR of ~38.5% from 2021 to 2031.  

The global telehealth market is mainly driven by favorable reimbursement climate for telehealth services in key markets such as U.S., growing prominence of AI, machine learning, predictive analytics & virtual assistants in telehealth, Covid-19 driven demand for home monitoring and care, availability of funding for start-ups & established players, rising adoption of tele-consultation especially due to Covid-19 pandemic, investments & initiatives for telehealth by government, private & public sectors, rising cases of chronic & infectious diseases, increasing geriatric population and technological advancements in telecommunication. However, fraud & abuse in telehealth, security issues, technical barriers such as lack of knowledge and access to technical capabilities among providers related to telehealth modalities and behavioral concerns among physicians and patients regarding new approaches and changing roles & responsibilities are likely to hinder the growth of the market to a certain extent. 

With an aim to fast-track the development of telehealth and to meet the needs of the healthcare sector, several initiatives such as providing necessary grants, permission, clearances & approvals have been instigated by various organizations and government agencies across the world. For instance, in May 2021, the Embassy of the United States of America officially launched a $160,000 grant in partnership with Rutgers University, the University of Botswana, and Botswana’s Ministry of Health and Wellness. The grant was aimed to create a clinical telehealth program in Botswana and further enhance existing medical and higher education partnerships between the two countries.

The sudden outbreak of Covid-19 pandemic has accelerated the digitalization of healthcare services and has led to unprecedented demand for virtual care. The consumer adoption of telehealth in the U.S. increased from 11% in 2019 to over 46% by April 2020. Players in the market are adopting various strategies to garner market share. Companies are introducing various health plans to provide more consumer-centric services and tools. These health plans are shifting telehealth to mainstream by allowing patients to get priority access and benefit to connect with doctors on text, call or video 24/7. 

Investments in telehealth industry by private and public sector has also climbed sharply in the last few years. There has been around 50% increase in investment in the industry since the start of the pandemic. Rising consumer base of telehealth has attracted big investment dollars. For instance, in Jul 2020, Health insurance provider Humana partnered with telehealth start-up Heal, which includes a $100 million investment that will be used to expand into new markets. Owing to growing investments, there has been constant pressure on companies to evolve and adopt innovative business models in order to be competitive in the market. This trend is expected to drive innovation in the telehealth delivery model, which in turn is expected to propel the growth of the market.
With an increasing use of telehealth in the pandemic, the potential for fraud and abuse has also increased. The fraud and abuse in telehealth can be related to improper billing & upcoding for Medicare reimbursement, home health services, etc. Moreover, telehealth also provides a gateway to cybersecurity threats and privacy issues putting patient’s safety and privacy at risk. These factors are expected to restrain the growth of the market to a certain extent.

The telehealth market is marked by presence of prominent players such as Medtronic, Teladoc Health, Inc., Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, Siemens Healthcare GmbH, Cisco, AMC Health, GlobalMed, 98point6, Amwell and Cerner Corporation. Other players operating in the market are K Health, Beam Health, Kry, Tytocare, Psyalive, Nutrimedy Inc., Zipnosis, MDLIVE, Doctor On Demand, Inc., MedWeb, Chiron Health, Gyant, OlaMD, Dictum Health, among others.
 
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