The market for telehealth software is anticipated to increase from US$ 6,010 million in 2022 to US$ 14,200 million in 2030, at a CAGR of 15.4%. Nearly 8% of the market for telehealth and telemedicine is devoted to telehealth software.
The market for telehealth software is projected to reach US$ 14,200 Mn in 2030 and increase quickly between 2022 and 2030, with a 15.4% CAGR. The way healthcare is provided is being revolutionized by the usage of telehealth software. By utilizing wireless connections and electronic consultations, telehealth software enables healthcare providers to improve patient care while also improving patient outcomes and remote monitoring.
Due to the growing use of digital technology to deliver healthcare and promote public health, hospitals and healthcare systems are setting the bar for others to follow in accepting and expanding via telehealth. According to the American Hospital Association, for instance, over 76 percent of American hospitals have fully or partially deployed computerized telehealth solutions and software in recent years.
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Digital technologies are continuously becoming an important resource for the enhanced delivery of health services and with the growing adoption of mHealth solutions, the opportunities for the growth of telehealth software are set to rise sharply in the coming years.
Research indicates that there has been high spending on digital healthcare infrastructure with increasing sales of wearable technologies. Moreover, the integration and development of digital health technologies such as the Internet of Things (IoT), augmented and virtual reality (AR/VR), artificial intelligence (AI), and more are creating potential growth opportunities for the telehealth software market.
Key Takeaways of Telehealth Software Market Study
- Cloud-based segment expected to capture around 45% of market share in 2020
- Healthcare providers are dominating the market with the market share of 85% in 2019, owing to the growing adoption of real-time communication solutions and increased adoption of remote patient monitoring
- South Asia and Pacific is estimated to grow at a CAGR of 20% in the telehealth software market owing to the continuous investments in digitalizing healthcare infrastructure
COVID-19 Impact Analysis on Telehealth Software Market
The outbreak of COVID-19 highlighted the need for businesses to adapt quickly to remote working options, pushing them to change their technological landscape to ensure business continuity during the pandemic. Thus, it brought the critical need for adoption of digital technologies and innovative solutions in the healthcare sector. With the evolving COVID-19 pandemic, healthcare providers are focusing on implementing and upgrading telehealth software and solutions to enhance their ability to care for massive increase in patients.
The adoption of telehealth software and solutions is helping healthcare providers and payers in avoiding unnecessary visits to healthcare facilities, thus, reducing the exposure to the coronavirus and also in keeping those on the frontlines safe. In addition to this, the demand for cloud-based telehealth software is expected to surge as the demand for real-time communication and remote monitoring is set to increase in coming years.
The telehealth software market grew around 13% Y-o-Y in 2018 and 2019 and with the outbreak of COVID-19, the market is expected to witness a growth rate of around 18%-20% during 2021-2023. Moreover, the telehealth software market is projected to increase 1.4x between 2020 and 2022, owing to the outbreak of COVID-19.
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Competition Landscape Driving Growth through Innovation
Ongoing technological revolution, intense competition, and ever-changing customer expectations are creating a storm in the global telehealth software market, which is compelling solution providers to integrate smart technologies such as AI, IoT, Block chain, and AR/VR. Moreover, collaborations and partnerships with IT solution providers can also help telehealth software solution providers to enhance their market share and customer base.
For instance, in October 2019, American Well and Cleveland Clinic entered into the partnership to offer customers with broad access to healthcare services via telehealth. Together, both the organization formed a joint venture company “The Clinic” which offers the virtual care through American Well’s digital health technology platform.
Some of the key players in the telehealth software market are Aerotel Medical Systems Ltd., Koninklijke Philips N.V., Teladoc Inc., American Well, Chiron Health, Medtronic, Honeywell International, Tunstall Healthcare, AMD Global Telemedicine, Inc., Cisco Systems, Inc., and Medvivo Group Ltd.
Telehealth Software Market Outlook by Category
By Component, Telehealth Software Demand is segmented as:
- Software
- Services
By Deployment, Telehealth Software Outlook is segmented as:
- Cloud-based
- On-Premises
By End User, Telehealth Software Outlook is segmented as:
- Healthcare providers
- Healthcare payers and Patients
By Region, Telehealth Software Sales is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
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