The telehealth software market is anticipated to expand its roots at a significant CAGR of 15.7% between 2023 and 2033. The market is expected to have a market share of US$ 29.56 billion by 2033 while it is likely to be valued at US$ 6.85 billion in 2023.
Increased demand for easy prescriptions, fast monitoring, and doctor’s consultations led to the origin of telehealth software. This software and app let you connect with doctors around the world through different communication channels. Furthermore, advanced software technology delivers health services to people who are sitting at home.
This software has been a blessing for people during the pandemic as they have helped people with queries and generic prescriptions. The channels used for the monitoring are remote patient monitoring (RPM).
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The health practitioner monitors and gains information about the patient through chat, audio, and video medium. Alongside this, different benefits like affordable prescription costs, better-specialized doctors, and long-term relationships with the doctor make it a perfect health solution for the end users.
The better internet bandwidth, the advent of 5G, and high smartphone penetration fuel the market growth. Also, the software breaks geographical boundaries to enhance healthcare services.
The software caters to people with temporary and ongoing health issues, patients living in remote areas, mental health patients, and pregnant women. The two-way communication between doctors and patients includes high engagement, improved patient outcomes, and reduced readmissions. The growing discounted rates of prescription with high consistency and improved clinical outcomes are flourishing the market growth.
Key Points
- The United States market leads the telehealth software market in terms of market share in North America. The United States region held a market share of 21.3% in 2022. The growth in this region is attributed to the high penetration of chronic diseases and many people with internet and smartphone technology. North America market held a leading market share of 37.2% in the global market.
- Germany’s telehealth software market is another significant market in Europe region. The market held a market share of 8.7% in 2022. The growth is attributed to the increased number of software options, better doctor-patient connectivity, and discounts. Europe market held a share of 24.3% in 2022.
- India’s telehealth software market thrives at a CAGR of 17.2% during the forecast period. The market’s growth is attributed to the advent of the 5G internet, a large smartphone user base.
- The software segment leads the component type of segment as it held a leading market share of 58.7% in 2022. The growth is attributed to easy access, mHeath options, and real-time updates.
- Based on deployment type, the on-premises segment held a market share of 57.6% in 2022.
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Competitive Landscape:
The key vendors work on easy access, interactive interface, a high number of specialized doctors on board, and less number of software bugs. Key competitors merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Key Players Operating in the Telehealth Software Market
- Aerotel Medical System
- Koninklijke phillips NV
- Teladoc Inc.
- American Well
- Chiron health
- Medtronic
- Honeywell International
Recent Market Developments:
- Engineering the extraordinary, Medtronic is helping patients through strong connections and optimizing healthcare systems. The extended research and development institutions such as Medtronic Engineering and Innovation Centre, Hyderabad (MEIC), and Medtronic India Development Centre, Bangalore (MIDC) are helping the market leader thrive.
- Medvivo Group has also introduced live chat and call options along with e-mail services for a better understanding of the health condition of the patient
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Key Segments Covered
By Component:
- Software
- Real Time Communication Software
- Store and Forward Telehealth Software
- Remote Patient Monitoring Telehealth Software
- Services
- Managed Services
- Professional Services
By Deployment:
- Cloud-based
- On-Premises
By End User:
- Healthcare providers
- Healthcare payers and Patients
Key Regions Covered:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- The Middle East and Africa
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