The telehealth market is riding on the wave of growth. This is because telehealth is no longer an option, but a necessity due to the increasing dangers of COVID-19.
Telehealth Market: Overview
The telehealth market is riding on the wave of growth. This is because telehealth is no longer an option, but a necessity due to the increasing dangers of COVID-19. The crisis is serving as an opportunity for the telehealth market to grow at a rapid pace. During this uncertain COVID-19 pandemic, telehealth serves as a boon. With a large populace forced to stay at home due to the lockdowns imposed to flatten the curve of the SARS-CoV-2 pandemic, telehealth technology plays an important role for routine clinical follow-ups and treatment.
Competitors and key players in the telehealth market are coming up with technologies and innovations that are crucial in finding new ways to communicate with various patients to adjust to unprecedented times. Technological improvements related to smartphones and enhanced internet connectivity can also have a positive influence on the telehealth market.
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The post-lockdown scenario is also of great importance for the telehealth market. Novel technologies will sprout up to reduce visits of the patients to the clinic. Long queues outside the clinic or hospital for consulting with the doctor should be avoided in the post-COVID-19 world, especially for the elderly, who are in the constant need for clinical advice and treatment. Telehealth technologies will also protect clinicians and healthcare professionals from the transmission of the virus. Hence, telehealth technologies will prove to be of great benefit, eventually leading to an increase in the growth rate of the telehealth market.
The global telehealth market is predicted to expand at a CAGR of 13% across the forecast period of 2017 to 2025 and was valued at US$ 6bn in 2016. The telehealth market is growing at a rapid rate and expects to continue to do the same throughout the forecast period. Consistent government support for the telehealth market through acts like the Health Insurance Portability and Accountability Act of 1996 protects patient privacy, which further gives a push to the telehealth market toward growth.
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Cardiology Segment to Account Promising Growth
Based on the application, the telehealth market is classified into radiology, remote ICU, dermatology, psychiatry, and cardiology. The cardiology segment is proving to be a stellar growth generator for the telehealth market. This can be attributed to the rising prevalence of cardiovascular diseases as well as cutting-edge technological innovations taking place in the telehealth market. Cardiac Insight Inc. launched Heart@Home ECG Test Kit to address the telehealth demands of the cardiology segment. It consists of Cardea SOLO Sensor, which the patient wears for a brief period and the results are then mailed to the clinician. The clinician then carries out the diagnosis and creates an ECG report within a time frame of just 5 minutes.
Investors and key players are also showing interest in cardiology telehealth platforms. Optum Ventures recently led an $8.2 million Series A funding to Heartbeat Health, a data-based cardiology platform. Such funding can also bring the cardiology segment in the telehealth market to the forefront. Transparency Market Research predicts the cardiology segment to acquire nearly 19 percent share contribution to the telehealth market across the forecast period.
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The psychiatry segment is also expecting a successful run in the forecast period as isolation and social distancing have taken a toll on the mental health of numerous individuals across the globe. In addition, the COVID-19 infected patients also need psychological help to overcome the stress and depression faced due to fear and panic. To avoid direct contact with a COVID-19 patient, telehealth technology is a great option to provide psychiatric help. Furthermore, assisting individuals who are at home through telehealth technology fulfills all the conditions for preventing the spread of SARS-CoV-2. Thus, the telehealth market looks forward to exponential growth from this segment as well.
North America to Emerge as a Star Contributor for Growth of Telehealth Market
Regional segments in the telehealth market are Asia Pacific, North America, the Middle East and Africa, Europe, and Latin America. North America seems to dominate the telehealth market and will continue its dominating streak throughout the forecast period. The U.S. has the largest number of COVID-19 cases in the world. Hence, the need for telehealth technology is of utmost importance to the region as the need for home healthcare is considerably rising. In addition, merger and acquisitions by key players to strengthen their position in the region is also proving to be a growth generator for the telehealth market.
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Asia Pacific also predicts substantial growth owing to a rise in government spending on the healthcare sector across the region and the awareness for preventing overcrowding of beds due to individuals displaying mild or very-mild symptoms of any chronic disease or disorder. Lack of regulations in developing regions may prove as an Achilles heel in growth of those regional markets. Europe expects steady growth due to ease in regulations by the government for promoting the use of telehealth technologies sensing the rising threat of COVID-19. Also, the increasing use of wearable medical devices is proving to be a growth multiplier for the telehealth market in Europe.
Regions like Africa can serve as a hotbed of opportunities for the telehealth market. The telehealth market can observe humungous growth in areas like Africa because resources are limited and it lacks good health infrastructure. Therefore, the telehealth technology can be a game-changer for the region, especially during pandemics like COVID-19.
Key players involved in the telehealth market are Royal Philips, Honeywell International Inc., Medtronic, American Well, and Aerotel Medical Sytems Ltd.
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