Telehealth software aims to bridge gap between physicians and patients

Dhaval Kate of Future Market Insights

A recent market research study predicts that the global telehealth software market will surge at a compound annual growth rate (CAGR) of 17% between the forecast years of 2020 and 2030. Use of information and communication technologies in support of healthcare delivery is poised to become indispensable, says Dhaval Kate, research manager Electronics, Semiconductors, and ICT at Future Market Insights.

The adoption of telehealth software is transforming the healthcare delivery phenomenally. With remote monitoring, wireless communications, and electronic consults, telehealth software is helping healthcare providers to expand patient care while improving patient satisfaction and outcomes.

With the rising use of digital technologies to deliver medical care and public health, hospitals, and healthcare systems are at the forefront of adopting and expanding via telehealth. For instance, according to American Hospital Association, recent years have witnessed significant growth in adoption of telehealth software and solutions with more than 76% of hospitals in the U.S. fully or partially implemented computerised telehealth system till 2018.

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 is set to rise sharply in 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 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.

Telehealth Software Market Characteristics and Attributes with Regional Relevance, 2020

Key takeaways of telehealth software market study

  • Cloud-based segment expected to capture around 45% of market share in 2020 and register a CAGR of 18% during the forecast period
  • 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 & Pacific is estimated to grow at a CAGR of 20% in the telehealth software market owing to the continuous investments in digitalising 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% year-on-year (YoY) 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.

“With the outbreak of COVID-19, the digital health sector is likely to witness a massive spike from supply and demand side. The need for transforming healthcare delivery and to scale up the healthcare infrastructure by unleashing the supremacy of digital technologies is expected to create potential opportunities for the telehealth software market in coming years,” says the report analyst.

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 organisation 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.

These insights are based on a report on Telehealth Software Market by Future Market Insights.

The author is Dhaval Kate, research manager Electronics, Semiconductors, and ICT at Future Market Insights.

About the author

Dhaval holds experience of more than 12 years in consulting, project management, market research and data analysis in managing and delivering consulting assignments, research studies and custom projects across Technology, Smart Infrastructure and Semiconductor domain. Dhaval heads Research & Innovation ICT, Semiconductor & Electronics vertical at Future Market Insights and has experience in working projects on Unified Communication (UCaaS), Smart Cities, Smart Infrastructure, Energy & Power, V2X Communication, and Physical Security Systems to name a few. Insights presented in the article are based on a new study of Future Market Insights (FMI) on Telehealth Software Market

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow


9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

IoT Now Enterprise Buyers’ Guide Which IoT Platform 2021?

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, iot home automation is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more

Extreme Networks completes acquisition of Infovista’s Ipanema SD-WAN business

Posted on: September 16, 2021

Extreme Networks, Inc., a cloud-driven networking company, announced it has completed the acquisition of Ipanema, the cloud-native, enterprise SD-WAN division of Infovista. The acquisition expands Extreme’s ExtremeClouda portfolio, offering new cloud-managed SD-WAN and security software solutions required to power the Infinite Enterprise. 

Read more

Arqit and Juniper Networks sign technology alliance partner connect agreement

Posted on: September 16, 2021

Arqit Quantum Inc., a provider of quantum encryption technology and Juniper Networks, a provider of secure, AI-driven networks, have signed a ‘Technology Alliance Partner Connect’ agreement to explore network security technology that will protect against quantum security threats.

Read more