Telehealth Software Market : Notable Developments & Geographical Outlook 2022 to 2030

The adoption of telemedicine software is transforming healthcare delivery in a phenomenal way. Through remote monitoring, wireless communication and electronic consultation, telemedicine software helps healthcare providers expand patient care while improving patient satisfaction and outcomes.

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With the growing use of digital technologies to provide healthcare and public health, hospitals and healthcare systems are at the forefront of adoption and expansion through telemedicine. For example, according to the American Hospital Association, in recent years more than 76% of US hospitals have fully or partially implemented computerized telemedicine systems by 2018, significantly increasing adoption of telemedicine software and solutions. .

Digital technologies continue to be an important resource for improved health care delivery and the growth opportunities for telemedicine software will increase dramatically in the coming years as adoption of mHealth solutions increases.

Studies have shown that increased sales of wearable technology have resulted in heavy spending on digital health infrastructure. In addition, the integration and development of digital health technologies such as Internet of Things (IoT), augmented and virtual reality (AR/VR), artificial intelligence (AI), etc. are creating potential growth opportunities for the telemedicine software market.

Key highlights of the Telemedicine Software Market study:

• The cloud-based segment is expected to account for approximately 45% of the market share in 2020 and register a CAGR of 18% over the forecast period.
• With increasing adoption of real-time communication solutions and increasing adoption of remote patient monitoring, healthcare providers are dominating the market with 85% market share in 2019.
• South Asia and Pacific are projected to grow at a CAGR of 20% in the telemedicine software market owing to continued investments in digitizing healthcare infrastructure.

Analysis of COVID-19 Impact on Telemedicine Software Market

The COVID-19 outbreak has underscored the need for businesses to quickly adapt to teleworking options, forcing them to change their technological landscape to ensure business continuity during the pandemic. This creates a significant need for the adoption of digital technologies and innovative solutions in the healthcare sector. As the COVID-19 pandemic progresses, healthcare providers are focusing on implementing and upgrading telemedicine software and solutions to improve their ability to care for a rapidly growing number of patients.

Adoption of telemedicine software and solutions will help healthcare providers and payers avoid unnecessary visits to healthcare facilities, reducing exposure to coronavirus and keeping those on the front lines safe. In addition to this, the demand for cloud-based telemedicine software is expected to surge as the demand for real-time communication and remote monitoring is expected to increase in the future.

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The telemedicine software market grew around 13% YoY in 2018 and 2019 and the outbreak of COVID-19 makes the market projected to grow around 18%-20% during 2021-2023. Additionally, the telemedicine software market is projected to grow 1.4x between 2020 and 2022 due to the outbreak of COVID-19.  

“With the outbreak of COVID-19, the digital health sector is likely to witness huge spikes in supply and demand. “The need to leverage the superiority of digital technologies to transform healthcare delivery and expand healthcare infrastructure is anticipated to create potential opportunities for the telemedicine software market in the future,” said an FMI analyst.

Competitive Environment – ​​Driving Growth Through Innovation

The ongoing technological revolution, fierce competition and ever-changing customer expectations are creating a storm in the global telemedicine software market, where solution providers integrating smart technologies such as AI, IoT, blockchain, and AR/VR are strong. Additionally, collaborations and partnerships with IT solution providers enable telemedicine software solution providers to increase their market share and customer base.

For example, in October 2019, American Well and Cleveland Clinic entered into a partnership to give their customers broad access to health care through telemedicine. Together, the two organizations formed a joint venture “Clinic” that provides virtual care through American Well’s digital health technology platform.

Key players in the telemedicine software market include Aerotel Medical Systems Ltd., Koninklijke Philips NV, Teladoc Inc., American Well, Chiron Health, Medtronic, Honeywell International, Tunstall Healthcare, AMD Global Telemedicine, Inc., and Cisco Systems, Inc. there is. ., Medvivo Group Ltd. 

A more valuable insight into the telemedicine software market

FMI’s report on Telemedicine Software Market is based on the components (software and services), deployment (on-premises and cloud-based), end users (healthcare providers and healthcare payers and patients), and region (North America, Latin America, Europe, East Asia). , South Asia & Pacific, Middle East & Africa) to enable readers to understand the opportunities in the Telemedicine Software market and make a profitable assessment.