Telehealth is the term used to describe the remote access and management of healthcare services using digital information and communication technology, such as computers and mobile devices. Telehealth is the practise of providing medical care, health information, and health education services remotely. Numerous advantages of telehealth include fewer unneeded hospitalisations, shorter wait times for medical care, and significant cost savings. It makes it possible for patients and doctors to communicate across enormous distances and offer remote admissions, care, counselling, reminders, education, intervention, and monitoring. Videoconferencing, still image transmission, electronic health records, remote vital sign monitoring, continuing medical education, and nurse call centres are all components of telehealth. Telehealth benefits both primary and specialised care professionals since it expands their patient base and enables them to treat patients everywhere there is an Internet connection.
Carts, kiosks, peripherals, and kits are examples of telemedicine equipment that is used to deliver telemedicine services. Telemedicine equipment makes use of communication technologies to diagnose and treat patients remotely. Such technology reduces the need for in-person visits by enabling video or telephone consultations between the doctor and patients from distant locations.
Market Overview
Telemedicine Tools The market size was well over USD 3.5 billion in 2021, and it is projected to increase at a CAGR of 17.3% from 2022 to 2028. Due to the potential to cure a variety of health conditions and require less travel time, telemedicine technology is in more demand, which is fostering market expansion. For instance, the number of telehealth visits in the first quarter of 2020 increased by 50% compared to the same period in 2019, according to the Centres for Disease Control and Prevention (CDC).
With the aid of telemedicine technology, a number of tasks were reported to be achievable, including teaching, patient monitoring, medication reminders, prescriptions, and remote interventions. Due to better access to care, cheap cost, and little overcrowding in healthcare institutions, the market for telemedicine equipment is anticipated to continue growing at a significant rate. The COVID-19 pandemic therefore provided momentum in the industry and is anticipated to have an impact on market growth throughout the forecast period.
Utilizing the current information and telecommunications infrastructure, telemedicine technology is frequently used to deliver healthcare services. In terms of earning income, setting up telemedicine equipment is viable, but the significant start-up costs it requires may prevent widespread market penetration. Additionally, particularly in developing and undeveloped areas, the price of maintaining telemedicine equipment’s hardware components might be a challenge for healthcare institutions. Additionally, telemedicine-related software, applications, and periodic upgrades may raise the cost of upkeep for telemedicine hardware. Therefore, the aforementioned elements can prevent the total industry from expanding.
Driving Factors
The high incidence of chronic diseases brought on by the growing elderly population, supportive government initiatives, reforms, and policies, the global shortage of healthcare professionals, and rising public awareness of the advantages of telehealth are the main factors propelling the global telehealth market. Additionally, the use of AI, virtual assistants, and the development of tele robots are anticipated to offer the industry tremendous potential opportunities in the years to come. However, the absence of health standards in comparison to the conventional healthcare system and concerns about patient privacy and confidentiality may partially restrain the development of this market. The participants in this market may also face difficulties due to resistance to switching from conventional methods, instances of misdiagnosis, and technological limitations in developing nations.
Restraining Factors
Regarding telemedicine activities, healthcare fraud is a crucial factor. A patient or a doctor may suffer harm in a variety of ways, such as when the physician’s name and accounts are used to obtain funds from the insurance provider. Institutional providers that are not identified or eligible may use inappropriate coding and billing techniques to submit misleading claims. Such dishonest practises may lead to a decline in telehealth services’ credibility and trust. Patients who have been victimised also frequently share their unpleasant experiences in the media, which negatively influences many other recently entered participants and limits market growth.
Opportunities Witnessed in the Past Year
- According to estimates, the services sector will hold the largest portion of the worldwide telehealth industry. The large share of this market is attributed to the growing adoption and awareness of telehealth solutions, the growing demand for telehealth services in remote and rural areas, the shortage of doctors and specialists, the rise in remote patient monitoring for chronic diseases, and the shortage of physicians and specialists.
- According to estimates, the largest portion of the worldwide telehealth market belongs to the psychiatry sector. The lack of primary psychiatric treatment and the COVID-19 epidemic can be blamed for the high penetration of telemedicine in the psychiatry sector. Tele-psychiatry services have been shown to be successful and efficient in enhancing accessibility, reliability, and efficiency in mental healthcare, which has sped up its acceptance.
- As the surveys suggest, the largest portion of the global telehealth industry belongs to healthcare providers. The high demand for convenient healthcare, the scarcity of medical professionals, the development of hospital-based telehealth infrastructure, and an increase in the focus on and accessibility of provider-specific telehealth solutions are all factors that contribute to the large share of this market.
- The global telehealth market is thought to be dominated by North America. The largest share of North America is mainly attributable to the region’s high level of understanding of the advantages and practicality of telehealth, as well as to supportive government policies and initiatives, an increase in the prevalence of chronic diseases there, and a strong healthcare system.
Challenges
Behavioural barriers may not be the most obvious restricting factor but still pose significant barriers to telehealth adoption. Physicians and patients often lack familiarity with new practices and do not readily give up existing (conventional) practices. Older people may also refuse to use telehealth services due to unfamiliarity with the technology. Currently, a low percentage of the population in developing countries depends on telehealth provisions for satisfying medical requirements This creates a strong need for creating mass awareness about telehealth practices through sustained patient education. The importance and need for telehealth can be communicated through tele care (specifically patient education through television and radio) implemented with additional government policies. This will also help to overcome regional and behavioural barriers.
Market Segmentation
Telehealth Market is segmented into various aspects according to different genre; according to the products, the market is divided into Telemedicine cart, Telemedicine kit, Telemedicine kiosk, Peripherals, Digital Camera, Stethoscopes, Digital Scopes, Pulse oximeters and others, wherein the Telemedicine cart is further subdivided into single and dual display carts and others. The market is segmented into factions with reference to the end user as, Hospitals, Clinics, Speciality Centres, Homecare Setting and others. Telehealth Market, by Geography , is divided into North America(U.S., Canada) Europe(Germany, UK, France, Spain, Italy, Denmark, Poland, Portugal, Sweden, The Netherlands, Switzerland), Asia-Pacific(China, India, Japan, Australia, South Korea), Latin America(Brazil, Mexico, Argentina) and Middle East and Africa(South Africa, Saudi Arabia, UAE).
- By Product
- Telemedicine cart
- Single display cart
- Dual display cart
- Others
- Telemedicine kit
- Telemedicine kiosk
- Peripherals
- Digital camera
- Stethoscopes
- Digital scopes
- Pulse oximeters
- Others
- By End-use
- Hospitals
- Clinics
- Specialty centres
- Home care settings
- Others
- By Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Denmark
- Poland
- Portugal
- Sweden
- The Netherlands
- Switzerland
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa
- South Africa
- Saudi Arabia
- UAE