What Has Been the Growth of the Telehealth Software Market So Far?
The telehealth software market has seen considerable growth due to a variety of factors.
• The market for telehealth software has experienced swift expansion over the last few years. The market size, which is predicted to be $9.52 billion in 2024, is expected to swell to $11.29 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 18.7%.
The surge during the earlier term is primarily due to factors such as the increasing incidence of chronic ailments, heightened consumer awareness and acceptance of telehealth facilities, an aging demographic, and an escalating demand for remote patient monitoring solutions.
What Are the Future Growth Projections for the Telehealth Software Market?
The telehealth software market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to witness a substantial increase in the coming years, the telehealth software market is projected to expand to a scale of $22.11 billion in 2029, with a compound annual growth rate (CAGR) of 18.3%.
Factors attributing to the upswing during this forecast period include an augmented emphasis on telehealth interoperability, a surging demand for healthcare services remotely, and an increasing usage of telemedicine platforms. Key trends predicted for the forecast period encompass advancements in telecommunication technology, broadening of healthcare infrastructure in isolated regions, incorporation of AI and machine learning into telehealth, assimilation of telehealth into electronic health record (EHR) systems, and extension of telehealth services into developing nations.
What Are The Core Factors Supporting Growth In The Telehealth Software Market?
The increasing incidence of chronic illnesses is projected to fuel the expansion of the telehealth software market. Chronic illnesses are long-term conditions marked by enduring or repeating symptoms that generally necessitate continuous management and therapy. The rise in chronic illnesses is attributed to factors such as ageing populations, tobacco and alcohol consumption, and limited access to healthcare. Telehealth software aids in chronic disease management by providing remote healthcare services, enabling patients to have routine monitoring and consultations without the necessity for physical appointments. This availability encourages early identification, constant care, and patient self-efficacy, eventually resulting in improved management and outcomes for individuals with chronic ailments. For instance, the World Health Organization, a specialized agency of the United Nations based in Switzerland, reported in September 2022 that there were 41 million deaths globally, accounting for 74% of deaths caused by non-communicable diseases (NCDs) or chronic diseases each year. Cardiovascular diseases resulted in 17.9 million deaths, cancer accounted for 9.3 million deaths, chronic respiratory diseases caused 4.1 million deaths, while diabetes contributed to 2.0 million deaths. Moreover, in September 2023, the same organization reported, there were again 41 million deaths globally, constituting 74% of deaths annually related to NCDs or chronic diseases. As such, the escalating prevalence of chronic diseases is escalating the growth of the telehealth software market.
What Are The Major Segments Within The Global Telehealth Software Market?
The telehealth software market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: Cloud-Based, On-Premises
3) By End User: Healthcare Providers, Healthcare Payers And Patients
Subsegments:
1) By Software: Telemedicine Software, Remote Patient Monitoring Software, Video Conferencing Software, Electronic Health Record (EHR) Integration Software, Clinical Decision Support Software, mHealth Applications, Patient Portals, Appointment Scheduling Software
2) By Services: Telehealth Consulting Services, Telehealth Integration Services, Managed Services, Training And Support Services, Maintenance Services
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How Are New Trends Impacting The Size Of The Telehealth Software Market?
Leading firms in the telehealth software industry are concentrating on developing superior solutions, such as integrated cloud-based solutions accessed through one interface, in order to secure a competitive advantage in the market. An integrated cloud-based solution refers to encompassing platforms which provide a range of telehealth services through a seamless user interface. In June 2022, for example, GoMeyra, a cloud software company based in the US, introduced the GoVirtual Clinic, an innovative telehealth platform, and integrated cloud-based solution. It enables medical staff like labs, doctors, and nurses to carry out medical tests and consult with patients via a safe and remote platform. GoVirtual Clinic is a state-of-the-art platform, offering a range of solutions to medical professionals for managing virtual patient meetings, overseeing patient care, and managing electronic healthcare data. The recently released first phase of the platform includes features for efficiently arranging and supervising virtual test appointments, ordering test kits, monitoring virtual waiting rooms, conducting virtual meetings, and immediately sharing test results with patients.
Who Are the Key Players In The Telehealth Software Market?
Major companies operating in the telehealth software market are:
• Cisco Systems Inc.
• Oracle Corporation
• Honeywell International Inc.
• Medtronic Inc.
• Advanced Micro Devices Inc.
• Koninklijke Philips N.V.
• Resideo Technologies Inc.
• Cerner Corporation
• Zoom Video Communications Inc.
• Teladoc Health Inc.
• Masimo Corporation
• OSI Systems Inc.
• Allscripts Healthcare LLC
• A&D Company Limited
• BioTelemetry
• American Well Corporation
• Vocera Communications Inc.
• Care Innovations LLC
• Zocdoc Inc.
• CureMD Healthcare
• Chiron Technology Services Inc.
• GlobalMedia Group LLC
• PatientSafe Solutions Inc.
• Biotricity Inc.
• Updox LLC
• Capsule Technologies Inc.
• Aerotel Medical Systems Ltd.
What Is The Most Dominant Region In The Telehealth Software Market?
North America was the largest region in the telehealth software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the telehealth software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
