NEW YORK, Aug. 20, 2020 (GLOBE NEWSWIRE) -- As the deaths from the COVID-19 pandemic start to increase, the World Health Organization (WHO) has urged citizens to maintain specific social distances. In an attempt to avoid the spread of COVID-19 at the population level, medical robots and are gradually involved in the roles of sanitizing patients' quarters, distributing medications, and supplying meals to ill people. Supplying supplies to households and delivering effective services to injured patients remained a major obstacle, and this is where Telehealth is creating a space for them. The new pandemic is growing in demand for healthcare robots as they play a crucial role in the process of drug distribution, patient evaluation, and medical workers' infection control.
–the use of portable equipment, including audio physician trips and distant customer monitoring instruments–expands the scope of doctors and service suppliers beyond traditional clinical environments. Telehealth allows a steady connection between nurses and caregivers, and provides suppliers with a continuous flow of real-time patient wellness information. Telehealth facilities leverage technology to provide long-distance health-related education to improve customer results. Telehealth facilities can be provided through a multitude of techniques, including telecommunications, remote patient monitoring instruments such as portable technology, live video chat, digital data transmission, and portable safety (mHealth) applications for mobile devices.
Market Analysis: Global Telehealth Market
Global Telehealth Market is registering a healthy CAGR of 22.67% in the forecast period of 2019-2026. This rise in the market can be attributed to the increasing elderly population, growing occurrence of chronic diseases and developments in telecommunication structure. Few of the major market competitors currently working in the global telehealth market are Giffen Solutions, Inc., Capsule Technologies, Inc., Chiron Health, Cisco, Biotricity, A&D company, Limited, OSI Systems, Inc., Biotronik, Koninklijke Philips N.V., AMD Global Telemedicine, Inc., Global Media Group, Inc., BioTelemetry, Inc., Resideo Technologies, Inc., Masimo., eVisit Telemedicine Solution, edgeMED Healthcare, INTeleICU, iMDsoft, InTouch Technologies, Inc., AirStrip Technologies., American Well, among others.
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Succeeding in the Wake of the Emergency
Telehealth can play a critical role in the current pandemic by reducing human involvement and shielding health staff from infection. This will involve measuring patients' temperatures, disinfecting equipment, measuring specimen swabs and delivering much-needed psychological assistance to patients in isolation. Researchers are now beginning to illustrate the cyclical aspect of technology right after the recession. The COVID-19 contraction would accelerate labor-replacement automation as business sales see a fall. This might have arrived during the 'cultural shock' as automation eliminates low-skilled jobs.
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Competitive Analysis:
Global Telehealth Market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of telehealth market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Global Telehealth Market By Component (Services, Software, and Hardware), Mode of Delivery (Web-Based Delivery Mode, Cloud-Based Delivery Mode, and On-Premise Delivery Mode), End User (Providers, Payers, Patients, and Other End Users), and Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) - Industry Trends and Forecast to 2026
New Telehealth Market Development in 2019
- In September 2019, Amazon.com, Inc., announced the launch of amazon care that will help their employees to meet their needs as it includes telemedicine and an online chat with nurse that will bring medication to the employee's office or house.
Scope of the Telehealth Market
is segmented on the basis of countries into U.S., Canada, Mexico in North America, Brazil, Argentina, Rest of South America as a part of South America, Germany, France, U.K., Italy, Spain, Netherlands, Belgium, Russia, Turkey, Switzerland, Rest of Europe in Europe, China, Japan, India, Australia, Singapore, Thailand, Malaysia, South Korea, Indonesia, Philippines, Rest of Asia-Pacific (APAC)as a part of Asia-Pacific (APAC), U.A.E, Egypt, Saudi Arabia, South Africa, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
- All country based analysis of the telehealth market is further analyzed based on maximum granularity into further segmentation. On the basis of component, the market is segmented into services, software, and hardware. Based on mode of delivery, the market is segmented into web-based delivery mode, cloud-based delivery mode, and on-premise delivery mode. The end-users covered for the report are providers, payers, patients, and other end users.
- Telehealth is defined as an equipment type that is being used by physician to monitor distant customer and audio trips while maintaining a connection between caregivers and nurses with real time patient wellness information. Telehealth facilities can be provided using portable technology, digital data transmission, portable safety application and others.
Some of the Major Highlights of TOC covers:
Chapter 1: Methodology & Scope
- Definition and forecast parameters
- Methodology and forecast parameters
- Data Sources
Chapter 2: Executive Summary
- Business trends
- Regional trends
- Product trends
- End-use trends
Chapter 3: Industry Insights
- Industry segmentation
- Industry landscape
- Vendor matrix
- Technological and innovation landscape
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Research objectives
- To perceive the most influencing pivoting and hindering forces in Telehealth Market and its footprint in the international market.
- Learn about the market policies that are being endorsed by ruling respective organizations.
- To gain a perceptive survey of the market and have an extensive interpretation of the Telehealth Market and its materialistic landscape.
- To understand the structure of Telehealth Market by identifying its various sub segments.
- Focuses on the key global Telehealth Market players, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
- To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
- To project the consumption of Telehealth Market submarkets, with respect to key regions (along with their respective key countries).
- To strategically profile the key players and comprehensively analyze their growth strategies
- To analyze the Telehealth Market with respect to individual growth trends, future prospects, and their contribution to the total market.
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Key Pointers Covered in the Telehealth Market Industry Trends and Forecast to 2026
- Market Size
- Market New Sales Volumes
- Market Replacement Sales Volumes
- Market Installed Base
- Market By Brands
- Market Procedure Volumes
- Market Product Price Analysis
- Market Healthcare Outcomes
- Market Cost of Care Analysis
- Market Regulatory Framework and Changes
- Market Prices and Reimbursement Analysis
- Market Shares in different regions
- Recent Developments for Market Competitors
- Market upcoming applications
- Market innovators study
Market Drivers
- Increase in the elderly population is contributing to the growth of the market
- Growing occurrence of chronic diseases is boosting the growth of the market
- Developments in telecommunication structure is driving the growth of the market
- Need for accessible possible treatments due to increasing medical costs is propelling the growth of the market
Market Restraints
- Legality, secrecy, and security concerns is restricting the growth of the market
- Narrow compensations in the U.S. is hindering the growth of the market
- Slight or little alertness of telemedicine among developing country is hampering the growth of the market
Key Developments in the Market:
- In April 2019, Best Buy joined partnerships with TytoCare, an Israeli-based telehealth firm, to deliver TytoHome equipment solely on the best buy page and in selected shops in Minnesota. For $300, Best Buy clients can now buy a portable evaluation tool that allows remote diagnosis of medical problems such as ear infections, fever, allergies, lower respiratory infections, and rashes, and advise the primary care physician at any moment, anyplace. This cooperation allowed businesses to launch an advanced item in the industry.
- In January 2019, VRHealth announced the implementation of the first telehealth-VR medical system, which contains applications specifically intended for customers to use at home. VRHealth participates in AARP Innovation Labs. With this cooperation with AARP, VRHealth resides at the AARP Innovation Lab and integrates the key characteristics of its item into Alcove VR's Health and Wellness segment, a virtual reality service that allows households to communicate regardless of cost, moment or movement limitations.
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