Market Definition:
Telehealth is the use of electronic information and telecommunications technologies to support and promote long-distance clinical health care, patient and professional health-related education, public health and health administration. Telemedicine refers to the remote diagnosis and treatment of patients using telecommunications technology.
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Market Outlook:
Increasing Adoption of Internet of Things and Blockchain-based Alternative Lending Platforms.
Alternative financial companies are increasingly adopting and implementing the Internet of Things (IoT) and blockchain-based technologies. These technologies help add advanced features such as easy accessibility and transparency to alternative funding platforms, further driving the Telehealth & Telemedicine Market growth. For example, the digital products and solutions company Tavant Technologies has developed a blockchain-based digital solution that takes full advantage of data-driven processes to generate alternative funding lifecycles. Therefore, the increasing adoption of the Internet of Things and blockchain-based alternative lending platforms is expected to drive market growth for global industries in the coming years.
Market Restraints and Challenges
Some of the key restraints and challenges in the Telehealth & Telemedicine Market are:
There is the issue of reimbursement. Many insurance companies do not yet reimburse for telehealth services, which can be a barrier to adoption.
There is the question of regulation. There are currently no federal regulations specifically for telehealth, which can create a patchwork of state regulations that can be difficult to navigate.
There is the challenge of implementation. Telehealth requires both technology and process changes and can be disruptive to traditional care delivery models.
Telehealth requires active participation from patients, who may not be used to or comfortable with using technology for their health care.
COVID-19 Impact:
Telemedicine was extensively used during the COVID-19 pandemic as it aids in decreasing contact with healthcare facilities, healthcare staff, and patients, to minimize the risk of COVID-19. In China, online mental health surveys along with communication programs, such as Weibo, TikTok, and WeChat, among others, assisted health authorities and mental health professionals in rendering mental health services safely and online during the pandemic. Such factors have assisted in market growth during the COVID-19 pandemic. SOC Telemed, a U.S.-based company dealing in telemedicine technology and services, stated in March 2020, that it experienced a surge in demand for on-demand acute care via telemedicine.
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Research Objectives:
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Global Telehealth & Telemedicine Market Segmental Overview
The report analyses the global telehealth & telemedicine market based on delivery mode, component, application, end-user, and region.
Major Players in the Global Telehealth & Telemedicine Market
Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global Telehealth & Telemedicine Market include AMC Health, American Well Corporation, Cerner Corporation, CISCO System Inc., General Electric Company, Koninklijke Philips N.V., Cigna Corporation, Medtronic Plc. Siemens AG, and Teladoc Health Inc. among others.
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Research Scope:
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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