About Homecare Telehealth
Homecare Telehealth is a service or a technique by which patients can get there treatment done remotely. It involves distributing different health-related services through electronic telecommunication technologies. This technique helps in providing or allowing the patients who are at a long distance to meet all the requirement for their respected treatments. It also consists of a concept of telemedicine which is sometimes used in a limited sense in order to treat the patient in a better manner. Lack of medical facilities in rural areas is driving the market for homecare telehealth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 3.9% |
The market is fragmented with many players. The threat of terrorism all around the world, demand for tough patrolling on the border and human trafficking have led to a rise in the market for homeland security. Manufacturers are steadily adopting innovative production techniques to gain a competitive advantage over others. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Homecare Telehealth market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Biotronik SE & Co. KG (Germany), Boston Scientific Corporation (United States), CAS Medical Systems (United States), CONTEC MEDICAL (China), Dragerwerk (Germany), GE Healthcare (United States), Guangdong Biolight Meditech (China), Medtronic, Inc. (Ireland), Mindray Medical (China) and Nihon Kohden (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Philips Healthcare (Netherlands), Spacelabs Healthcare (United States) and St. Jude Medical, Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Homecare Telehealth market by Type (External Remote Patient Monitoring Devices and Implantable Remote Patient Monitoring Devices), Application (Home and Hospital) and Region.
On the basis of geography, the market of Homecare Telehealth has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Services, the sub-segment i.e. Telepathology will boost the Homecare Telehealth market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Emergence of Telehealth Robots & Robotic Telehealth Platforms
Market Growth Drivers:
Increasing Demand for Virtual Visits, and Remote Patient Monitoring in Developed Countries, Increasing Number of Patients in Rural Areas with no Facilities of Hospitals and Lack of Transportation and Staff Required for Hospitals
Challenges:
Issue Related to Data Security & Privacy Risks Associated With Telehealth
Restraints:
Legal Barriers & Lack of Standard Regulations for Telehealth and Lack of Standard Interoperability & Data Integration with Telehealth Infrastructure
Opportunities:
Rapid Technological Advancements Fueling Telehealth Adoption and Rising Awareness among Rural People about Telehealth
Market Leaders and their expansionary development strategies
On August 2022, Raytheon Technologies partnered with Microsoft to develop new cybersecurity solutions for the Department of Homeland Security.
In March 2023, Royal Philips announced the debut of Philips Virtual Care Management, a comprehensive portfolio of flexible solutions and services to help health systems, providers, payers and employer groups more meaningfully motivate and deeply connect with patients from virtually anywhere. Philips Virtual Care Management can help reduce pressure on hospital staff by decreasing emergency department visits, as well as reducing the cost of care through better management of chronic disease
The United States require a practitioner to obtain a full license to deliver telemedicine care across state lines. Typically, states with restrictive licensure laws also have several exceptions (varying from state to state) that may release an out-of-state practitioner from the additional burden of obtaining such a license. A number of states require practitioners who seek compensation to frequently deliver interstate care to acquire a full license. If a practitioner serves several states, obtaining this license in each state could be an expensive and time-consuming proposition. Even if the practitioner never practices medicine face-to-face with a patient in another state, he/she still must meet a variety of other individual state requirements, including paying substantial licensure fees, passing additional oral and written examinations, and traveling for interviews.
Key Target Audience
Clinical, Pharmaceuticals, Potential Investors, Government Bodies and Associations, Up and Down Stream Vendors, Private Research Organizations, Suppliers and Distributors and Other
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.