Technology

Online Doctor Consultation Market to Grow by USD 38.87 Billion from 2024-2028, Driven by Rising Infectious Diseases and AI-Driven Market Transformation – Technavio

Published

6 hours ago

November 5, 2024

NEW YORK, Nov. 5, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global online doctor consultation market size is estimated to grow by USD 38.87 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 29.6% during the forecast period. Increasing incidence and prevalence of infectious diseases is driving market growth, with a trend towards advent of advanced technologies in providing online doctor consultations. However, privacy and data security concerns in online doctor consultations poses a challenge. Key market players include American Well Corp., Babylon Healthcare Services Ltd., Dictum Health Inc., Doctor Anywhere Pte. Ltd., Enghouse Systems Ltd., eVaidya Pvt. Ltd., Evernorth Health Inc., HealthTap Inc., Included Health Inc., Lybrate Inc. USA., Medify, Mind Health, Orane Healthcare India Pvt. Ltd., PlushCare of California Inc., Practo Technologies Pvt. Ltd., SATA CommHealth, Teladoc Health Inc., TeleHealth Medicine, Walmart Health Virtual care, and ZocDoc Inc..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Product (Services and Software), Type (Audio chat and Video chat), and Geography (North America, Europe, Asia, and Rest of World (ROW))

Region Covered

North America, Europe, Asia, and Rest of World (ROW)

Key companies profiled

American Well Corp., Babylon Healthcare Services Ltd., Dictum Health Inc., Doctor Anywhere Pte. Ltd., Enghouse Systems Ltd., eVaidya Pvt. Ltd., Evernorth Health Inc., HealthTap Inc., Included Health Inc., Lybrate Inc. USA., Medify, Mind Health, Orane Healthcare India Pvt. Ltd., PlushCare of California Inc., Practo Technologies Pvt. Ltd., SATA CommHealth, Teladoc Health Inc., TeleHealth Medicine, Walmart Health Virtual care, and ZocDoc Inc.

Key Market Trends Fueling Growth

The integration of advanced technologies, such as machine learning, predictive analytics, and IoT, in healthcare is driving the adoption of telehealth solutions, including online doctor consultations. Industry 4.0, which utilizes digital technologies and smart automation, is also positively impacting healthcare by enabling real-time patient monitoring and virtual reality systems for data collection. The growth of internet connectivity, the prevalence of smartphones, and the proliferation of wearable devices are expanding access to healthcare services and fueling the growth of mobile health. These trends are expected to boost the global online doctor consultation services market during the forecast period.

The online doctor consultation market is witnessing significant growth due to the increasing use of smartphone cameras and video conferencing software. Doctors and medical practitioners are now able to connect with patients and clients remotely, making healthcare more accessible. With the widespread availability of data connection, digital transformation in the medical fraternity is gaining momentum. However, concerns around unauthorized access, data theft, breaches, and hacking remain. Cloud-based networks, computer sciences, and digital health platforms are key players in this space. Telemedicine market growth is driven by technological advancements, wireless penetration, and increasing smartphone users and broadband coverage. Doctor-on-call services are popular for managing chronic health conditions and lifestyle disorders. AI-assisted diagnosis support, e-OPD, e-pathology, e-radiology, e-counselling, e-health records, e-education, home consultation, and e-commerce services are all part of this digital health revolution. Hospitals and clinics are also joining the bandwagon, offering remote monitoring and AI-assisted diagnosis support. The younger generation’s increasing Internet usage and acceptance of digital solutions are further fueling this trend.

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Market Challenges

Telehealth services, including online doctor consultations, have gained traction as an efficient alternative to traditional healthcare delivery methods. Advanced technology enables healthcare providers to offer superior healthcare services to patients worldwide. Data collection and transmission, such as patient health details and clinical information, are crucial for effective telehealth care. Routine data sharing from medical devices or mobile applications with medical professionals ensures continuous patient health monitoring. Maintaining data security and confidentiality is essential in the telehealth ecosystem, fostering trust between healthcare providers and patients. Federal and state regulations, like the Health Insurance Portability and Accountability Act (HIPAA) of 1996, establish privacy standards to safeguard patients’ medical records. However, unauthorized access to medical data, data breaches, hacking, and loss of data during transmission pose significant threats to the telehealth industry. These concerns may hinder the growth of the global online doctor consultation market. Notably, instances of healthcare data breaches have escalated, particularly during the public health emergency. For example, the Office for Civil Rights (OCR), which enforces HIPAA regulations, temporarily waived certain data security requirements, allowing providers to use non-compliant communication platforms. After August 9, 2023, telehealth providers must adhere to HIPAA standards to maintain patient privacy and data security, mitigating these threats and ensuring market growth.The online doctor consultation market is experiencing significant growth due to increasing internet usage and the younger generation’s preference for digital solutions. This trend is particularly noticeable in the area of lifestyle disorders. Healthcare providers are embracing telehealth and telemedicine services, including E-OPD, E-Pathology, E-Radiology, E-Counselling, and E-Health records, to reach more patients and improve accessibility. Artificial intelligence (AI) is playing a key role in this evolution, with AI-powered chatbots and virtual assistants providing initial consultations and triage. Hospitals and clinics are offering home consultation services, while e-commerce platforms are integrating healthcare services such as telepsychiatry, teleradiology, and teletreatment. Private and government hospitals, independent consultants, rehabilitation centers, retail clinics, and urgent care centers are all adopting digital healthcare services to enhance their offerings. The use of laptops, tablets, and high-speed internet enables information exchange and machine-to-machine communication, facilitating efficient data movement and healthcare service delivery. Population growth and the technological aid provided by mHealth and digital health services are driving the demand for online doctor consultations. The healthcare system is undergoing a technological evolution, with digital health services becoming an integral part of the healthcare ecosystem.

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Segment Overview

This online doctor consultation market report extensively covers market segmentation by

Product 1.1 Services1.2 SoftwareType 2.1 Audio chat2.2 Video chatGeography 3.1 North America3.2 Europe3.3 Asia3.4 Rest of World (ROW)

1.1 Services- The online doctor consultation market is experiencing significant growth due to advancements in technology and enhanced internet services. Key clinical services, including live video conferencing, remote patient monitoring, and mobile health (mHealth), enable healthcare professionals to deliver effective and precise consultations remotely. This trend is driving the demand for a broad spectrum of telehealth services in the healthcare industry. Prominent players, such as American Well Corp. (AmWell), Babylon Healthcare Services Ltd. (Babylon Health), and MDLIVE Inc. (MDLIVE), offer online doctor consultation services. Patients can interact with medical staff via secure messaging or instant messaging for non-urgent medical issues. Video consultations facilitate real-time, face-to-face interaction for symptom evaluation and medical issue outlining. Audio-only consultations are suitable for discussing medical concerns and answering questions. Transmission of health data from wearable technology or home monitoring devices allows medical professionals to efficiently manage chronic illnesses. Electronic prescriptions can be written and transmitted to selected pharmacies, streamlining the prescription process. Patients can consult specialists in various medical fields, such as dermatology, cardiology, orthopedics, and mental health. By 2025, HealthUno aims for a 25% market share in India, currently conducting 1,500 daily consultations with 600+ doctors, aiming to expand its doctor network to 5,000 and launch an online pharmacy, UnoPharmacy. The growing demand for online doctor consultations fuels the global market’s expansion during the forecast period.

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Research Analysis

The online doctor consultation market is experiencing exponential growth due to the increasing usage of the internet and the younger generation’s preference for digital solutions. With the rise of lifestyle disorders, there is a growing demand for convenient and accessible healthcare services. Artificial intelligence (AI) and technological aid are revolutionizing the healthcare system by enabling telehealth, telemedicine, mHealth, and digital healthcare services. Hospitals and clinics are embracing these digital solutions through E-OPD, E-Pathology, and e-commerce services. Retail clinics and urgent care centers are also joining the bandwagon, offering consultations via laptops, tablets, and smartphone cameras. High-speed internet, smartphone cameras, video conferencing software, and data connection have made online doctor consultations a viable alternative to traditional in-person visits. Population growth and the availability of high-speed internet and smartphones are driving the market’s growth.

Market Research Overview

The online doctor consultation market is experiencing significant growth due to the increasing usage of the internet and the younger generation’s preference for digital solutions. Lifestyle disorders are on the rise, driving the demand for convenient and accessible healthcare services. Artificial intelligence (AI) is revolutionizing the healthcare industry with telehealth and telemedicine becoming increasingly popular. E-OPD, E-Pathology, E-Radiology, E-Counselling, and E-Health records are transforming traditional hospital and clinic services. Home consultation and hospital consultation are also gaining traction in the digital healthcare landscape. Telepsychiatry, teleradiology, teletopathology, and other telehealth specialties are providing remote diagnosis and treatment options. Digital healthcare services include e-commerce platforms, retail clinics, urgent care centers, mobile-based health applications, and mHealth. The technological evolution is enabling remote monitoring, digital health platforms, and big data-based systems, which offer AI-assisted diagnosis support. However, concerns around data security and privacy, including unauthorized access, data theft, breaches, and hacking, need to be addressed in cloud-based networks. The digital transformation of the healthcare system is being facilitated by technological aid, including laptops, tablets, smartphone cameras, video conferencing software, and high-speed internet. The telemedicine market is witnessing technological advancements, wireless penetration, and smartphone users, broadband coverage, and doctor-on-call services. The healthcare service delivery is being revolutionized, catering to the needs of patients, clients, and medical practitioners alike. However, it is essential to ensure that digital health services are secure and reliable to maintain trust and confidence in the digital healthcare ecosystem.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductServicesSoftwareTypeAudio ChatVideo ChatGeographyNorth AmericaEuropeAsiaRest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

Technology

Novo AI and discovermarket partner to take Embedded Insurance to the next level

Published

27 mins ago

November 6, 2024

SINGAPORE, Nov. 6, 2024 /PRNewswire/ — Novo AI joins forces with discovermarket, a leading embedded insurance platform, to revolutionize the future of digital insurance. This new partnership aims to enhance the efficiency and accessibility of embedded insurance offerings.

What is Embedded Insurance?

This is a type of product that integrates insurance products directly into the purchasing process of non-insurance items in real-time, enabling consumers to get protection seamlessly during the buying process. The insurance policies are suited to their specific needs, at a fraction of the cost of traditional offerings. With technological advancements, embedded insurance is making low-value items insurable in a cost-effective manner and democratizing the insurance landscape.

What Novo AI Brings to the Table?

This collaboration brings together two innovative companies poised to transform the insurance industry. Given the large volumes and low prices of embedded insurance products, it’s essential to streamline operations, automate processes, and maximize efficiency. Novo AI uses generative AI to make them x100 more efficient than before. Key areas of focus include automating claims processing, implementing systematic fraud detection at scale and enhancing customer support.

Novo AI and discovermarket are rolling out a new product to enhance the customer journey: AI-powered policy creation and management. This AI-agent allows discovermarket to offer a tailored, automated experience where customers can create personalized policies and manage them throughout their lifetime. The agent effectively helps customers understand their insurance coverage, the policy exceptions and assists them with claims submissions.

A Word from the Partners

discovermarket’s CEO, Patrick Bühler states: “Our platform offers a marketplace-as-a-service platform where brokers and insurers can design specific coverage directly, which is automatically configured to operate within our system. We are thrilled to be working with Novo AI to enhance this capability. The addition of AI-driven features will enable us to draft better insurance products autonomously, based on existing policy wording. We believe this is the future of hyper-customized insurance.“

Novo AI CEO: “We’re very excited with the unique set of challenges that the digital insurance playground offers and to be partnering with a forward-looking partner like discovermarket on this. The sector operates under very different rules than traditional insurance, with a critical need for scalable, low-cost, differentiated solutions, particularly in policy management. This will enable first access to insurance for less privileged pockets of the population, and we’re in a unique position to make it happen.”

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SOURCE Novo AI

Technology

Maytronics Announces Patent Settlement With Chasing

Published

27 mins ago

November 6, 2024

WASHINGTON, Nov. 6, 2024 /PRNewswire/ — Maytronics, Ltd. (TASE: MTRN) (“Maytronics”), a global leader in the swimming pool industry, is pleased to announce that it has entered into a settlement agreement with Chasing Innovation Technology Co., Ltd. and Chasing Technology (USA), LLC (collectively “Chasing”) resolving claims of patent infringement related to innovative robotic pool cleaning technology covered by Maytronics’ U.S. Patent No. 10,378,229 and European Patent Nos. 2,845,969 and 2,706,170 (“Maytronics’ Patents”).

In October 2023, Maytronics filed a patent infringement complaint against Chasing in the US District Court for the Western District of Washington. As a result of the parties’ settlement, that complaint will be dismissed. In exchange for Maytonics dismissing the lawsuit, Chasing will, among other things, cease production and sales of robotic pool cleaners that utilize the technology and innovations described and claimed in Maytronics’ Patents. The remaining terms of the settlement agreement remain confidential.

Franck Sogaard, Maytronics’ Chief Revenue Officer (CRO) and President of Americas, EMEA and APAC, said: “We are pleased this matter has been resolved. Maytronics invests considerable time and resources to develop and protect technologies that not only differentiate its products in the market but that define trends in the market. With this settlement, Maytronics re-enforces its commitment to protect its intellectual property and maintain its innovative edge in the global pool cleaning market. This settlement will allow us to focus our full attention on the future by innovating and creating consumer-driven, value-minded, integrated pool products that provide our customers with the perfect pool environment.”

About Maytronics

Maytronics is a global leader in the swimming pool industry, specializing in pool water solutions and offering a wide variety of products such as robotic pool cleaners, pool safety products and water treatment systems. Over the past 40 years, through innovative technology, design and reliability, Maytronics has built its Dolphin pool cleaning robots into a leading global brand. Innovation and creativity are core to Maytronics’ mission and critical to Maytronics’ leadership position and competitive advantage in the market. Consistent with Maytronics’ commitment to leadership through innovation, Maytronics has invested substantial resources in research and development and protection of its intellectual property. Maytronics has developed a global patent portfolio that includes over 100 issued U.S. patents and published patent applications. In addition, Maytronics has numerous international patents protecting its industry-leading innovative technology for pool cleaning robots. For more information about Maytronics please visit www.maytronics.com.

Contact:

Tomer Rubinshtein
Tomer.Rubinshtein@Maytronics.com

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SOURCE Maytronics

Technology

Nium and Partior Partner on Real-Time, Cross-Border Payments, Clearing and Settlement

Published

27 mins ago

November 6, 2024

Nium becomes first fintech to join the blockchain-based network, enabling faster cross-border payments, added market reach, and greater transaction transparency

SINGAPORE, Nov. 5, 2024 /PRNewswire/ — Nium, the leading global infrastructure for real-time cross-border payments, today announced a partnership with Partior, the blockchain-based fintech for clearing and settlement at the Singapore Fintech Festival 2024. The partnership makes Nium the first fintech payment service provider (PSP) on the Partior network. Financial institutions will be able to connect with Nium via Partior for 24×7, transparent, real-time payouts, clearing, and settlement to over 100 markets worldwide. Importantly, the connection will require no additional API integration work, streamlining what historically took months of resource-intensive work.

This new partnership builds on Nium’s recent strategy to connect more networks to its real-time payments’ infrastructure. By joining the Partior network, Nium is extending its connectivity to one of the most innovative networks in the industry. Partior’s blockchain-powered platform effectively resolves longstanding inefficiencies in global payments, such as settlement delays, high costs, and limited transaction transparency. In today’s global landscape, where companies operate around the clock, effective liquidity management is essential for both corporate and financial institutions. This collaboration allows Nium to offer its clients the ability to execute real-time multi-currency payments and Payments versus Payments (PvP) settlements, further simplifying access to its global payments network.

“Nium’s partnership with Partior brings us closer to becoming the most connected payments network globally. By integrating with advanced networks, such as Partior, we are ensuring that financial institutions can quickly and easily access our real-time payments infrastructure without the need for complex technical integrations,” said Alexandra Johnson, Chief Payments Officer at Nium. “Recognizing how resource-constrained financial institutions are, we’re eliminating barriers to using our network and increasing interoperability to deliver on our mission of having seamless and streamlined real-time payments to anyone, anywhere.”

Humphrey Valenbreder, Chief Executive Officer at Partior said, “Partnering with Nium marks a significant step in our journey to further advance the global payments landscape. By combining Partior’s real-time blockchain settlement network with Nium’s vast global reach, we’re empowering financial institutions to break down long-standing barriers. Imagine a world where cross-border payments are instantaneous, transparent, and accessible to all. This is the future we’re building together.”

As part of its continued expansion, Nium’s partnership with Partior enhances its ability to facilitate frictionless global transactions and unlock new services such as intra-day FX swaps, cross-currency repos, programmable enterprise liquidity management, and Just-in-Time multi-bank payments for financial institutions worldwide.

Nium’s growing network, supported by these strategic partnerships, is setting a new standard for how financial institutions can access and benefit from global payments, paving the way for a more efficient and transparent financial ecosystem.

About Nium

Nium, the leading global infrastructure for real-time cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.

About Partior

Partior, the blockchain-based fintech for clearing and settlement, is redefining the way value moves globally. Founded in 2021, Partior is backed by founding shareholders DBS, J.P. Morgan, Standard Chartered, and Temasek, and Series B lead investor Peak XV. Partior is addressing the operating inefficiencies experienced by industry players, including settlement delays, limited transaction transparency and high operating costs, and facilitates the movement of liquidity for financial institutions and their customers. Its network offers real-time multi-currency payments, and Payments versus Payments (PvP) settlement. Additionally, it is exploring new services including Intra-day swaps, Delivery versus Payments (DvP) settlement and enterprise solutions.

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