With high number of competitive participants, the Global Telehealth Market is tuning into a competitive business landscape. The global telehealth market size was US$ xx in 2016 and is projected to expand at xx% CAGR from 2017 to 2025 to reach US$ xxx Bn by end of 2025.
Rise in prevalent chronic diseases such as cardiovascular disease and diabetes, growing geriatric population, technological advancement in mobile solution, medical imaging for healthcare and upsurge in demand for self-care solutions and devices are likely to increase the telehealth market share during the forecast period.
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Mounting healthcare expenditures and high adoption rate of health IT infrastructure to back telehealth initiatives will bring the graph of global telehealth market upwards. Veterans Health Administration, being the biggest integrated health care system of U.S. utilizes multiple types of telehealth interventions, which offers routine as well as targeted care management services.
Benefits of Telehealth in Healthcare Industry
Telehealth is a technology known for telecommunication, also called e-Health or telemedicine. Telemedicine Industry Benchmark Survey conducted among healthcare physicians, executives, nurses and other healthcare professionals throughout the U.S., it was noticed that participants picked telemedicine at higher priority service in respective organizations. It facilitates patients residing in remote location with services as healthcare professionals can diagnose, evaluate and treat patients online. According to E-health and Telemedicine survey conducted, it was revealed that ample of population faces shortage of primary healthcare facilities in rural and urban areas.
Global telehealth industry encompasses broad range of technologies and tactics to deliver health, education and medical services. Telehealth is an array of services that is it means to enhance education and care delivery. It is used as medium of exchanging information for clinical care, public health, administrative services and education at a distance. It improves relationship between patients and healthcare providers for enhanced patient satisfaction and care along with reduced cost.
Application of Teleheath
Cardiology and Radiology stands at leading applications of telehealth. Teleradiology has conquered a major global teleheath market share during last year. Mental and behavioral health has major imprint of telehealth. Significant rise observed in health issues with lack of health providers is an acknowledged opportunity for global telehealth industry to meet the increased demand for mental health services.
Asia-Pacific region, with emphasis on China, Japan and India is expected to receive evident highest growth. The major contributing factors to this growth are favorable initiatives for the adoption of telepathology in China, geriatric population in Japan and high internet penetration in India. Moreover, growing number of HCIT programs, increasing medical tourism in Singapore, Malaysia, Thailand and India; and up-scaled funding in telehealth in Australia are most significant drivers for telehealth market growth in Asia-Pacific region.
In the U.S., the global telehealth market is driven by implementation of the Affordable Care Act (ACA), upcoming regulatory policies and shortage of physicians. In Canada, rising market growth is backed by rising healthcare spending and climbed number of events and conferences that are creating awareness about telehealth service in the region.
Key Players in the Telehealth Market
Some of the key players operating in the global telehealth market include Medtronic plc, Tunstall Healthcare Group Ltd, Koninklijke Philips N.V., McKesson Corporation, AMD Global Telemedicine, Inc., Medvivo Group Ltd., Vidyo, Care Innovations, Inc., Cisco Systems, Inc., LLC, Honeywell Life Care Solutions, and General Electric Company.
Incorporation of Cutting-edge Technology
Tele-education enables various communication links for essential programming learners, patients, providers and families that is shared through live interactive AV links, watching stored educational material and live streaming video. Best practices of tele-health education by healthcare professionals include project ECHO (Extension for Community Healthcare Outcomes), who include remote case management with help of network of academic specialists and primary care clinics for targeted diseases
Tele-consultation is another important aspect where a doctor request consultation for patient through a communication link. This occurs via a live AV link or store-and-forward technology that permit recording interaction of doctor and patient that can be viewed afterwards. This is applicable to both inpatient and outpatient setting and effective for both chronic as well as acute disease management. Tele- consultation using an interactive or live AV link has furthered capacity of utilizing peripheral devices such as ophthalmoscope, ECG, stethoscope, otoscope, and ultrasonography that can again produce an in-person bedside evaluation. This is valuable to remote areas for supplementing after hours care.
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