Telehealth
Market, By Component Type (Hardware, Software, Services), By Mode of
Delivery (Web Based, On-Premise, Cloud Based), By End-user (Telehealth
Providers, Patients) - Global Industry Insights, Trends, Outlook, and
Opportunity Analysis, 2018-2026
According to the 2017 U.S.
Telemedicine Industry Benchmark Survey conducted among healthcare executives,
physicians, nurses, and other healthcare professionals throughout the U.S., it
was observed that over half of survey participants noted telemedicine as a top
priority or high priority service in their respective organizations. Moreover,
study findings also show that telemedicine continues to evolve from a specialty
service to a mainstream service. Telehealth is a telecommunication technology,
which is also referred to as e-Health or telemedicine. It enables healthcare
professionals to evaluate, diagnose, and treat patients in remote locations.
According to the 2016 E-health and Telemedicine report by the U.S. Department
of Health and Human Services, it revealed that 59 million Americans are living
in Health Professional Shortage Area (HPSAs)-rural and urban areas with shortages
of primary care providers.
Telehealth helps in improving
relationship between patients and healthcare provider for enhanced patient care
and satisfaction. Telehealth provides medical expertise in quick and convenient
manner, and at reduced cost. Using telehealth, healthcare professionals can
advise patients at their homes and workplaces. Physicians can also treat their
patients from hospitals, medical facilities or from other places of work
including their own homes or even during vacation as long as they are connected
through the Internet.
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Increasing number of geriatric
population, higher incidences of non-communicable disease such as
cardiovascular disease, metabolic disorders, Alzheimer’s disease, cancer,
diabetics, and other mental health problems which require prolonged treatment
would aid in growth of the telehealth market in near future. The nature of most
non-communicable disease (NCDs) requires well-integrated healthcare system to
treat chronic healthcare conditions. Moreover the challenges faced to meet
required healthcare professionals, financial and infrastructure resources
further can be addressed effectively through telehealth market. The 2016
Physician Supply and Demand Report, released by Association of American Medical
College (AAMC), projects the significant physician shortfall in the U.S. between
2014 and 2025, in the range of 61,700 to 94,700.
Increasing prevalence of chronic
disease with rising healthcare expenditures and high adoption of health IT
infrastructure to support telehealth initiatives are also expected to further
boost growth of the telehealth market. Veterans Health Administration (VHA) -
the largest integrated health care system in the U.S. uses multiple types of
telehealth interventions, which provides both routine and targeted care
management services. The 2017 finding from Centers for Medicare and Medicaid
Services (CMS), stated that telehealth and telemedicine payments increased by
28% and claims increased by 33% in 2016, over the year 2015.
However, lack of trained
professionals in remote areas, privacy and information security concerns, and
low availability of telecommunication bandwidth are the major factors adversely
affecting growth of the telehealth market.
According to the 2016 Broadband
Progress Report from Federal Communications Commission, around 40% of rural
Americans still lack access to broadband Internet. Furthermore, according to
the 5G Readiness Survey 2017, by Ericsson AB, 78% respondents of IT decision
makers from all major verticals including healthcare have accelerated their
plans to incorporate 5G into their IT infrastructure.
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Increased adaptation of
telehealth will significantly decrease the dependency on hospitals, and enable
accessibility to proper healthcare services from home. A report published in
March 2017, by NTCA-The Rural Broadband Association stated that, telemedicine
could save thousand dollars per year in healthcare and community costs,
thereby, reducing significant cost spent on transportation, medical facility,
labor wages, and lab cost.
Government initiatives aid in
boosting growth of the telehealth market
The new CONNECT (Creating
Opportunities Now for Necessary and Effective Care Technologies) for Health
Act, introduced in June 2017, will promote cost savings and improve quality
care in Medicare through telehealth and remote patient monitoring, in the U.S.
The new act will provide efficient healthcare services to Medicare
beneficiaries through telemedicine and remote patient monitoring (RPM). In
addition, the act permits the use of remote patient monitoring for patients
suffering with chronic conditions. In 2017, Southwest Telehealth Resource
Center (SWTRC), received US$ 975,000 cooperative agreement grant from the
Federal Office for the Advancement of Telehealth (OAT). Such grants will help
in adoption of telehealth programs in hospitals, clinic, and public health
offices in the underserved areas in the U.S.
Key players in the telehealth
market
Some of the key players operating
in the telehealth market include Koninklijke Philips N.V., Medtronic plc,
Tunstall Healthcare Group Ltd, McKesson Corporation, Medvivo Group Ltd., AMD
Global Telemedicine, Inc., Vidyo, Inc., Cisco Systems, Inc., Care Innovations,
LLC, Honeywell Life Care Solutions, and General Electric Company.
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