Telehealth Market Technology Advancement and Growth 2018 to 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.
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.
Telehealth market
Taxonomy:
On the basis of
component, the global telehealth market is segmented into:
Hardware
Software
Services
On the basis of mode
of delivery type, the global telehealth market is segmented into:
On-premise
Cloud based
On the basis of
end-user, the global telehealth market is segmented into:
Telehealth
Providers
Patients
Other end-users
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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