Telehealth is the way of delivering healthcare at a distance, with the help of telecommunications and information technology. This involves use of smartphones, emails, two-way video conference calls and other wireless devices, such as wearable and Wi-Fi-connected bio sensors or medical peripheral devices. Telehealth has rapidly evolved in recent years. Technological advancements including high speed communication networks, improved storage medium, security, application development, mobile technology, cloud computing and digitization has led to the transformation in uptake of telehealth. Telehealth is promptly becoming a critical part of the healthcare industry as it enables hospitals, physicians, payers, employer groups to reduce costs while improving quality of care. “Meticulous Research” in its latest publication states that, the “global Telehealth Market is expected to grow at a CAGR of 23.0% from 2018 to 2023 to reach $12,105.2 million by 2023.”
This growth is primarily driven by the improving health IT infrastructure, aging population & rising prevalence to chronic diseases, increasing awareness about benefits of telemedicine, favorable government initiatives & reforms/policies, and shortage of healthcare professionals.
Rising awareness about the benefits of telehealth is taking this market to new height. Remote-controlled robots are one aspect of telehealth, but the term covers much more than that. Due to shortage of healthcare professionals‘ patients and providers have started adopting telehealth systems which connects patients to vital healthcare services through videoconferencing, remote monitoring, electronic consults and wireless communications.
By increasing access to physicians and specialists, telehealth system helps patients to receive the right care, at the right place, at the right time. Healthcare system is increasingly recognizing benefits of adopting telehealth. According to American Hospital Association, in 2016, 65% of the U.S. hospitals connect with patients and consulting practitioners at a distance through the use of video and other technology, from 61% in 2015 and 55% in 2014. Telehealth systems have transformed the way people receive healthcare through the conjoined efforts of the science, medical, and technology industries, along with assistance from federal agencies. From general care to mental health and counselling, the benefits of telehealth are unparalleled. The benefits of telemedicine/telehealth include improved access, cost efficiencies, improved quality, and patient demand.
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Telemedicine/telehealth has been used to bring healthcare services to patients from distant locations. The improved access of telemedicine/telehealth allows physicians and health facilities to expand their reach beyond their own offices. Reduction in the healthcare cost is one of the most important reasons for increasing telehealth technologies. Telehealth/telemedicine helps to reduce healthcare cost and increase efficiency. Using telemedicine/telehealth systems reduces travel time and related stresses for the patient. Improved quality is also one of the major benefit as the quality of healthcare services delivered via telehealth are as good those given in traditional in-person consolations. Thus, these are some of the benefits which are driving the adoption of telemedicine/telehealth services across the globe.
The report provides meticulous analysis of telehealth/telemedicine market by segmenting it on the basis of component (service, software, device), mode of delivery (on premise, web, cloud), application (radiology, cardiology, primary/urgent care, icu, mental health), end user (physician, payor, patient), and geography.
The key players analyzed in the telehealth/telemedicine market are Aerotel Medical Systems, AMD Global Telemedicine, Inc., American Well, Care Innovations, LLC (Intel Corporation), Cerner Corporation, Chunyu Yisheng, Cisco Systems, Inc., Doctor On Demand, Honeywell Life Care Solutions, Intouch Health, MDLive, Medtronic PLC, McKesson Corporation, Philips Healthcare, Sherpaa Health, Siemens Healthineers, SnapMD, Inc. Teladoc, Inc., Vidyo, Inc., Iris Telehealth, Zipnosis, BioTelemetry, Inc., Welch Allyn, Inc., and CareClix.
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Key Topics Covered in This Report:
- Research Methodology
- Executive Summary
- Market Share Analysis
- Market Insights
- Global Telehealth/Telemedicine Market, By Component
- Global Telehealth/Telemedicine Market, By Deployment Model
- Global Telehealth/Telemedicine Market, By Application
- Global Telehealth/Telemedicine Market, By End User
- Geographic Analysis
- Competitive Landscape
- Company Profiles
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