Telehealth, also referred to as e-Health or telemedicine, allows healthcare professionals to assess, diagnose, and treat patients in remote locations. The technology enhances relationship between patients and healthcare providers, thereby aiding to provide better healthcare. Telehealth is a quick and convenient approach to provide medical expertise at reduced cost. Healthcare professionals can advise patients at their homes and workplaces using telehealth. The technology can also be used for the treatment of 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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According to the 2017 U.S. Telemedicine Industry Benchmark Survey conducted among healthcare executives, physicians, nurses, and other healthcare professionals throughout the U.S., over half of survey participants noted telemedicine as a top priority or high priority service in their respective organizations. Moreover, the study findings also demonstrated that telemedicine continues to evolve from a specialty service to a mainstream service. According to the 2016 E-health and Telemedicine report by the U.S. Department of Health and Human Services, it revealed that 59 million people in the U.S. are living in Health Professional Shortage Area (HPSAs)-rural and urban areas with shortages of primary care providers.
The market growth is primarily driven by increasing geriatric population, high incidences of non-communicable diseases such as cardiovascular diseases, metabolic disorders, Alzheimer’s disease, cancer, diabetics, and other mental health problems that need prolonged treatment. Treatment of majority of non-communicable diseases (NCDs) need well-integrated healthcare system. Moreover, telehealth can effectively address various challenges such as lack of healthcare professionals and other problems associated with financial and infrastructure resources. For instance, 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.
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Increasing prevalence of chronic diseases, growing healthcare expenditures, and high adoption of IT infrastructure in the healthcare sector are expected to further boost growth of the telehealth market. For instance, 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, concerns regarding privacy and information security, and low availability of telecommunication bandwidth are major factors restricting growth of the telehealth market. For instance, 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.
Increasing use of telehealth can mitigate reliability on hospitals and offer effective home healthcare services. For instance, according to a report published in March 2017, by NTCA-The Rural Broadband Association, 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:
On the basis of mode of delivery type, the global telehealth market is segmented into:
On the basis of end-user, the global telehealth market is segmented into:
- Telehealth Providers
- Other end-users
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Increasing support of various governments to enhance adoption of telehealth is expected to boost the market growth
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). Moreover, the act permits the use of remote patient monitoring for patients suffering with chronic conditions. Increasing grants from governments to enhance adoption of telehealth programs in hospitals, clinic, and public health offices is also expected to boost growth of the market. For instance, in 2017, Southwest Telehealth Resource Center (SWTRC) received US$ 975,000 cooperative agreement grant from the U.S. Federal Office for the Advancement of Telehealth (OAT).
Key players in the telehealth market
Major 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.
Table of Content
Global Telehealth Market Research Report
Section 1: Global Telehealth Industry Overview
Section 2: Global Economic Impact on Telehealth Industry
Section 3: Global Market Competition by Industry Producers
Section 4: Global Productions, Revenue (Value), according to Regions
Section 5: Global Supplies (Production), Consumption, Export, Import, geographically
Section 6: Global Productions, Revenue (Value), Price Trend, Product Type
Section 7: Global Market Analysis, on the basis of Application
Section 8: Telehealth Market Pricing Analysis
Section 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Section 10: Strategies and key policies by Distributors/Suppliers/Traders
Section 11: Key Marketing Strategy Analysis, by Market Vendors
Section 12: Market Effect Factors Analysis
Section 13: Global Telehealth Market Forecast
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