Telemedicine is the use of information technology and telecommunications infrastructure to offer healthcare services such as health assessments or consultations. It enables healthcare professionals to evaluate, diagnose, and treat patients without an in-person visitation, and it is also extremely beneficial in saving lives during critical care and emergencies. Telemedicine is extremely beneficial for remote rural regions since it helps to overcome distance obstacles in order to obtain medical treatments when they are needed. Telemedicine allows clinicians to communicate with one another using a number of technological means, such as email, video conferencing, and instant messaging. This lowers the total cost of medical treatment for people while also increasing access to healthcare.
Recognizing the potential of telemedicine, the World Health Organization formed the Global Observatory for eHealth (GOe) to investigate the advantages that information and communication technologies may bring to healthcare, therefore promoting patient well-being. The global observatory was established in 2009 to assess the state of telemedicine at the regional, national, and international scales. The survey looked at four disciplines of telemedicine such as teledermatology, telepathology, teleradiology, and telepsychology, as well as four mechanisms that would aid in the expansion of telemedicine around the world.
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The traditional form of telemedicine, which required the use of telephones and radios, has been enhanced by the addition of videotelephony, sophisticated diagnostic procedures backed by numerous applications, and telemedical equipment to assist in-home care.
Telemedicine market taxonomy:
On the basis of services provided, the telemedicine market is classified into:
- Tele-monitoring
- Tele-education
- Tele-consultation
- Tele-training
- Tele-care
- Tele-surgery
On the basis of application, the telemedicine market is classified into:
- Neurology
- Orthopedics
- Emergency care
- Cardiology
- Dermatology
- Internal medicine
- Others
On the basis of end user, the telemedicine market is classified into:
- Hospitals
- Clinics
- Others
The rapid growth of internet infrastructure and smartphone increasing popularity offers an optimal outlook for the global telemedicine market growth over the forecast period. Furthermore, the rising desire for customized healthcare boosts market growth over the forecast period. The American Telemedicine Association (ATA) indicated the cost efficiency of telemedicine in 2013 based on numerous study findings. For instance, in 2011, a study was performed with the launch of the Health Buddy Program, which included a telehealth tool for chronically sick Medicare patients. It was discovered that patients who utilized this telemedicine saved much more than those who did not. Similar research was conducted in New Mexico in 2012, which demonstrated that expenditures in ‘Hospital at Home’ were 19% lower when compared to care in hospitals for identical inpatients.
According to the American Telemedicine Association (ATA), in 2016 around 15 million Americans got medical care via telemedicine. In 2017 this figure is expected to rise to 30%. Besides the ATA, numerous acts were passed in 2017 to encourage the expansion of telemedicine across all nations, such as the CONNECT for Health Act and the CHRONIC Care Act. In 2017, the New Jersey Assembly Health Committee legally defined the practice of telemedicine, who qualifies for it, and what technology can be utilized. This is expected to substantially drive the region’s telemedicine market over the forecast period. Another advancement in North Carolina is TeleICU, which allows experts to visually monitor and gather data on every distant ICU patient. Furthermore, telemedicine advancements are also being observed in Latin America. the government of Paraiba, Brazil, in 2015 launched a telemedicine program for remote screening of heart abnormalities in children.
Moreover, there is a variety of medical insurance available to support telemedicine services. For instance, the Congressional Budget Office (CBO) extended Medicare coverage for treatments such as pharmaceutical management, consultation, and personal psychotherapy on May 18, 2017.
In developing economies such as Africa, India, and Brazil, a shortage of resources, infrastructures, and high technology costs may hinder the market growth in the region over the forecast period.
Some of the major players operating in the global telemedicine market include GE Healthcare, Cerner, AMD Telemedicine, McKesson, Cisco Systems, IBM Corporation, Philips Healthcare, Cardio Net Inc., Honeywell Life Care Solutions, Siemens Healthcare, and Medtronic.
Market players are using a variety of methods to develop a position in the telemedicine market. In 2016, Doc+, a Russian digital health firm, integrated telemedicine with digital-enabled house calls, allowing doctors to provide sick notes, consultations, prescriptions, as well as a variety of diagnostic tests via electronic systems.
Moreover, ZH Healthcare partnered with Curavi Health Telemedicine Company in 2017 to provide workflow and electronic health records (EHR) solutions that would aid in the delivery of telemedicine services and medical care to nursing-home bedsides.
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