Telehealth, also known as telemedicine or e-health, is the healthcare services delivery through remote settings. Solutions in the global telemedicine market cover consultations and exams over the infrastructure of telecommunications. As per the latest research, majority of healthcare organizations have implemented or started implementation of telemedicine programs within the organization. This trend is expected to positively influence the demand dynamics in the global telemedicine market in the next few years as well.
Rising trend of adopting services and solutions from the global telemedicine market has also penetrated into small and individual healthcare practitioners during the period of COVID-19 pandemic. Solutions in the global telemedicine market aid in reduction of medical costs, providing enhanced patient access to healthcare professionals and medical services, and improve profitability as well as efficiency for the medical practitioners.
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During the time of COVID-19 pandemic, the solutions in the global telemedicine market were widely used to gather information, treat patients, provide accurate diagnostics, and connect patients to eligible medical professionals. The services in the global telemedicine market were also utilized by several governments on a large scale during the pandemic in order to reassure and spread awareness within the population. Rise in the demand for radiological services due to increasing prevalence of chronic health conditions such as orthopedic injuries and congestive heart failures is a major driving factor for the services in the global telemedicine market.
Furthermore, substantial rise in the government spending in healthcare information sector or HCIT sector as well as increasing focus of players in the global telemedicine market for innovating digital diagnostic methods are also fueling the demand in the global telemedicine market. Moreover, advancements in the medical diagnostic technologies are also anticipated to create new avenues for expansion in the global telemedicine market in coming years. Increase in the developing prospects in emerging and established economies is also expected to further the development trajectory of the global telemedicine market in the next few years. High demand for physician virtual consultation services is also positively influencing the growth in global telemedicine market.
According to Transparency Market Research’s latest report on the telemedicine market for the historical period 2017–2018 and forecast period 2019–2027, increasing incidences of chronic and other acute diseases, ageing & baby boomer’s population, technological advancements awareness about the Telehealth services, and increase in healthcare expenditure are projected to drive the Telemedicine market during the forecast period.
According to the report, the Telemedicine market was valued at US$ 27.51 Bn in 2018 and is anticipated to expand at a CAGR of 14% from 2019 to 2027.
Increased government spending and reimbursement policies along with increase in ageing population to boost telemedicine preference: Key Drivers
Governments across the world have increased spending on healthcare and related services due to growing health concerns and rise in non-infectious diseases. According to a research conducted by the Institute for Fiscal Studies, U.K., the government spending on healthcare from the national income increased from 7.0% in 2000 to 9.4% in 2017. The public spending on health increased from 79% in 2000 to 82.8% in 2017. Moreover, real spending on healthcare grew at faster rate which was reportedly higher than the national income growth rate.
Continuous growth in geriatric population is expected to be one of the potential drivers of the telemedicine market during the forecast period. According to WHO estimates, the global geriatric population is likely to reach around 2 billion (22% of global population) by 2050, which is further expected to further drive the telemedicine market over the forecast period. Ageing population are prone to long term care and other chronic diseases including cardiology, orthopedic and other conditions, this is one major factor driving the demand of the telemedicine services.
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Increase Tele-nursing and Remote Care to Handle Solutions to Handle Larger Patient Pool
The increasing patient pool has created a huge burden on existing healthcare systems of the world. Patient complaints and infections have created mild panic situations in developed and developing countries. A large percentage of these patients represent near normal situations and false alarms. Many of these cases arise due to misinformation regarding medical applications and unnecessary confusion or panic.
These problems can be effectively filtered out by trained front level medical practitioners i.e., nursing staff and practice doctors. This filtering can be efficiently implemented to decrease workload and increase the effectiveness and productivity of experienced medical practitioners, who are scarce in many regions. This also improves patient care and paves the way for providing increased attention toward more serious cases that are highly time-bound (i.e. emergency cases).
Since nurses are often well informed about the appropriate expert medical practitioner specializing in a particular case. According to the WHO, stroke accounted for 6 million deaths, and more than 2 million people died of injuries and accidents globally every year. Such emergency cases would highly benefit from timely, accurate and organized telemedicine service, thereby reducing global fatalities.
Increasing demand for personal healthcare and privacy boosts the market of telemedicine
The out of pocket per capita spending on healthcare has increased in past few years across the people across globe. Thus, there have being huge demand in the personal healthcare services amongst growing patient burden. These outpatients had shifted to other forms of patient care i.e., telemedicine, which witnessed constant growth rate.
This demonstrated that people were favoring telemedicine and personal healthcare over hospital visits. This trend is expected to continue in the future and telemedicine is likely to replace outpatient hospital visits. Individuals consider hospital infections, location convenience and maintenance of privacy as the primary factors for preferring at home telemedicine solutions. Telemedicine usage, therefore, is expected to rise with the increased demand for personal healthcare.
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Telemedicine Market: Competitive Landscape
This report profiles major players in the Telemedicine market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments.
The Telemedicine market is highly fragmented, due to presence of various players offering telemedicine services across growing patient population.
Prominent players operating in the Telemedicine market are
- Agfa-Gevaert Group
- Allscripts Healthcare
- LLC and/or its affiliates
- AMD Global Telemedicine
- CISCO Systems Inc
- Hoffmann-La Roche Ltd.
- Honeywell HomMed LLC
- InTouch Technologies, Inc.
- BioTelemetry, Inc
- Medtronic
- OBS Medical Ltd.
- Siemens Healthcare Private Limited
- McKesson Corporation
- other prominent players.
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