Telehealth Market is expanding rapidly with KipuHealth launching an enhanced telehealth service through its KipuEMR platform.
Telehealth is a general term used to describe the delivery of healthcare services and other information through telecommunication technology and medical information. It enables long-distance patient care, medical consultation, guidance, information, reminders, educational guidance, monitoring, and local admissions. This service also enables physician and surgeon consultations via the Internet or a personal computer at home or in the emergency room. One of the key reasons why telehealth has emerged as a leading solution in healthcare is rising number of smartphone users. Over the years, high penetration of cheaper smartphones as well as high-speed internet at competitive prices. As per the Our World in Data, the number of internet users increased from around 413 million in 2000 to over 3.4 billion in 2016. According to Pew Research Center, as of February 2021, around 85% of the population in the U.S. owned a smartphone. Such high penetration of smartphones has enabled access to telehealth services, which could potentially augment growth of the telehealth market.
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One example of common use of telehealth technology is through a telemedicine system. A telemedicine system can provide physicians and other health care providers with real-time access to specific information regarding a patient's condition from a location in the world. Physicians can obtain and view photos, videos, or diagnostic information that may otherwise not be readily available. A telehealth provider can also arrange for a hospitalist or other emergency services if available, along with detailed reports on the condition of the patient. Similarly, the technological advancements in telecommunication have proven to be a massive element in the growth of telehealth. The advent of video calling software such as Chiron Health and Teladoc has made telehealth more accessible to the masses. Furthermore, consumers have become increasingly aware of these services and are availing services if it is not possible to physically reach the nearest doctor. Thus, such factors can stimulate growth of the telehealth market in the near future.
Recently, in October 2020, KipuHealth, an electronic medical records (EMR) provider, launched an enhanced telehealth service through its KipuEMR platform.
Developed countries such as the U.S. and Canada are some of the early adopters of telehealth services, followed by some countries in Europe. This is typically due to increasing awareness combined with acceptance of cloud-based technologies. On the contrary, increasing demand for healthcare assistance in rural areas of Asia Pacific can augment growth of the regional telehealth market in the near future.
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Despite its rising preference among consumers, there are certain hurdles that might prove to be challenging. One of the key impediments is regulatory variations across regions. Besides, there have been reported cases of fraud in telemedicine and telehealth, which could potentially limit growth of the telehealth market in the near future.
Major Key Players Are: 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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