Telemedicine An Insight On the Important Factors and Trends Influencing the Market 2027| Medtronic, Inc, Philips Healthcare Honeywell Life Care Solutions

Telemedicine is the use of information technology and telecommunication for the delivery of healthcare services such as health assessments or consultations over the telecommunications infrastructure. The service can be used to diagnose, assess, and for the treatment of patients that do not require an in-person visit. Telemedicine is a useful service in case of critical care and emergency situations. Moreover, the service can offer valuable assistance for distant rural areas. Telemedicine can be used to connect with healthcare professionals by using a wide range of electronic media such as video conferencing, email, and electronic messaging platforms. The service can reduce the overall cost of medical care for patients and enhance healthcare access.

The World Health Organization (WHO) established The Global Observatory for eHealth (GOe) to assess the advantages of use of information and communication technologies in healthcare. In 2009, GOe was assigned to determine the status of telemedicine at the national, regional, and global level. The survey examined the four fields of telemedicine, which include telepathology, teledermatogy, telepsychology, and teleradiology along with four mechanisms that will help in the development of telemedicine across all nations.

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The conventional form of telemedicine included use of telephone and radio. However, the addition of videotelephony, advanced diagnostic methods supported by various applications, and tele medical devices to support in-home care have improved telemedicine services.

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

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Rapid development of the internet infrastructure and use of smartphones is expected contribute to growth of the global telemedicine market. Moreover, increasing demand for personalized healthcare also aids in growth of the market. In 2013, American Telemedicine Association (ATA) stated the cost effectiveness of telemedicine through various research outcomes. For instance, a research was conducted in 2011 with implementation of Health Buddy Program, which integrated a telehealth tool for chronically ill Medicare beneficiaries. The research revealed that patients who used this telemedicine had significant savings than patients who did not use it. A similar study was conducted in 2012 in New Mexico, which proved that the costs in ‘Hospital at Home’ were 19% lower compared to care in hospitals for similar inpatients.

According to American Telemedicine Association (ATA), over 15 million people in the U.S. received medical care through telemedicine in 2016. Moreover, this number is expected to increase by 30% in 2017. In 2017, the ATA also issued several acts such as CHRONIC Care Act and CONNECT for Health Act to support the growth of telemedicine worldwide. In 2017, The Assembly Health Committee of New Jersey legally defined the practice of telemedicine, users that are eligible for the service, and the technology that can be used. Such scenario is expected to propel growth of the telemedicine market in the region during the forecast period. Another development in North Carolina enables healthcare professionals to use video monitoring and data collection on remote ICU patients through TeleICU. Increasing development in telemedicine is expected to boost growth of the market in Latin America. For instance, in 2015, The Government of Paraiba, Brazil introduced a telemedicine project for remote screening of hearth defects in children.

Furthermore, availability of favorable medical policies for telemedicine services is expected to boost the market growth. For instance, in May 2017, the Congressional Budget Office (CBO) expanded its Medicare coverage for services such as consultation, individual psychotherapy, and pharmacologic management.

However, high costs associated with telemedicine technologies and lack of resources and infrastructure in emerging economies such as India, Brazil, and African countries is expected to hinder the market growth.

Key Players

Key players in the market are focused on adopting various strategies to enhance their market share. For instance, in 2016, Doc+, a Russia-based digital health company, combined telemedicine with digital-enabled house calls through which doctors can offer consultations, sick notes, prescriptions, and a number of diagnostic tests over electronic platform. In 2017, ZH healthcare collaborated with Curavi Health Telemedicine Company to deliver workflow and electronic health records (EHR) solutions that will help deliver telemedicine solutions and physician care to the nursing-home bedside.

Key players operating in the telemedicine market include, Siemens Healthcare, McKesson, Cardio Net Inc., Cerner, IBM Corporation, Medtronic, Inc., Philips Healthcare Honeywell Life Care Solutions, GE Healthcare, AMD Telemedicine, and Cisco Systems.

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