Telehealth Market by Component, Delivery Mode and End User - Global Industry Analysis and Forecast to 2025

Telehealth Market Overview:

Telehealth refers to the use of telecommunication technologies and electronic information to promote and support long distance clinical healthcare, health related education and administration of public health. Such technologies include the internet, video conferencing, storing and forwarding of images, terrestrial and wireless communication and different streaming media. Telehealth technology has brought a revolution in healthcare delivery system enabling healthcare providers to connect with their patients and to consult other practitioners across long distances. Healthcare institutions are rapidly adopting telehealth systems owing to the associated benefits such as virtual consultations with specialists from distant locations and cost effective and convenient healthcare options for the patients.

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Telehealth traditionally comprises of three major dimensions that are, real time telehealth services, store and forward communication systems and remote patient monitoring. Real time telehealth services enable a two way interaction between the healthcare provider and a patient or his caregiver through audio-visual mediums. These systems can be used to effectively consult, diagnose and treat the patients who are located at remote distances from the healthcare institution. By using store and forward communication systems, a patient’s recorded health history such as digital medical images like X-rays, pre-recorded videos and reports can be transmitted to the healthcare practitioner through a secure electronic communication system. This information can be vital for assessing the patient’s case. Such pre-recorded information can be of great help for patients who need specialty care when providers are not available locally. Remote patient monitoring refers to the collection and transmission of a patient’s medical data to a healthcare provider at a different location. This data enables the provider to track/monitor the health related parameters of that patient from a remote location. Apart from these three traditional dimensions, various other applications such as mHealth or mobile health serves, wearable devices to track wellness and health and different online services have flourished over the years.

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The fundamental benefits of telehealth are improved access to the patients at remote locations, cost effectiveness of telehealth services over conventional healthcare services, improved efficiency and quality of healthcare service delivery. Patients can expect better and faster outcomes as they have instant access to the specialists. Unnecessary readmissions can be significantly reduced due to the availability of remote consultation and monitoring services allowing patients to effectively manage their health conditions at home.
Some of the key factors driving the growth of the global telehealth market are increasing demand to centralize healthcare administration, increasing adoption of telehealth applications in homecare and cost effectiveness of telehealth services over conventional healthcare services. With rapid improvement in telecommunication infrastructure worldwide and increasing penetration of high speed, low cost internet services, more and more people are getting access to telehealth services across the globe. However factors such as unfavorable reimbursement policies related to telehealth services and concerns related to the security of patient information can hamper the market growth to some extent.

The major players operating in the global telehealth market focus on product development and strategic collaborations to introduce next generation telehealth products and earn a larger share of the market. For instance, in November 2016, Cerner Corporation and American Well partnered to integrate American Well’s telehealth platform and Cerner Corporation’s electronic health record platform in order to manage healthcare virtually and provide patient access via Cerner Corporation’s HealtheLifeSM patient engagement portal. Some of the major players in the global telehealth market are Cerner Corporation, Koninklijke Philips N.V., Medtronic plc, Tunstall Healthcare, Honeywell International Inc., American Well, Care Innovations, LLC., Cisco Systems, Inc., Medvivo Group Ltd and Aerotel Medical Systems Ltd.

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