Showing posts with label Telemedicine Market Size. Show all posts
Showing posts with label Telemedicine Market Size. Show all posts

Remote Consulting and Patient Monitoring a Reality with Telemedicine

To make healthcare easily accessible to the masses, governments of numerous countries are investing heavily in digital and virtual technologies. For instance, the Health Resources and Services Administration (HRSA) and U.S. Department of Health and Human Services (HHS) invested $15 million in May 2020 in 159 organizations working in the field of telemedicine, to help them ramp up their capabilities amidst the devastating COVID-19 pandemic. Moreover, a month ago, the congress, under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, authorized the Federal Communications Commission (FCC) to invest $200 million for the provision of connected care across the country.

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This is because among many of its purposes, telemedicine is used for monitoring the condition of patients remotely. These days, a number of connected medical devices, such as multi-parameter monitors, blood glucose monitors, sphygmomanometers, capnographs, and electroencephalograms (EEG), are being used to monitor patients’ health and transmit the data over the internet or the phone line to the server of their doctors. Since it saves patients the trouble of physically visiting their doctor for routine stuff, remote monitoring is becoming increasingly popular in far-flung areas.

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However, the most-prominent purpose for which telemedicine is presently used is teleconsulting. In this method, the doctor communicates with the patient via telephone or internet audio and video, wherein regular conditions are diagnosed, symptoms shared, and medical and dietary advice taken. This helps patients in at least two ways: first, it saves them the time and money spent in visiting a healthcare facility, and second, it prevents the transmission of healthcare-acquired infections (HAI). With doctors currently not seeing patients personally for non-COVID illnesses, teleconsulting is being increasingly practiced.

Since the usage of audio and video equipment for remote healthcare purposes mandates technological advancements and heavy investments, the telemedicine market of North America has been the most productive till now. Moreover, the prevalence of chronic diseases, especially cancer and heart issues, is quite high in the region, which creates the need for extensive patient monitoring. Moreover, as per the UN, the geriatric population in the region will increase to 96.3 million by 2050 from 59.9 million in 2019, thereby driving the demand for various telemedicine services.


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Telemedicine Market by Type, Service, Specialty, Regional Analysis and Forecast to 2023

Global telemedicine market is projected to attain a size of $48.8 billion by 2023. This significant growth in the market is characterized by rising healthcare cost, increasing government funding and grants for telemedicine, increasing number of smart phone users and the surge in the prevalence of chronic and lifestyle diseases.


Based on type, the telemedicine market has been categorized into tele-hospital and clinic, and tele-home. Of these two, tele-home is expected to be a faster growing category during the forecast period, with a CAGR of 17.1%. This is attributed to the increasing use of tele-home monitoring tools, which help in monitoring the chronic conditions of a patient from home.

On the basis of service, the telemedicine market has been categorized into tele-consulting, tele-monitoring, tele-education, tele-training, and others. Of these, the tele-consulting category accounted for the largest share in this market, with 42.8% contribution in 2017. This can be ascribed to the increasing number of smart phone users and the number of benefits available with tele-consulting services, such as reduced hospital stays, and decreased healthcare expenditure and travel cost.


The companies operating in the telemedicine industry are introducing advanced telehealth platforms for market expansion. For instance, in April 2017, Koninklijke Philips N.V. introduced the tele ICU enterprise software at American Telemedicine Association’s annual meeting. This latest advanced technology has rendered success to the company in population health management for critical care unit.

Some of the other key players in the telemedicine market are Aerotel Medical Systems Ltd., InTouch Technologies Inc., AMD Global Telemedicine Inc., OBS Medical Ltd., Cisco Systems Inc., Cerner Corporation, Allscripts Healthcare Solutions Inc., McKesson Corporation, Honeywell International Inc., BioTelemetry Inc., Medtronic plc., Polycom Inc., General Electric Company, and GlobalMed.


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