In the present scenario, there are a lot of technological advancements in the healthcare sector where we can consult the doctor by staying at a home with the help of the information and telecommunication technologies. Introduction of telemedicine helps to overcome distance barrier & also improve access to medical services and thereby saving lives in critical care & emerging situations. Telemedicine solutions will also help to reduce the costs, increase efficiency through better management of chronic diseases, shared health professional staffing, reduced travel times and shorter hospitals stays. The first telemedicine clinics were founded by Kenneth bird at Massachusetts general hospital, designed to remote diagnose and treat patients requiring cardiac resuscitation was developed and launched by an American Company, MedPhone Corporation in the year 1989.
Download a sample report @ https://www.envisioninteligence.com/industry-report/global-telemedicine-market/
TYPES OF TELEMEDICINE SERVICES: –
- Real-time Telemedicine
- Remote Patient Monitoring
- Store-and-forward practices
- Consultation between specialist and primary Caregivers
- Medical Imaging
- Telemedicine Networks
To be more precise the telemedicine is the practice of using communication technology to link healthcare providers to their patients; telemedicine manifests in some ways in which all of them centered on data transfer and communications. Real-time telemedicine makes it easy to do a doctor-patient visit anytime, anywhere and live telemedicine includes two-way communications includes video conferencing and phone consultations which helps to provide patient to communicate in real-time. Remote Patient Monitoring allows healthcare providers to monitor health data and especially effective for chronic conditions like heart diseases to diabetes to asthma and technology allows the patient to monitor themselves. Store-and-forward telemedicine makes patient records and medical data more accessible across long distances. Telemedicine can improve communication between the members of the medical team; the primary physician can get greater access to a wide range of specialists without requiring any travel, and secure video conferencing platforms make it easy for a different professional to collaborate productively. According to the Envision Inteligence market view, the telemedicine technologies are holding a great demand during the forecast period owing to the advanced technologies and providing accurate information from the doctor to patient with the help of the telecommunication technologies.
According to Envision Inteligence global telemedicine report, the market size is estimated to have $ 23.28 billion in 2018, and it is estimated $ 68.67 billion by 2024 with a CAGR 17.48% during the forecast period. Growing medicare reimbursement for telehealth services, increasing prevalence of chronic diseases and technological innovation in communication technology are the major factors which are contributing to the major role in the growth of the telemedicine market. Telemedicine has the major share in the application of Internet of Things in healthcare sector and coming to the telemedicine services the telehealth services is generating the huge revenue, satisfying the requirements of the patient and major factor which is responsible for the increasing growth of the telehealth services are increasing prevalence of chronic diseases and emerging availabilities of innovation in communication technologies. According to the Envision Inteligence research report in the year, 2016 medicare paid a total $28.75 million for telehealth services; this includes payments to distant site providers and originating site payments. Telehealth services with their traditional medicare FFS beneficiaries and the growing rate of medicare reimbursement for telehealth services are boosting the growth of the global telemedicine market. From the telehealth services statistics, mobile operators has a high market share of 50%, device vendors has 29% share, application players of telehealth services has 11% share, and health care providers has a share of 10%.
According to the Envision Inteligence market report on telemedicine market, tele-home is expected to be major growing end user during the forecast period with the CAGR of 17.1%. This growth is due to the increasing use of tele-home monitoring tools which help in monitoring the chronic condition of the patient from home with the help of the advanced telecommunication technologies. There are various type of diagnosis methods to treat and cure the diseases and there specific specialty like dermatology, gynaecology, cardiology, orthopaedics and neurology. Neurology is accounted to have a high share in the telemedicine market during the forecast period with a CAGR of 17.02%. This growth is attributed to the rapid improvement in neurological care, it provides effective management services in medical emergencies like stroke, seizure, sudden paralysis & movement disorders and it majorly helps in initial routine and urgent neurological evaluation and lifestyle counselling.
Increasing trend for the telemedicine market, many of the telemedicine companies are launching the number of the novel technologies into the market and increasing acquisitions & mergers among the key players for the development of the novel technologies and to increase the revenue of their companies. Coming to the trends of the telemedicine key player in April 2017 Philips N.V launched the tele ICU enterprise software at the American telemedicine association annual meeting, and this latest has rendered success to the company in population health management for critical care unit. In November 2017 biotelemetry Inc. company has decided to provide cardiac monitoring services in conjunction with apple heart study by merging with Apple Inc. Company. In November 2017 telecare company manufactures the world’s first FDA-cleared cellular-enabled blood glucose monitor and telecare is likely to serve as the supplier of remote blood glucose system, and the resulting data for a patient enrolled in Onduo’s ground breaking diabetes management program.
According to the Envision Inteligence, North America is holding the major share of approximately 48% in the telemedicine market during the forecast period. This growth can be attributed to improved healthcare infrastructure, increasing healthcare spending, growing geriatric population and rising prevalence of chronic and lifestyle associated diseases. From the survey of the American cancer society in the United States, the estimated cancer cases diagnosed were around 1,688,780 and 600,920 deaths occurred due to cancer in 2017. Europe region has the prominent share in the telemedicine market during the forecast period due to the increasing prevalence’s of chronic diseases and increasing technological innovations in communication technologies in this region. The increasing need for providing treatment at an affordable cost and increasing adoption of telemedicine is providing huge opportunities for the growth of the market during the forecast period 2019-2024.
Follow us for Market Updates Linkedin