Solutions Offered by Software Product, Services Companies to Drive Telemedicine Market to US$ 109.43 Bn by 2027, Says TMR
Increase in acceptance of tele-nursing and remote care by a large patient pool with mild medical conditions underscores growth
Scope of extension of doorstep diagnostics to add another growth dimension
ALBANY, N.Y., Aug. 25, 2021 /PRNewswire/ -- Telemedicine is increasingly gaining acceptance with the need to support mainstream healthcare services globally. Telemedicine is a medical service that is remotely offered to patients via telecom or video conferencing tools. The expanding geriatric patient pool with chronic diseases such as cardiovascular conditions and orthopedic disorders that need long-term medical care is a key factor driving the telemedicine market.
Telemedicine has evolved gradually with the rise of the Internet age. The ubiquity of smart devices that feature high-quality video transmission has opened up the possibilities of delivering remote healthcare to patients at their convenient locations. Thus, telemedicine is emerging as an alternative for in-person visits for primary as well as specialty care.
Rising acceptance of this healthcare model with satisfactory services and availability of services in few categories validates the emergence of the telemedicine market. With prospects of continued gains, the telemedicine market is projected to rise at a CAGR of 14% from 2019 to 2027.
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Telemedicine Market – Key Findings of Report
Compelling Solutions for Mild Medical Conditions, Need to Reduce Burden on Healthcare Systems Fuels Adoption
The incidence of mild to severe medical conditions and infections has increased across the world. This has created a huge burden on the healthcare system, some of which can be avoided that include panic among patients and false alarms. Telemedicine has emerged as a viable option to render service depending on the need of the patient.
According to the TMR study, problems of a large patient pool can be effectively filtered by trained front-level medical practitioners such as nursing staff and practicing doctors who are trained to provide primary medical care as well. In order to serve this patient pool that does not require in-person visits, telemedicine has emerged to be a sustainable and effective healthcare solution.
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Moreover, patients with serious medical conditions that need regular follow-up consultations can be effectively served via telemedicine. Nurses and practicing interns working under expert medical practitioners are usually aware of patients that are under treatment. They can provide follow-up consultation through telemedicine in the event of a stable condition of patients that does not require a change of medication or a line of treatment.
Rise in Doorstep Diagnostics to Drive Telemedicine Market
The setting up of a diagnostics facility is costly, in terms of infrastructure, staff, and overheads, for healthcare institutions. Healthcare institutions including hospitals and medical centers mostly now have tie-ups with external diagnostics services that they refer to patients. Most of the large diagnostic brands are now offering doorstep sample collection, diagnostic tests, and portable X-Ray facilities for the convenience of patients. According to a survey conducted by a U.S.-based magazine, Health, as much as 70% patients can be served via in-home consultation and subsequent remote clinical service.
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The service chain of teleconsultation that extends to home diagnostics and other clinical services provides opportunities for telemedicine market growth.
Telemedicine Market – Growth Drivers
- Need to complement mainstream healthcare services for rising geriatric patient pool that requires long-term medical care fuels growth of telemedicine market
- Satisfactory services, convenience of patients, and advantages of not contracting hospital-acquired infections boost telemedicine market
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Telemedicine Market – Key Players
Some of the key players operating in the telemedicine market are:
- Agfa-Gevaert Group
- AMD Global Telemedicine
- In Touch Technologies Inc.
- F. Hoffmann-La Roche Ltd.
- Medtronic
- Siemens Healthcare Private Limited
- Allscripts Healthcare LLC
- CISCO Systems Inc.
- Honeywell HomMed LLC
- BioTelemetry Inc.
- OBS Medical Ltd
- McKesson Corporation
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Telehealth Market: The telehealth market is growing at a rapid rate and expects to continue to do the same throughout the forecast period. Consistent government support for the telehealth market through acts like the Health Insurance Portability and Accountability Act of 1996 protects patient privacy, which further gives a push to the telehealth market toward growth.
Digital Health Market: Rise in the use of smartphone has reduced the time and cost gap between doctors and patients. mHealth allows quick and easy consultation with the medical professionals. Further, the technology is also helping people to stay updated and aware about their health by augmenting the level of awareness. This is one key segment of digital health market. This is likely to drive the digital health market in wide scale.
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