he growth rate in telehealth is quite a scene. If you have to broadly define telemedicine, it essentially will be the utilization of communication technologies to deliver and support medical care. Regardless of any physical proximity between the patient and provider, the direct services can be rendered. The primary advantage: Eliminate geographic boundaries that can create a barrier to patient care.
The broad approach of this form of technology is standing with a great promise. The expansion of healthcare, especially in areas of a medical shortage is possible. Telemedicine has proved to reduce time in transportation costs. It has proved its worth in rendering quality support both for home healthcare facilities and correctional homes.
Key Market dynamics in the Telemedicine market
Quite recent changes in policies of reimbursement clearly suggest that it will be encouraging the telemedicine adoption rates. In 2015, the global market was about USD 23,224 million. It is expected to growth at a CAGR of 18.8% and is estimated to reach USD 66,606 million by 2022! The potential of telemedicine to revolutionize the entire healthcare mechanism is a key reason.
What are the industry leaders in Telemedicine suggesting?
Almost 75% of the patients in the US are using telemedicine currently. Cloud innovations are making patients rely on it for secure sharing of health records. Only 16% of patients with any form of minor ailment will be choosing an emergency room in spite of the telemedicine advantage.
Patients believe that satisfaction in medical care is possible with telehealth. Personalization is the buzzword and access is more important for a modern patient than human interactions with the providers in healthcare.
What are the drivers and restraints ahead for global telemedicine?
There are pertinent factors that are influencing the key drivers for a favorable telemedicine market. Constant innovation in technology is a major contributor. The increase of the remote patient monitoring device is also a serious reason. A long follow-up process is a genuine requirement to rising treatments in use.
The restraints are also pretty evident. The complexities of the regulatory environment and the surging costs of advanced technology are making matters worse. Proper infrastructure support and lack of implementation due to proper physician support will be the others.
However, there are major shifts and the rise of ACO’s are contributing greatly to the powerful rise in telehealth. The mandate is loud and clear, reimbursements will be safer if you are using telemedicine as a healthcare provider!
The number of patients that will be using telemedicine will be rising to 7 million by end of 2018. Telemedicine makes up of nearly one-fourth of the entire healthcare IT market. The market is definite to offer breakthrough opportunities for companies that can make their technology simple. To increase the adoption of telemedicine, process innovation will be critical.
Primary end users like the clinics, hospitals; patients need to be more convinced that it will improve their operational best practices. Enrolling more patients for the telemedicine program will reduce patient readmissions. The virtual appointment process has to be remarkable and there should not be any difference with an in-person visit.