Tele-consultation Services Market Application, Demands, Growth Rate and Key Players Analysis
Global Tele-consultation Services Market: Introduction
Tele-consultation services in the health care sector are referred to as the provision of virtual consultation by a health care provider to a patient via different modes of communication. A patient suffering from illness or chronic disease consults a health care provider remotely through an audio-visual communication setup. Tele-consultation services are offered by various health care facilities, with an aim to increase patient base and attract more health care providers in their network offering virtual consultation for the diagnosis or treatment of patients. Tele-consultation services include all types of virtual consultation such as assistance in a surgical procedure by a health care provider and diagnosis of a patient’s condition. This has led to easier access to health care for patients in cases of general illness and emergencies and a reduction in overall health care costs.
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Key Drivers of Global Tele-consultation Services Market
Overall Health Care Cost Reduction
Outsourcing radiology services to well-trained radiologists, who can work for a fraction of the cost, is profitable to health care providers, according to macroeconomic principles. Hubs are emerging in price-sensitive countries in Asia to handle the bulk of radiology reporting requirements. For instance, India has skilled radiologists, advanced technology, and infrastructure to bridge the gap between demand and supply in a cost effective manner. Currently, hospitals in the U.S., the U.K., and Singapore regularly outsource radiology reporting to countries in Europe and Asia, including India because they need competent and timely professional help. Radiologists providing services to developed countries focus more on improving their role as imaging consultants, which is considered a value addition to patient care in certain cases. Outsourcing centers are well supported by competently trained radiologists. Generally, radiology reporting and other clinical activities are performed by a single radiologist. However, teleradiology separates these activities and are validated by numerous radiologists. Hence, prices fall steeply. This is a major factor projected to boost the expansion of teleradiology services in the next few years.
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Technological Advancements in Tele-consultation
The most important part of the tele-consultation market is the effective informatics systems that enable quick and quality image transfer to the desired location and user, and facilitate proper interpretation by a consultant. Increase in use of cloud-based technology is making implementation of IT for tele-consultation less complex. The benefit of using cloud-based technology in hospitals and imaging centers is that it bypasses the investment required for static IT architecture. It also removes geographical barriers, providing access to teleradiologists globally who only require an Internet connection and access credentials in order to provide a read/report. Report quality is important for health care professionals and tele-consultation service providers assure the preciseness and quality in their readings. Hence, large number of tele-consultation service centers are coming up at a significant rate across the globe.
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North America to Account for Major Share of Global Tele-consultation Services Market
North America dominated the global tele-consultation services market in 2020 and the trend is projected to continue from 2021 to 2031. Improvement in reimbursement policies and expansion of health care insurance coverage among primary health care providers in the U.S. and Canada are anticipated to drive tele-consultations in the U.S. This is expected to propel the tele-consultation services market in North America during the forecast period. A booming digital health care industry in the emerging countries in Asia Pacific, such as China and India, is likely to provide significant opportunities for tele-consultation services in these countries. This is projected to fuel the growth of the market in Asia Pacific in the near future.
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Key Players Operating in Global Tele-consultation Services Market
The global tele-consultation services market is highly consolidated owing to the presence of small number of key players. Leading players operating in the global tele-consultation services market are:
- Avizia, Inc.
- CareClix Telemedicine
- Demand, Inc.
- HealthTap, Inc.
- MDLIVE, Inc.
- Nordson Corporation
- RAUMEDIC AG
- SnapMD, Inc.
- Teladoc, Inc.
- Video Medicine, Inc.
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