Telehealth Market is Set to Experience Revolutionary Growth by 2028 | Transparency Market Research
Wilmington, Delaware, United States: According to Transparency Market Research’s latest report on the global telehealth market for the historical period 2017–2019 and forecast period 2021–2028, the global telehealth market is driven by increase in population, need to expand healthcare access, rise in cases of chronic diseases and conditions, shortage of physicians, advancements in telecommunications, government support, surge in awareness, and increase in technology adoption in the wake of COVID-19
Technology Adoption in Wake of COVID-19: Key Driver
Demand for healthcare services and technologies reached an all-time high in the wake of the COVID-19 pandemic. Technologies including telemedicine, chatbots, and robots are being utilized to help make diagnoses, gather information, treat patients, reassure the population, and even prepare future vaccines. The potential of telehealth has been emphasized, given a global shortage in hospital beds and healthcare workers. Players operating in the telehealth market concentrate on providing innovative solutions on COVID-19 to support hospitals and healthcare providers.
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Artificial Intelligence & Analytics to Record High Revenue in Telehealth Business
Big Data analytics could process data collected from telehealth modalities, including both objective (vital signs, ambient environment) and subjective data (symptoms, patient behavior), along with historical data to enable risk prediction and management. Moreover, public payers, federal agencies, and large commercial insurers have expanded telehealth access amid the pandemic. The majority of them are struggling to ensure that telehealth is being applied to the right patients for the right healthcare needs for increasing efficacy and efficiency in care delivery. In that regard, there appears to be major potential in analytics, AI, and machine learning, as care delivery adapts to the extensive usage of telehealth. Data-driven analytics, therefore, forms a significant component of ensuring efficacy and efficiency of telehealth.
Legal & Privacy Issues: Key Restraint
Telehealth involves storage and transfer of patient records electronically. Hence, it is susceptible to privacy and security breaches. Ineffective management of privacy and security issues in telemedicine could compromise the overall success of the telehealth system.
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During file-sharing over networks, invaders could gain access to confidential information and possibly alter, steal, or even delete patient records. This could lead to serious outcomes such as misdiagnosis or administering an incorrect treatment plan to the patient whose data has been tampered with.
This could lead to legal issues. For instance, in March 2012, BlueCross BlueShield of Tennessee agreed to pay the U.S. Department of Health and Human Services (HHS) US$ 1.5 Mn for inadequate security measures that allowed 57 unencrypted hard-drives containing private health information to be stolen from its facility. Hence, people in the U.S are reluctant to opt for telemedicine technology because they are apprehensive of privacy breach incidents.
In the U.S., a doctor should be licensed for practice in the state in which the patient resides, regardless of where the doctor lives. Moreover, the doctor must conduct an appropriate and sufficient history and physical examination of the patient as a precondition to prescribing or dispensing drugs to the patient. In many ways, these two common requirements pose a barrier to the practice of telemedicine across state borders.
Furthermore, the Medicare and Medicaid services do not fully cover telehealth/telemedicine treatment, and insurance coverage varies considerably from state to state. Therefore, these legal and privacy issues are expected to hamper the telehealth market.
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Telehealth Market: Competition Landscape
This report profiles major players in the global telehealth market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global telehealth market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global telehealth market are
- Teladoc, Inc.
- American Well
- BioTelemetry, Inc.
- Aerotel Medical Systems Ltd.
- InTouch Technologies, Inc.
- Koninklijke Philips N.V
- Honeywell International, Inc.
- GE Healthcare
- AMD Global Telemedicine, Inc.
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