Emergence of artificial intelligence in the healthcare industry and subsequent automation of previously complicated medical systems is generating a high demand for the telemedicine market. Telemedicine offers remote healthcare which is a distant interaction between the doctor and patient, thus increasing more accessibility in the healthcare industry. The telemedicine market has been recently disrupted by artificial intelligence which has become its key trend and will define the direction of the market in the upcoming years. In a survey conducted by Tata Consultancy Services, out of the 56 participating leading healthcare organizations, 86% are already making substantial use of artificial intelligence and will collectively spend an estimated $54 million on AI adoption by the end of 2020. Since biotelemetry is becoming increasingly omnipresent with every passing day, AI is helping in sorting and storing humongous amount of data. Some of the prime examples include clinicians making use of a machine learning algorithm invented by Google to diagnose and treat retinopathy irrespective of location. Moreover, FDNA, a company experimenting with AI based phenotyping is in the process of developing solutions for remote analysis of a patient’s genomic data simply through the utilization of facial recognition technologies. Based in San Francisco, California, Lemonaid Health has been using machine learning to actively help its patients obtain video consultations, thus creating a trend for other healthcare organizations to adopt which will provide impetus to the global telemedicine market. The company has become popular amongst medical consumers owing to the simplification of the telemedicine process. A patient can download the company’s application and answer the questionnaire for collecting their medical history. The application then matches the patient with the most suitable doctor available, after which an online consultation begins, thus helping the patient acquiring proper diagnosis and a medical second opinion, if the necessity arises. The telemedicine market will show extraordinary growth in the forecast period between 2019 and 2025 with a CAGR of 18.12%. This will be considerable growth over its earned revenue in 2018 evaluated at $35 billion.
North America Showing Extraordinary Regional Growth In The Telemedicine Market
Healthcare industry in the continent of North America has seen sporadic changes in the past few decades. Some of the factors to have influenced these changes include an influx of World War II immigrants, and increase of chronic illnesses due to a growing combination of sedentary lifestyle and unhealthy diets. In 2018, the government of the United States of America spent approximately $3.56 trillion on healthcare services. Additionally, government and private healthcare investment in the USA has experienced a reduction of public spending on physicians and other doctors owing to a delivery system that is highly fragmented. A fragmented delivery system poses many risks for the patients as new medication can have detrimental impact on patient health. This is where key players of the telemedicine market have made a mark and instilled a sense of confidence amongst patients by radically improving healthcare facilities. Since telemedicine offers remote assistance and consultation to patients, with the additional benefit of medical second opinion, consumer interest in obtaining diagnosis and treatment as peaked and benefitted the telemedicine market. Moreover, some of the most prominent mobile companies exist and function in United States of America, thus increasing the number of mobile phone sales across the continent. Access to a smartphone and internet has made it easier for healthcare companies to provide and increase telemedicine services. Furthermore, patients are resorting to using telemedicine mobile applications in order to avoid clinical or hospital visits. Another factor to play a key role in helping North America earn maximum revenue regionally is increasing consumer preference for home healthcare and using wearables such as smart watches to track health data which can be supplied to the doctor helping them in understanding patient health on a surface level. According to IndustryARC analysis, the North American region had an estimated share of 45.68% in 2018 out of the total revenue earned by the market globally in the same year. Moreover, delivery mode has emerged as the key application of the market and this segment will grow with a CAGR of 18.12% during the forecast period 2019-2025.
Telemedicine Market: Opportunities and Emerging Trends
· Doctors and clinicians will be able to earn equivalent to in person visits with the advent of parity in the telemedicine market. This will help the market in earning a higher revenue in the upcoming years. In United States of America, where investment in healthcare is one of government’s top priorities, 32 different states have already passed internal laws to establish better parity in the telemedicine market. Inspired from this trend, similar laws are set to be passed in Canada and the United Kingdom.
· Since telemedicine makes use of a lot of patient data which is stored in online servers, it is imperative that market players readily invest in assuring data security. In the past five years, some of the most grave data breaches have occurred in the healthcare industry. Therefore, key market players have picked up on the trend of increasing data security which will help in protecting client data, thereby making them trust in the process of remote consultation.
· Telemedicine market will help the healthcare industry in reaching a new pinnacle owing to multiple advantages it offers to both patients as well as doctors across the world. This will help the industry in obtaining financial investments from venture capitalists, thus establishing a symbiotic relationship between telemedicine market players and the healthcare industry. Financial investments will help in bettering care for patients by not only improving the medical infrastructure but also funding researches required to improve diagnosis and treatment of several diseases.
· Healthcare industry players have already been looking into elevating the necessity of medical homes infrastructure where practice based healthcare is provided to the patients. This involves taking collective responsibility of the patients and providing a customized team to them for taking care of their needs. This helps the patients in acquiring enhanced means of communication with the doctors in case of emergencies. The telemedicine market will benefit tremendously with the construction of medical homes that will house patients with similar symptoms or diseases in order to carry out mass consultation campaigns.
Telemedicine Market: Companies Ahead Of The Curve
Since telemedicine is a new trend in the healthcare industry, key market players of the telemedicine market are responsible for guaranteeing proper propagation of distant healthcare and instilling confidence amongst patients. In the past few years, these companies have worked individually and collectively both to help the telemedicine market in establishing a name for itself with the help of more technological advancement and successful experiments. These key players of the telemedicine market include Koninklijke Philips N.V., Aerotel Medical Systems Ltd., InTouch Technologies Inc., AMD Global Telemedicine Inc., OBS Medical Ltd., Cisco Systems Inc., Allscripts Healthcare Solutions Inc., Cardiocom, LLC, LifeWatch AG, and Honeywell Life Care Solutions.
Each of the above mentioned companies have made remarkable developments in the telemedicine market. Koninklijke Philips has initialized and implemented several telehealth programs including the Intensive Care eICU program, Medical/Surgical eAcute program, skilled nursing facilities eConsultant, and they’ve also delved in research and analytics of telemedicine carried out in the eICU Research Institute.
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