healthcare information Archives - InnoHEALTH magazine

Impact of COVID-19 on the global telemedicine market

InnoHEALTH magazine digital team — Wed, 24 Feb 2021 03:30:50 +0000

What is Telemedicine?

Telemedicine uses electronic communication platforms to provide healthcare services to patients across the world. Telemedicine is considered the most versatile technology utilized for health education, healthcare information, and healthcare in remote areas. Telemedicine has witnessed the largest market share over the forecast periods. It provides communication between the patients and doctors along with it reduces the extra cost burden to the hospitals as well as other clinics. While considering the benefits offered by telemedicine, the physicians and the hospitals are looking forward to encouraging use of telemedicine as a communication platform. The telemedicine market is gradually becoming highly competitive on introducing different platforms and the key market players’ entry into the market with high investment to develop the market standards.

Moreover, Telemedicine can minimize expenditure and maximize outcomes. According to the survey results, over 64% of the consumers are willing to adopt online consultations during the COVID 19 pandemic period.

Telemedicine Market Size (2020 to 2025)

According to the trending data, the size of the global telemedicine market is forecasted to worth USD 80.61billion by 2025 from USD 35.46% billion in 2020, registering a Compound annual growth rate (CAGR) of 17.85% between 2020 to 2025.

Market trends

The telemedicine market has witnessed a better market share over the forecasted years with the influential growth factors. Telemedicine has more advantages than challenges. The Telemedicine market growth is considered to be driven by the factors such as the telemedicine platform which provides various opportunities for the players in the market to improve clinical management; also, the telemedicine platform delivers effective care by enhancing the quality and access to healthcare services.

The necessity to improve the quality of care and to curtail the cost burden on the hospitals and clinics, health education, health information, and healthcare at a distance was made possible through versatile technology, which is the major driving factor.

However, despite beneficial factors, it also has some growth restricting factors which are restraining the growth of the market. The factors such as the telemedicine market require huge capital for the maintenance of such platforms, the primary concern for both the medical professionals and the patients is that the privacy on the data exchange, the doctors and the patient share confidential information using telemedicine platform, where there is a chance of getting breached. Moreover, the lack of security to the patient’s confidential data impedes market growth over the years.

Physicians and patients frequently lack familiarity with the introduction of new practices and lack of awareness in the older people. The older people may refuse the telemedicine services due to the unfamiliar technology, which was a challenge for the telemedicine market.

The Artificial intelligence(AI) and analytics applications in telemedicine services provide risk prediction and management therefore it also expands the efficacy of AI to offer various opportunities for the market growth in the coming years.

COVID-19 impact on the telemedicine industry:

The outbreak of COVID-19 has made a positive impact on the healthcare sector. It has created significant acceleration for the telemedicine market and helped them reach new heights in the recent past. The COVID-19 is providing immense opportunities for telehealth solutions. People around the world are opting for virtual consultation instead of physical presence to stay safe. The manufacturers are focused on developing virtual apps to make seamless communication between the doctors and patients; thus, telemedicine’s market growth had a positive impact during the pandemic period. However, the market is expected to have witnessed the largest market share in the coming years.

Geographical Presence:

The North American telemedicine market held the majority share in the global market in 2019 and forecasted the same to be continuing during the forecast period. The majority share is attributed to the increasing prevalence of chronic diseases to minimize the hospital expenditure and increasing geriatric population in this region.

The European market is anticipated to register the better growth of the TeleMedicine market during the forecast period. The influential factors such as the rising geriatric population in this region, increasing technology adoption, and rising investment activities are having an effect on the market growth over the years.

The Asia Pacific held the largest market share of the Telemedicine market in 2019 due to widespread chronic diseases and overcrowding hospitals. An increase in the need for Telemedicine platforms to communicate with healthcare professionals is expected to drive the market growth of the Asia Pacific region.

Middle East Africa held a large market over the years in the Telemedicine market, and it is expected to record a majority share in the market forecast period. An increasing need for Telemedicine and investment and advancing technologies are anticipated to hold the market share.

Key Market Participants:

AMD Global Telemedicine, Honeywell Life Care Solutions, Philips Healthcare, Cerner Corporation, Medtronic, Inc., GE Company, Lifewatch, McKesson Corporation, InTouch Technologies, and others are some of the notable players dominating the global telemedicine market.

Recent Happenings in this market:

In 2020. The Phillips had launched the Avalon CL Fatal and patch for remote monitoring in the United States. Australia. Europe, Singapore, and New Zealand to encourage fetal and maternal monitoring.
In 2020, the collaboration happened between the Koninklijke Phillips, American Telemedicine Association has helped increase the adoption of Telehealth and homecare settings.
In 2020, Bio-Telemetry, operated by Envolve people care, inc., acquired remote patient monitoring and coaching platforms to expand RPM and coaching solutions.

RatnaSri, currently working as a Research Analyst with experience in the Healthcare industry. She has firm knowledge of predictions and identifies trends that can impact the market and business growth.

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Advantages & Disadvantages : Real Time Health Monitoring Devices

InnoHEALTH Magazine — Tue, 27 Nov 2018 10:25:59 +0000

Real-time health monitoring devices provide real-time analysis of the patient’s health parameters. Patients are sharing their healthcare information in real time with their caregivers through these devices for flexible health monitoring and management. Internet of medical things is vastly improving the healthcare condition of patients.

“Reacts’ secure, versatile and interactive collaboration platform deployed on technology solutions like Philips Lumify can change education and patient care models and enable a positive disruptive change to healthcare,” Dr. Yanick Beaulieu, CEO and Founder of IIT, said in a statement. “For years, clinicians in the field have been trying to piece together systems that offer real-time, interactive teleultrasound capabilities. Now, it has truly arrived.”

Tracking patient monitoring and drug management has become possible because of the usage of the above Internet of Things (IoT) medical devices in the healthcare sector. Increasing aging population, surging healthcare expenses and an increase in the occurrence of chronic diseases is driving healthcare stakeholders to follow remote health management and patient monitoring seriously.

The global market for Real-Time Health Monitoring Devices is expected to reach USD 67,982.2 mil by 2022.

Segments: Global Real Time Health Monitoring Devices Market has been segmented on the basis of the type which comprises of wearable devices, home health medical devices. On the basis of the end user, the market is segmented into hospitals, clinics, ambulatory centers, and home care settings.

Incorporating Real-Time Health Monitoring Devices in chronic disease management can significantly improve an individual’s quality of life. It allows patients to maintain independence, prevent complications and minimize personal costs. RPM facilitates these goals by delivering care right to the home. In addition, patients and their family members feel comfortable knowing that they are being monitored and will be supported if a problem arises. This is particularly important when patients are managing complex self-care processes such as home hemodialysis. Key features of Real-Time Health Monitoring Devices, like remote monitoring and trend analysis of physiological parameters, enable early detection of deterioration; thereby, reducing the number of emergency department visits, hospitalizations, and duration of hospital stays. The need for wireless mobility in healthcare facilitates the adoption of RPM both in the community and institutional settings. The time saved as a result of RPM implementation increases efficiency and allows healthcare providers to allocate more time to remotely educate and communicate with patients.

Technological components of Real-Time Health Monitoring Devices

The diverse applications of RPM lead to numerous variations of RPM technology architecture. However, most RPM technologies follow a general architecture that consists of four components.
Sensors on a device that is enabled by wireless communications to measure physiological parameters.
Local data storage at patients’ site that interfaces between sensors and other centralized data repository and/or healthcare providers.
Centralized repositories to store data sent from sensors, local data storage, diagnostic applications, and/or healthcare providers.
Diagnostic application software that develops treatment recommendations and intervention alerts based on the analysis of collected data.
Depending on the disease and the parameters that are monitored, different combinations of sensors, storage and applications may be deployed.

Application of Real Time Health Monitoring Devices Physiological data such as blood pressure and subjective patient data are collected by sensors on peripheral devices. Examples of peripheral devices are blood pressure cuff, pulse oximeter, and glucometer. The data are transmitted to healthcare providers or third parties via wireless telecommunication devices. The data are evaluated for potential problems by a healthcare professional or via a clinical decision support algorithm, and patient, caregivers and health providers are immediately alerted if a problem is detected. As a result, timely intervention ensures positive patient outcomes. The newer applications also provide education, test, and medication Advantages and Disadvantages of Real-Time Health Monitoring Devices reminder alerts, and a means of communication between the patient and the provider. The following section illustrates examples of RPM applications, but RPM is not limited to those disease states.

Real-Time Health Monitoring Devices – Limitations and Overcome Real-Time Health Monitoring Devices are highly dependent on the individual’s motivation to manage their health. Without the patient’s willingness to be an active participant in their care, Real-Time Health Monitoring Devices implementation will likely fail. Cost is also a barrier to its widespread use. There is a lack of reimbursement guidelines for RPM services, which may deter its incorporation into clinical practice. The shift of accountability associated with RPM brings up liability issues. There are no clear guidelines with respect to whether clinicians have to intervene every time they receive an alert regardless of the urgency. The continuous flow of patient data requires a dedicated team of healthcare providers to handle the information, which may, in fact, increase the workload. Although technology is introduced with the intent to increase efficiency, it can become a barrier to some healthcare providers that are not technological.

There are common obstacles that health informatics technologies encounter that applies to Real-Time Health Monitoring Devices. Depending on the comorbidities monitored, Real-Time Health Monitoring Devices involves a diverse selection of devices in its implementation. Standardization is required for data exchange and interoperability among multiple components. Furthermore, Real-Time Health Monitoring Devices deployment is highly dependent on an extensive wireless telecommunications infrastructure, which may not be available or feasible in rural areas.

Note – this article has been contributed by -Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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