Telemedicine – For the Future

In most cases, telemedicine takes the form of phone conversations, during which the patient asks the doctor for guidance on non-emergency medical issues that don't require the doctor to meet the patient. When necessary, in-person consultations are not replaced by telemedicine; rather, they are supplemented.

As receiving medical advice or treatment via telemedicine doesn't need a physical visit, it now serves a practical purpose for both patients and healthcare professionals. In comparison to waiting to visit a doctor or other healthcare practitioner, it is also less expensive. Once a doctor's office has closed, telemedicine can still assist in choosing critical calls. In the follow-up of patients with chronic conditions like diabetes, high cholesterol, or high blood pressure, it is incredibly valuable. These people can take advantage of telemedicine's convenience if they need assistance with dose adjustments, lifestyle changes, medication renewals, or even just access to group support but do not have an urgent medical issue.

The ability to schedule telemedicine sessions to occur after any necessary laboratory tests or vital sign monitoring is an added convenience. In actuality, doctors have long used telemedicine, but not under this nomenclature. While this could be the case, the widespread use of broadband internet technology has reduced the cost and increased the accessibility of both audio and video conversations, making them a workable replacement for the current system.

Extended Benefits

The only equipment needed for telemedicine is a webcam and a secure patient portal that links the clinician to an internet database of secure electronic medical records. This kind of solution gives the treating physician access to essential medical records while also guaranteeing the security of the confidential information spoken during a telemedicine conversation. Together with these necessary tools, the doctor will also need a medical license issued by the identical province where the patient will pick up their prescription.

Telemedicine is advocated for because it is convenient, has shorter wait times, increases access to high-quality medical diagnosis and treatment, and is less expensive than the majority of other types of medical consultations. Also, easy access to patient information online has the potential to improve the accuracy and dependability of patient prescriptions. Telemedicine can benefit both patients and doctors by making second views more accessible and quicker to provide. Ultimately, it results in better health outcomes, which ought to be the main objective of all medical services.

When you're ill, telemedicine eliminates the need for you to travel to the doctor's office or clinic, park, stroll, or wait in a waiting area. You may visit your doctor while relaxing on your sofa or bed at home. It may be simpler to incorporate virtual visits into your hectic schedule. Depending on your schedule, you might not even need to make childcare arrangements or take time off from work while using telemedicine.

Several studies that directly compared telemedicine to other patient management strategies have demonstrated that there is a distinct advantage to using telemedicine. Teleradiology, telemental health, telecardiology (especially echocardiography), home telecare, and teledermatology all saw the biggest benefits.

Areas to Implement Telemedicine

To save time and prevent stressful trips to the hospitals, Telemedicine deals in Radiology, Psychiatry, Internal Medicine, Neurology, Family Medicine, Dermatology, Paediatrics, Emergency Medicine, Geriatrics, Allergy & Immunology, Endocrinology, Infectious Diseases, Urology, Pediatric Pulmonology, and Occupational Medicine.

Telemedicine Market: Global Overview

The global telemedicine market was valued at USD 29.58 billion in 2022 and is expected to reach USD 123 billion by 2030, growing with a compound annual growth rate (CAGR) of 17.16% during the forecast period 2023 to 2030.

Analysis on the basis of Segmentation

The Market is further segmented into 4 major segments:

1. By Type: In 2022, the tele-hospital market segment had more than 51% of the market share by type. The expansion of this market has been driven by the rising use of telemedicine in emergency situations.
2. By Component: According to the component, the product segment's revenue share in 2022 was 45%.
3. By Application: Teleradiology Segment, which accounted for 27% of revenue in 2022 according to application, is anticipated to experience a fantastic CAGR throughout the projection period.
4. By Technology: According to technology, the store & forward segment has a 41% revenue share in 2022 and is expected to grow at an impressive CAGR over the next five years.

Analysis on the basis of region

In terms of region, North America will account for 35% of sales in 2022. The main drivers of the rise in the US are an increasing senior population and the burden of chronic illnesses. Moreover, Throughout the projection period, the Asia Pacific region is anticipated to see a fantastic CAGR. Several reasons, including the region's greatest population, fast urbanization, rising investments in healthcare infrastructure, and rising investments in IT infrastructure, are expected to contribute to the region's growth.

Telemedicine Market Leaders

Koninklijke Philips N.V., Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American well, and others are some of the prominent players in the Telemedicine Market.

Acceptance in the Market

• The greatest determinant of telemedicine acceptability in a Chinese pediatric hospital was price value. In order to price products correctly to attract and keep users, a higher-quality service should be offered in relation to its perceived cost.
• Perceived utility, attitude towards usage, compatibility, perceived simplicity of use, self-efficacy, subjective norms, perceived behavioral control, and enabling conditions were the key elements influencing telemedicine adoption and use.
• A growing number of healthcare facilities around the world have implemented (or are in the process of implementing) telemedicine technology. Despite the technology's potential benefits for enhancing healthcare being validated, its value still depends on the entity that adopts it and the extent to which it is successfully implemented.
• Telemedicine is still not widely used. The adoption of this technology by medical professionals is one of the well-documented obstacles to the successful application of telemedicine.
• When new information systems are installed in a healthcare facility, physicians frequently express reluctance. Some doctors might be hesitant to use telemedicine technology because they think it threatens their professional judgment.

Among the policy measures is the Regional Digital Health Action Plan 2023–2030.

With a number of policies, including the Regional Digital Health Action Plan for 2023–2030 that was endorsed by ministers of health at the WHO Regional Committee for Europe in September, WHO/Europe and the European Commission have started measures to develop and implement telemedicine.

According to the strategy, telemedicine and other digital health technologies may help advance universal health coverage, safeguard the public in emergency situations, and improve health and well-being in the Region.

The European Reference Networks, Horizon 2020, and Horizon Europe financing programs are further initiatives concentrating on the adoption of telemedicine. These programs and regulations take into account the need for measures to reduce hazards and barriers as well as the ability of telemedicine to reduce geographical restrictions and increase access to healthcare services.

Presence of Telemedicine on a Global basis:

The telemedicine framework(s) already in place across many areas and nations, the maturity or state of telemedicine adoption, and various advances or modifications undertaken during COVID-19

Services for Telemedicine in East, Southeast, and South Asia at the Present Time

It was shown that telemedicine deployment has a high likelihood in nations like Thailand, which have a physician shortage but significant internet and mobile phone penetration rates. Despite having large GDPs, nations like China and India have significant differences in the uptake of telemedicine between urban and rural areas. To effectively use nationwide telemedicine, disparities between rural and urban areas must be closed.

Singapore

In terms of telemedicine usage and the effectiveness of the healthcare system, Singapore leads Asia. Regulations governing telemedicine and telehealth in Singapore have been clarified by the Health Science Authority, including the classification of services, risk-based service selection, and regulatory oversight of medical device use.

India

The Indian Space Research Organization (ISRO), Ministry of Foreign Affairs, Ministry of Health and Family Welfare, and Department of Information Technology have all undertaken telemedicine programs. With the exception of a few corporate hospitals that have created and executed their own telemedicine networks, these programs' implementation and effectiveness have been constrained.

Bangladesh

There isn't a national framework for telemedicine in Bangladesh as of yet, and the country's existing systems are plagued by a lack of technology infrastructure, healthcare disparities, and subpar treatment quality.

China

Major telehealth networks including the People's Liberation Army Telemedicine Network, Golden Health Network, and International MedioNet of China network have not been able to close China's significant urban-rural health divide. China is pioneering contactless innovations. One example is the Smart Field Hospital experiment, which took place in Wuhan during COVID-19 and utilized robots and digital gadgets to provide patient care.

Light on North America and Europe

Canada

The accessibility of telehealth in Canada varies from province to province. The fact that telemedicine technology has historically been predominantly used for rural services while suddenly becoming necessary in metropolitan centers has been one unique problem.

United States

In the United States, qualified telehealth consultations were covered, and individual states are being urged to expand Medicaid coverage for these services. A number of private insurers have also done the same, either paying healthcare organizations for telehealth services or directly giving their members access to telehealth as a benefit. An increase in the number of telehealth services that are covered and the opening up of telemedicine to new patients as well as those with no prior contact with the patient are two additional aspects of the relaxing of previous laws.

Spain

The national health authority of Spain announced a health IT plan, however, it lacks a national policy that explicitly mentions telemedicine. In Spain, regional use of telemedicine differs to some extent. For outpatient care and staff meetings, hospitals like Denia Marina Salud Hospital have reported a swift transition to telemedicine that has been successful.

Italy

Telemedicine is not an essential component of Italy's National Health Service for patients. This is true even though the Italian Health Council adopted telemedicine guidelines in 2012 with the intention of boosting the uptake of telehealth. Being one of the first nations to experience COVID-19 overload

Europe

Telemedicine is regarded as both a health care and an information service in Europe. A Europe-wide framework is far from being implemented since there are no common medical responsibilities and medical legal standards throughout the continent.

Key Marketing Trends or developments to follow up

1. Regarding its capacity to maintain the momentum it developed throughout the epidemic; virtual care has staying power.

More people are using telehealth services as a result of increased accessibility. For instance, with the Expanding Telehealth Beyond COVID-19 Act of 2022, Medicare beneficiaries will have access to telehealth services, including audio-only services, through the year 2024.

2. Using telehealth will be essential for situating

As telehealth becomes more popular, competition will intensify. Health systems competed mostly with regional rivals for market share before the telehealth boom. Retail clinics, major technology companies, digital health startups, and payers are now direct competitors for every system in the age of online medicine and dispersed care.

3. Telemedicine encompasses more than simply doctor visits.

Patients and healthcare professionals are now considering telehealth in ways they never would have previously. Telehealth is having an effect on everything from diabetic care to Alzheimer's assistance to remote patient monitoring before and after chemotherapy. Patients and healthcare professionals in rural regions, where there is frequently a shortage of healthcare workers, have found it to be a huge benefit as well.