Technological Innovation and Advancement in the Healthcare Industry is Driving the Growth of the Telemedicine

The global telemedicine market was valued at $21.5 billion in 2017 and is projected to witness a CAGR of 14.8% during the forecast period 2018–2023. The major factors driving the market growth are rising healthcare costs, prevalence of chronic and lifestyle-associated diseases, government funding and grants, smartphone users, and need for remote patient monitoring in developing countries, and consistent need for improved healthcare services.

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Healthcare industry is filled with innovative technologies designed to improve outcomes, increase operational efficiency and expand access to health services. The deployments of telemedicine services have significantly changed the healthcare services due to various technological innovation in the field of medical device and services. It has helped healthcare providers to attend several patients remotely at the same time with unified collaborative communication solutions.

Telemedicine technology is mounting with integrated home-healthcare, connected and telemedicine platforms. For instance, SnapMD’s Connected Care platform allows healthcare systems to easily and cost effectively extends their care models to include the virtual visit, while maintaining continuity of care.

Looking at the growth of the sector, the key telemedicine market players have launched advanced products and technologies or entered into collaborations. For instance, in January 2018, Philips announced a partnership with American Well, a telehealth solution provider. This will help Philips in embedding American Well’s telehealth technology into several of its devices and apps. Citing a product launch example, in April 2018, AMD Global Telemedicine Inc. introduced OnDemand Visit, which allows healthcare organizations to increase their service offerings and engage patients in a convenient way. Further, it also offers a virtual medical visit via a computer or smartphone.

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Some of the key players operating in the telemedicine market include LifeWatch AG, Aerotel Medical Systems Ltd., InTouch Technologies Inc., AMD Global Telemedicine Inc., OBS Medical Ltd., Cisco Systems Inc., Cerner Corporation, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Honeywell Life Care Solutions, Koninklijke Philips N.V., BioTelemetry Inc., Medtronic PLC, Polycom Inc., and General Electric Company.

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