Telehealth Market: – A Growing & Profitable Domain

In the late 1940s, radiology images were sent 24 miles in Pennsylvania. The transmission occurred between two townships with the use of telephone line. This is the world’s first classic example of an electronic medical record transfer.

 

Later in 1950s Canadian doctor constructed a tele radiology system and he used it in and around the Montreal. After this, the telemedicine became popular in the rural areas, where people were not able to access healthcare facilities. In the late 1960s, the department of defense, public health department, NASA, and human and health services department invested ample of money and time for the research and development in telehealth domain. In the current times, the telehealth market has grown tremendously. In this blog, there is an in depth tele health market analysis–

 

A continuum of telehealth-

 

The virtual health technologies have gained prominent popularity after the pandemic. The interactions by using telehealth technology range from provider-to-patient, provider-to-provider, consumer based, etc.

 

The global telehealth market size is anticipated to rise exponentially to USD 60 billion by the year 2030 by growing at a CAGR of 20%. In fact, in the duration of pandemic the telehealth industry played a crucial role in treating patients.

 

Let Us now discuss the must have features of the telehealth platforms-

 

Clinical document generation

The telehealth software automates the generation of records, logs, and also transcripts the physician and patient interaction. These records help in getting a compiled data back of the patient health. With the help of telehealth, user will be able to automatically generate these records and further integrates these for treatment.

 

Audio and Video-enabled conferencing

Most of the telehealth solutions render interactive video and audio conferencing modules. These modules help the doctors diagnose the patient with the use of visual clues. It has been estimated that approximately 95% of the user’s survey participants confirms that this feature is critical in delivering the remote counselling.

 

HIPAA compliant communication

HIPAA is the acronym for health insurance portability and accountability act. This lays down the guidelines for the protection of the sensitive patient data. This feature is absolutely necessary for keeping the medical records.

 

Remote scheduling and appointments

 The pandemic is transforming the healthcare facilities where there is high volume of the patient bookings. In such cases the ability to plan out and scheduling appointments becomes extremely critical.  A majority of respondents rates this feature as key feature.

 

These are some of the prominent features provided by telehealth service provider. Some other features are digital prescriptions, invoice generations, etc.

 

There are particularly two forms of telemedicine-

 

Synchronous telemedicine- This kind of telehealth service require the presence of both of the parties. This means the healthcare professional and the patient should be there at the same time in order to develop a link of communication. This allows a real time interaction to happen between both of them.

Asynchronous telehealth service- This type of service involves acquiring medical data. This data is further transmitted to the medical specialist at the time of convenience for the offline assessment.

Trends shaping the future of telehealth services in healthcare-

 

More than 51% of all the US healthcare organization renders telemedicine program.

Approximately more than 52% healthcare organizations claim that telehealth improves the quality of the treatment

About 56% of the patients feel that telehealth has increased their involvement in the treatment decision.

Telehealth technology amidst the pandemic: –

 

The last few years have been tremendously challenging for the healthcare system. Governments are planning to inculcate the telehealth features in their health care infrastructure. After the pandemic the adoption rate of the telehealth services has significantly improved.

 

Moreover, it has been observed that there has been drastic shift from 11.2% to 77.1% when it comes to the people who want to use the telehealth services.

 

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What future holds for the telehealth domain?

 

With the advancement of the IoT, telehealth facilities are reaching to the new heights. People are getting access to the better personalized care, and subsequently patients are visiting less frequently to the hospitals. The telehealth services are going to remain in demand owing to the features suc as-

 

Rising demand for the remote patient monitoring

Enhancement in the healthcare infrastructures

Enrichment in the consumer health awareness

Furthermore, features such point of care devices, smart pills, emergency response systems, clinical scale wearables, consumer scale wearables, in hospital care monitors are quite attractive and renders high customer satisfaction.

 

Winding up,

 

The above mentioned data is the testimony that the healthcare market in the coming year will rely heavily on telehealth services. Research Nester has recently published research report, incorporating various imperative parameters for telehealth market. It is always advisable to know the intricacies of the market before investing in the market.