Modern world is shifting from the age old concept of conventional medical treatment to technologically well-equipped treatment services. Thus the concept of telehealth services is gaining attention. In telehealth service there is an exchange of remote data between the patient at home and their doctor(s) to assist in diagnosis and monitoring patients with long term ailments. Among other techniques it includes fixed or mobile home units to measure, analyze and monitor body temperatures, blood pressure, sugar level and various other vital parameters for clinical evaluation at a remote location by using phones or wireless medium. Telehealth services have increase awareness among the individuals about their own health assisting both the patients and the doctors. Telehealth is advantageous in a way that it reduces the number of patient visits, thus saving time and also is a very cost effective service and thus can be availed by a large number of population.
Doctors and clinicians, by this service can constantly monitor and guide the patient about their long term ailment, ultimately reducing the mortality rate. Moreover, it has also lead to drastic decrease in incidences of emergency admission. This has changed the perception of conventional medical practice, which forms the major driver for the market. Telehealth is not only restricted to long term ailments, but also has a wide range of applications like dentistry, counselling, physical and occupational therapy, disaster management and consumer and professional education.
The rate of using telehealth services is influenced by many factors such as the availability and cost of existing conservative health services in meeting patient requirements; the requirement of medical licensing, the policies of governments with respect to coverage, and payment for telehealth services. Modern techniques are being administered in telehealth service market like store-and-forward method, real-time, remote patient monitoring, remote training, and electronic consultation. With the use of all these techniques, telehealth service market is gaining popularity. However, certain restraints such as high installation charge can hamper the market growth in the forecast period.
The global telehealth services market can be segmented on the basis of type, application, end users and geography. The segment type can be further divided as clinical and non-clinical. Clinical uses comprises transferring medical data for diagnosis or disease management, advice on prevention from diseases, promoting good health, and using telephonic medium while dealing with emergency conditions. Non clinical uses comprises mainly of distance education, research programs on telehealth services, movement of patient and remote admission, providing online information and health data management. Application category focuses on the diseases such as cardiology, dermatology, neurology, gynecology, orthopedics, and others. The end-user segment of telehealth services can be divided into telehome, telehospital, assisted living, facility and worried well living and others. Telehome emphases on patient availing telehealth services from their respective home, while worried well living mainly focuses on the mental wellbeing of the patient.
Geographically, the global telehealth services market can be classified as North America, Europe, Asia Pacific, Latin America and Rest of the world. The major key players operating in the telehealth service market include Allscripts Healthcare Solutions, Inc., LifeWatch AG, CARDIOCOM, LLC, McKesson Corporation, Polycom, Inc., AMD Global Telemedicine, Inc., F. Hoffmann-La Roche Ltd., Cisco Systems, Honeywell HomMed LLC, InTouch Technologies, Inc., and Philips Healthcare.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.