Telehealth Industry Insight 2023

In recent years, there has been a lot of attention paid to telehealth as well as telemedicine. It is possible to receive the required medical care without leaving the comfort and safety of your own home by establishing an online connection with your health care provider. 

What exactly is telehealth?

Telehealth, also referred to as telemedicine, is a healthcare delivery model that eliminates the need for patients to physically visit their physicians for treatment. The majority of a telehealth consultation takes place online, using a computer, tablet, or smartphone that is connected to the Internet. Technology in the fields of electronic information and telecommunications that is utilized to facilitate long-distance clinical health care, patient and professional health-related education, public health, and health administration.

What are the 10 types of telehealth?

1) Real-time telemedicine 

Real-time telemedicine, also known as live telemedicine, makes it simple to have a doctor-patient consultation at any time or location, regardless of the patient’s physical location or the doctor’s availability. Live telemedicine refers to the use of any and all forms of two-way communication, including video conferencing and telephone consultations, to provide real-time conversations between medical professionals and their patients.

Using real-time telemedicine, the Homedoctor Medbot revolutionizes remote medical practice. The Homedoctor Medbot enables you to monitor your own vital signs and record the data in your medical history to detect abnormalities in your internal and external organs. Since the automatic connection of the health robot with hospital, Homedoctor medical team can assess the patient’s condition immediately without the patient leaving home and issue a professional diagnosis. 

2) Remote patient monitoring

Through the use of remote patient monitoring, medical professionals are able to remotely monitor the health data of their patients, typically from the patient’s own home. RPM has the potential to drastically cut down on the amount of time a patient spends in the hospital by providing them with the ability to recover at home while still being closely monitored.

Chronic illnesses such as asthma, diabetes, and cardiovascular disease are helped by this supplement. Patients have had the ability to monitor these issues for years, but clinicians may now obtain crucial health information remotely. People now have the ability, thanks to modern technology, to automatically transmit basic medical information to their physicians, thereby improving the quality of care and making it easier to spot issues at an earlier stage.

Currently most of the remote management equipment on the market could only monitor a single body vital. Vitals360® is a single device that is uniquely capable of capturing multiple body vitals and providing telehealth capabilities. Vitals360® allows patients with multiple chronic conditions to access telehealth services. Vitals360® is simple enough for any patient to use independently and offers a comprehensive view of the patient’s overall health from the comfort of their own home. Patients are no longer required to keep track of multiple devices or perform time-consuming manual vital sign recording.

3) Practices of store-and-forward

The store-and-forward approach of telemedicine improves the remote access to patient records and other forms of medical information. The transmission of medical images, test data, and biosignatures is now feasible over long distances. The elimination of the need for patients to provide their whole attention at the same time is telemedicine’s most significant strength. The data can be collected by a field technician, caregiver, or specialist, then uploaded, and then passed along to another provider for a more in-depth examination.

There are numerous patient-centric telemedicine systems that make use of asynchronous platforms to treat medical issues that do not require an appointment. Telemedicine is utilized often in the fields of pathology, radiology, and dermatology. These particulars are compiled into a single patient record by the many existing systems. Telemedicine encourages the creation of platforms that are more suited for collaboration and communication, despite the fact that not all EHRs are compatible with one another.

4) Specialist and main caregiver consultation

The use of telemedicine can make it easier for members of a medical team to communicate with one another. A primary care physician has wider access to a variety of specialists and can do so without the need for them to travel. Whether or whether the patient is included in the communications loop, secure video conferencing technologies facilitate the effective collaboration of many professionals working on a given case. The capability to send information about patients in a quick and comprehensive manner increases the overall amount of support that specialists are able to provide. Video consultations are performed with the help of sophisticated examination cameras in a lot of hospitals and clinics these days. These cameras enable remote specialists to evaluate a patient’s condition in a great deal of detail.

5) Medical imaging

When discussing telemedicine, radiology and other fields pertaining to diagnosis require special attention. The speed with which x-rays, CT scans, and other essential images may be sent from one medical professional to another has increased as a direct result of developments in technology. Because of the high transmission speeds made available by broadband, these photos may be sent to the physicians and specialists who require them almost immediately after they have been captured thanks to the fast transmission speeds. Because of this, healthcare professionals have been able to centralize the gathering and analysis of a wide variety of data types despite regional boundaries. It is possible for a regional hospital to produce x-rays on-site, transfer them to a cardiologist located one thousand miles away, and obtain an analysis that is pertinent to the situation within a few hours.

6) Telemedicine network; hospitals and clinics, for instance, use a dedicated network to share information.

There is a wide variety of approaches to the process of disseminating medical data, and the one chosen should take into account both the financial resources that are readily available and the needs of the medical professionals who are participating. In the United States, a large number of medical facilities, including hospitals and clinics, use specialized information-sharing networks. Either the Internet or dedicated data lines may be utilized to transmit these. At the moment, the United States of America is home to hundreds of these kinds of networks, each of which connects thousands of distinct medical establishments.

7) Teleneuropsychology

This particular sector of telemedicine is known as teleneuropsychology, and it entails conducting neuropsychological consultations and evaluations over the phone with patients who are diagnosed with or suspected of having a cognitive problem. The patient is checked by making use of the conventional testing procedures as well as video technology.

8) Telenursing

The provision of nursing care through the use of communication technology is what is meant by the term “telenursing.” The diagnosis and monitoring of health issues and symptoms are both possible through the utilization of telephone consultations. Because of its low cost and excellent accessibility, this specific form of telemedicine is quickly becoming more common, particularly among patients who live in remote areas. It also has the potential to reduce the number of patients who are admitted to hospitals because patients with minor ailments can receive early treatment and patients can receive advice regarding whether or not hospitalization is necessary.

9) Telepharmacy

Patients can receive pharmacological advice using telepharmacy in situations where it would be impractical for them to communicate directly with a pharmacist. The monitoring of patient prescriptions and the provision of advise over the phone are both made possible as a result of this. It is possible for patients to be granted authorisation for refills of their normal drugs in accordance with the rules that are currently in effect, but this is subject to change.

10) Telerehabilitation

Patients in need of rehabilitation are now able to communicate with one another and receive clinical evaluation and therapy thanks to telerehabilitation, which makes use of technology. Webcams and video conferencing are frequently utilized in the process of reporting symptoms and clinical progression.

How vast is the market for telehealth?

The size of the global market for telehealth was estimated to be 41 billion US dollars in 2021, and it is anticipated that it would reach 224.8 billion US dollars by 2030, expanding at a compound annual growth rate (CAGR) of 18.8% from 2022 until 2030.

Here are some reasons why the telehealth market should be expanded:

1) A rise of chronic diseases

The growing prevalence of chronic conditions, such as congestive heart failure and orthopedic injuries, is the primary factor driving the expansion of the telemedicine industry. This need for radiological services is also a primary driver of the growth of the telemedicine sector. In addition, the expansion of the market is helped along by a significant rise in the amount of money spent by the government on the healthcare information technology (HIT) sector, as well as an increase in the emphasis placed by key corporations on the introduction of innovative digital diagnostics. In addition, developments in medical diagnostic technologies are likely to play a role in the growth of the telemedicine industry in the coming years.

2) Reduce healthcare costs significantly

The utilization of telehealth systems, such as telemedicine and tele-intensive care units, can lessen the amount of work that is required by hospital-based clinicians. It is anticipated that an increase in the number of hospitals and private clinics in both developed and developing countries will contribute, in the coming years, to an increase in the demand for telehealth services. In the global healthcare industry, there is a growing demand for technologically advanced medical equipment in order to improve the operational efficiency of businesses, decrease the amount of money spent, and raise the amount of money made.

3) Artificial technology helps economic expansion.

It is vital to use artificial intelligence (AI) in telehealth in order to provide doctors with the ability to make choices that are rich in data and to do so in real time. Doing so will improve both the patient experience and the health results. This artificial intelligence application is becoming more important as medical professionals, such as doctors and nurses, work to expand the amount of virtual therapy options that are available across the continuum of care.

Applications-based analysis of the telemedicine market

1) Teledermatology

The value of the teledermatology market is projected to reach USD 65.64 billion by the year 2030, representing a compound annual growth rate (CAGR) of 20.8% between the years 2022 and 2030. This is a consequence of the expanding prevalence of skin illnesses, which is also a contributor to the development of the teledermatology industry. In terms of component, software had the majority of the market share in 2020, and it is anticipated that this pattern would carry on throughout the entirety of the forecast period. This is because telehealth and telemedicine are gaining more and more acceptance in the medical community.

2) Teleradiology

The revenue generated by the teleradiology market was estimated to be $7.13 billion in 2021 and is expected to reach $15.22 billion by 2028, rising at a compound annual growth rate (CAGR) of 15.1% from 2022 to 2028. The term “teleradiology” refers to the practice of electronically transmitting a patient’s radiological images from several healthcare facilities to remote radiologists for the purposes of evaluation and report preparation. Teleradiologists with years of experience will analyze the images and make recommendations for the patient’s ongoing care based on what they see.

3) Telepathology

The overall ranking of the telepathology application was third. Pathology can also be practiced via remote means, which is referred to as telepathology. The market for telepathology is anticipated to develop at a CAGR of around 12.15% between the years 2022 and 2028. Transferring image-rich pathology data between two distant places for the purposes of diagnosis, research, and education is made easier by technological advancements in the field of telecommunications. A pathologist must first select the video pictures to be analyzed in order to perform telepathology, and then they must provide a diagnosis.

4) Telepsychiatry

The application of telepsychiatry came in fourth place overall. The Telepsychiatry Market was predicted to be worth approximately 8.2 billion United States dollars in 2021, and it is anticipated that revenue will increase by 23% between 2022 and 2029, reaching approximately 48.9 billion United States dollars. The combination of telemedicine and psychiatry is what constitutes the medical advancement known as telepsychiatry. The provision of mental assessment and therapy through the use of telecommunications technology, most frequently video conferencing, is what this phrase refers to.

5) Telecardiology

It is expected that the global market for telecardiology would rise at a compound annual growth rate of 10.5% between the years 2022 and 2030. The rise of the market can be attributed to the rising demand for remote cardiac monitoring as well as the increased prevalence of cardiovascular illnesses (CVDs). The current field of medicine known as telecardiology makes use of the power of telecommunications in order to diagnose and treat heart diseases in patients who are located in different locations. This encompasses coronary artery disease, both acute and chronic, as well as arrhythmias, congestive heart failure, and sudden cardiac arrest.

6) Other application

Other applications, including telehealth applications not previously listed, appear to have a sizable user base. On the basis of the segment, it is anticipated that the software market will continue to grow throughout the forecasted period.

Market for Telemedicine Components

There are four distinct submarkets that may be distinguished within the telemedicine market: application, component, end user, and region. The market is segmented into teleradiology, telepsychiatry, telepathology, teledermatology, telecardiology, and other applications based on the services that are provided. The market can be broken down into its constituent sections, which are comprised of software, hardware, and services respectively. The market is divided into healthcare providers, payers, consumers, and other end users, depending on the type of customer that each segment serves.

Telemedicine market by region

It is anticipated that North America will continue to dominate the telemedicine market throughout the forecast period, thanks to increased healthcare awareness and acceptance of cloud technology. North America dominated the market in 2020 and is expected to continue to do so during the forecast period. In the United States, chronic diseases have significant repercussions for both the nation’s health and its economy. According to the Centers for Disease Control and Prevention (CDC), chronic diseases and mental health conditions are responsible for almost 90 percent of the annual $3.3 trillion spent on health care in the United States. It is anticipated that by the year 2025, over 50 percent of the population, or 164 million Americans, will be afflicted with chronic diseases. As a further point of interest, consistent research and development activities have led to developed regions like North America accounting for the lion’s share of the business’s revenue on a global scale. Additionally, the presence of major businesses in the region contributes to the growth of the industry.

It is anticipated that the market in the Asia-Pacific region will expand at a compound annual growth rate of 7.0% from 2022 to 2029, and it is anticipated that it will reach USD 1,839.60 million by 2029, which is an increase from USD 1,078.29 million in 2021. The important drivers that will be fueling market demand throughout the course of the projection period are an increasing requirement for digital healthcare, an enhanced analysis of health issues, and the availability of experts. However, it is expected that Asia-Pacific will have the highest CAR between the years 2021 and 2030 due to the region’s growing demand for healthcare support, particularly in rural areas. This region is projected to experience growth in the not-too-distant future as a result of innovations and developments in the field of telecommunications.

Top 15 telehealth companies by market size in 2022

When it comes to the management of a variety of ailments, telemedicine is a catchall term that encompasses a great number of businesses that provide services such as mindfulness exercises, fitness aid, video treatment, and tracking systems. All of these things can be done at the patient’s house, where they are more comfortable, and frequently at a lesser cost than standard hospital care. There has never been a time in history when the utilization of telemedicine was more important than it is right now.

These fifteen telemedicine companies are helping to transform the way people seek medical care by lowering the number of obstacles that stand in their way and encouraging individuals to take responsibility for their own health. Think about the role they play in elevating the importance we place on our health.

Teladoc 

United States-based healthcare and telemedicine service firm Teladoc has its headquarters in the city of New York. Teladoc touts a vast network of physicians and clinicians that can meet with patients in over 175 countries through video to solve their medical issues. The company has nearly two decades of experience in the telehealth market and generates yearly revenue of $2 billion. In addition to providing medical care, its professionals may also offer assistance with quitting smoking, treating skin disorders, and coping with issues related to mental health.

GoodRx
GoodRx, with a revenue of $788 million, is challenging the pharmaceutical industry and assisting more Americans in gaining access to important pharmaceuticals by offering mobile and web interfaces for learning about medications and locating price comparison possibilities. This online pharmacy provides a mapping function that enables clients to identify the most affordable pharmacies in their neighborhood. In addition, the group provides a number of instructional films and articles to assist clients in comprehending their prescription and budgeting options.

LifeStance
LifeStance Health is a behavioral health care company that has its headquarters in Scottsdale, Arizona. Its primary mission is to treat children, adolescents, and adults who are struggling with a wide variety of mental health issues in a number of different care settings. These settings include acute inpatient, partial hospitalization, intensive outpatient, outpatient, community, and in-home care. It results in a yearly income of 727 million dollars.

Doximity
Doximity has developed a digital network that, in order to simplify the process of providing medical treatment, connects patients, physicians, clinicians, and other medical professionals through the use of capabilities such as video conferencing, phone calls, provider searches, news, and faxes. This digital medical platform corporation has its headquarters in San Francisco, California, and generates yearly revenue of $343 million dollars. In the United States, the program is utilized by around one million people working in the healthcare industry. It makes communication and collaboration between patients and providers easier, which in turn boosts the effectiveness of the healthcare business as a whole.

Babylon
Babylon, which has its headquarters in London, United Kingdom, is the digital healthcare company that is seeing the most rapid expansion on a global scale. It is our objective to provide reasonably priced, high-quality medical care that is easily accessible to every human being on the planet. It provides 24 million people with continuous, always-on care while also generating $322 million yearly by switching the strategy from reactive sick care to proactive health care using the gadgets that individuals already own. The provision of individualized, integrated healthcare may be made feasible by utilizing our highly scalable, digital-first infrastructure in conjunction with high-quality, virtual clinical operations. This makes it possible to accomplish the aim.

Amwell
Amwell is a firm situated in Boston, Massachusetts that has yearly revenues of $146 million dollars. The company provides a variety of solutions, including telemedicine capabilities, to businesses in the healthcare, health insurance, and nursing facility industries. In addition to a digital platform that complies with HIPAA standards and telemedicine carts and TytoCare devices, the telehealth platform company provides these tools so that physicians and patients can speak with one another.

Talkspace
More than one million people across the United States have accessed online counseling and other mental healthcare services through the Talkspaces online therapy platform. With headquarters in New York City, in the United States, and an annual revenue of $116 million. Their network of qualified therapists and mental health specialists may speak with patients anywhere via text or video messaging, and the company’s assessment and membership choices enable customers find the perfect therapists for them at prices that are within their budgets.

Doctor on Demand
Included Health now offers coordinated virtual therapy and navigation through Doctor on Demand, which is now a component of Included Health. This online care provider’s mission is to improve people’s access to high-quality medical treatment overall. The company has its headquarters in California, which is located in the United States, and it has an annual revenue of $75,000 000. Members can receive care coordination, advocacy, and tailored care both virtually and in person for routine and urgent care, primary care, mental health, and specialty care. There is nothing missing.

MD Live
MDLIVE by Evernorth is the most popular provider of virtual health care services in the United States. The company has over 60 million subscribers and generates annual sales of $70 million. This virtual on-demand healthcare provider has worked with health plans, health systems, and self-insured employer partners to offer patients convenient and inexpensive access to the highest quality medical and mental health care 24 hours a day, seven days a week, without requiring them to leave the safety and convenience of their own homes. Patients can receive these benefits from the comfort and privacy of their own homes.

Health Tap
HealthTap is a low-cost urgent-care and primary-care clinic that operates primarily online. It gives people in the United States, with or without health insurance, access to high-quality medical care anywhere in the country. The company HealthTap, which has an annual revenue of $65 million and is headquartered in California, United States, This virtual care provider offers apps and electronic medical records that are proprietary, user-friendly, and inventive, and they adhere to the standards set by Silicon Valley. The goal of this virtual care provider is to connect patients and physicians online in a way that is equitable, convenient, and efficient.

MeMD
MeMD’s mission, with headquarters in Phoenix, Arizona, in the United States, is to assist individuals in gaining access to healthcare on demand, whether for relatively minor difficulties relating to their mental or physical health. This telehealth and virtual care company has a network of certified medical specialists that are able to communicate with patients through the use of video conversations in order to provide faster access to treatment. MeMD’s doctors generate $29 million in annual revenue by providing medical treatments at a cost of $67 per visit and therapy at a cost of $85 per session respectively.

Plush care
PlushCare is a global network of virtual health care providers that offers same-day medical consultations. With this company’s online treatment program, you can communicate with a doctor who graduated from one of the top 50 medical schools in the United States and whose yearly revenue is $16 million. Plushcare is a corporation based in the state of California in the United States that offers online psychological and primary care doctors who give individualized, high-quality care through the use of a computer or mobile device. Online visits to the physician have never been easier or more cost-effective than they are now. It offers its services to all fifty states and the vast majority of the nation’s largest insurance companies.

IcliniQ
iCliniq is a platform that provides customers in 196 countries with access to online medical consultations and second opinions. Its headquarters are located in Tamil Nadu, India. It has over 3,500 highly qualified medical professionals working in over 80 different areas. icliniq is ranked as one of the top five telemedicine portals in the world by both Healthline and Investopedia, and it generates an average of $13.5 million in annual revenue. There is little doubt that iCliniq’s devoted staff in the areas of technology and support will be able to meet our expectations. Team-icliniq is made up of some of the most renowned physicians, researchers, and programmers in the industry, all of whom work tirelessly around the clock to find, create, and implement the most effective solutions for both users and clinicians.

Virtu Well
Virtuwell is an online medical clinic with headquarters in Minnesota, United States. The clinic makes it possible for patients to have access to qualified nurse practitioners around the clock, seven days a week, for the treatment of common illnesses such as pinkeye, sinus and bladder infections, and more. It is extremely popular despite its low price, making it the ideal mix of those two factors. As a result of employers and health plans providing the highest quality benefits, Virtu Well generates annual revenue of $12.4 million.

LiveHealth Online
LiveHealth Online is an online platform that patients could visit board-certified doctors,licensed therapists, lactation consultants,registered dieticians anywhere anytime via smartphone, tablet or personal computer. With more than 500k downloads, LiveHealth Online generates revenue of $8 million. 

What are common telemedicine equipment on the market?

1) Telemedicine cart or video conferencing camera for telehealth
With the help of telemedicine carts, doctors are able to speak with their patients at any time and from any location, even when they are not physically present in the same room as their patients. The telemedicine cart features a touch screen, audio and video that are HIPAA-compliant, wireless connectivity, and a backup battery for two-way video conferencing. In addition, the cart may connect to the internet. Wheels make it easier to move throughout the hospital, both between patient rooms and between levels. Remote-controlled ones offer the greatest degree of adaptability. The use of telemedicine carts in both in-patient and out-patient settings enables medical professionals to diagnose and treat patients in person. Therefore, the cart is fantastic because providers can be situated in any location. Patients can be treated by even specialists and other clinicians who are located at a distance

2) Telemedicine kit
A telemedicine kit often contains a variety of different pieces of telemedicine-related hardware. A pulse oximeter, digital stethoscope, blood pressure cuff, glucose monitor, otoscope, and EKG monitor are the components that are typically included in a home care kit. All of this telemedicine equipment is utilized to monitor, record, and convey data about a patient’s vitals and condition directly to physicians, nurses, or any other healthcare workers that may be present in the room. In order to transmit data, technologies such as the Internet or Bluetooth are utilized.
The Linktop 6-in-1 health monitor is an all-in-one piece of technology that can assess your oxygen oximetry, heart rate, blood pressure, body temperature, blood glucose, and electrocardiogram all at the same time. It integrates several different pieces of modern telemedicine equipment. In addition, it is possible to add Linktop’s digital stethoscope and digital otoscope, both of which have the capability of being transformed into a telemedicine kit.

3) Pulse oximeter
The amount of oxygen that is present in the blood can be determined by a test called pulse oximetry (oxygen saturation). It is an easy method that does not involve any discomfort in order to evaluate the degree to which oxygen is delivered to the body’s extremities, such as the arms and legs, which are situated at the furthest distance from the heart.

4) Digital stethoscope
One of the capabilities of a digital stethoscope is the ability to convert an acoustic signal into an electronic signal that can then be amplified for better hearing. In order for these electronic impulses to be sent to hardware, they must first be transformed and turned into digital form.

5) Digital otoscope
Digital otoscopes were useful for inspecting the ear, whilst smartphone video were the most effective method for examining the mouth and throat.

6) Wireless scale
“Smart” scales are those that measure parameters other than weight, such as percentage of body fat, heart rate, and other health statistics in addition to the user’s weight. These scales are wireless. In addition to measuring your weight, the scales are able to link to your phone and sync with various fitness software. This makes it easier to keep track of the information on your general health.

7) Smart ring
Nexring possesses the ability to exert distinguished influence on one’s health and wellbeing. It is able to monitor vital indicators and physical activity, such as the heart rate, body temperature, levels of oxygen saturation in the blood, and heart rate variability (HRV). Because it permits the tracking of sleep-related vitals and the formation of personal insights, it is a fantastic alternative to other wearable devices for the purpose of monitoring sleep and is therefore an excellent option.

Telemedicine equipment purchasing guidance

1) Function
What you need the equipment to accomplish is likely the most important factor to consider when selecting telemedicine equipment, as it will define the type of equipment you research. For instance, in order to set up your clinic for virtual consultations, you will need computers, cameras, and scanners, as well as software that permits secure connections. If you want to add more remote patient monitoring in the interim, you will need mobile monitoring devices to distribute to patients as well as the appropriate gear and software to receive and process patient data.

2) User-friendliness
Telemedicine implementation should make giving and getting therapy easier, not harder. Assess the utility of devices and equipment. Difficult-to-use equipment can result in inefficiency and errors, which can be irritating at best and life-threatening at worst for workers. If equipment is not user-friendly, patients may use it improperly or refuse to use it at all. If patients can intuitively operate mobile medical equipment, they will have fewer questions and require less support from medical professionals.

3) Portability
Significant importance is placed on the mobility of RPM and mobile medical equipment. Telemedicine equipment that is clumsy, fragile, or heavy is less useful than equipment that is small, sturdy, and lightweight, particularly if it is meant for use in the field. Unless it is supposed to be installed in a certain location, such as a television in a hospital room, you should ensure that the telemedicine equipment you get is easily portable and storable. Patients with RPM devices would generally prefer equipment that is transportable and simple to keep.

4) Accuracy
It has been demonstrated that telehealth evaluations can be just as accurate as in-person evaluations, with the two methods of assessment agreeing on a diagnosis approximately 90% of the time.

5) Compatible software
Software is essential to the operation of the vast majority of telemedicine equipment. Some hardware may come preloaded with software, whereas other software must be purchased and installed separately. If you already have software systems in place, you will need to ensure that the equipment and devices you acquire are compatible with what you have. Inquire about software compatibility and verify that the equipment you’re considering fulfills the system requirements for any software you already use or plan to implement.

6) Cost effective
The cost of implementing telemedicine is always a major consideration, especially if the goal is to minimize operational expenses and increase revenue. Depending on the specific devices and quantity necessary, the price of telemedicine equipment can range from a few hundred to several thousand dollars. Additional expenses to consider include software packages, training, and upkeep. Some of these expenditures are recurring, while others are implementation-related. It may be tempting to get less expensive equipment, but remember that you get what you pay for.