TELEMEDICINE MARKET ANALYSIS

Telemedicine MarketSize and Trends

Burgeoning growth of the internet infrastructure and smartphone proliferation creates a conducive environment for growth of the global telemedicine market. Also, the rise in demand for personalized healthcare augments market growth. In 2013, American Telemedicine Association (ATA) stated the cost effectiveness of telemedicine through various research outcomes. For instance, a research was conducted in 2011 with implementation of Health Buddy Program which integrated a telehealth tool for chronically ill Medicare beneficiaries. It was found that patients who used this telemedicine had significant savings than patients who did not use it. A similar study was done in 2012 in New Mexico, which proved that costs in ‘Hospital at Home’ were 19% lower compared to care in hospitals for similar inpatients

More than 15 million Americans received medical care through telemedicine in 2016, according to American Telemedicine Association (ATA). This number is expected to grow further by 30% in 2017. Alongside ATA also issued several acts such as CHRONIC Care Act and CONNECT for Health Act in 2017 to support the growth of telemedicine across all nations. The Assembly Health Committee of New Jersey recently in 2017 legally defined the practice of telemedicine, user eligible for it and technology that can be used. This is expected to boost the telemedicine market in the region significantly during the forecast period. Another development in North Carolina allows professionals to video monitor and collect data on every far flung ICU patient through TeleICU. Furthermore, telemedicine developments are also observed in Latin America. The Government of Paraiba, Brazil introduced a telemedicine project for remote screening of hearth defects in children in 2015.

Alongside there are various medical policies available that support the telemedicine services. For instance, the Congressional Budget Office (CBO) expanded its Medicare coverage for services like consultation, individual psychotherapy and pharmacologic management on 18^th May 2017.