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Request: Telehealth: Trends - What are the current, and/or most discussed, most

pressing trends, challenges and insights for the telehealth segment of the United States
healthcare industry?

INSIGHTS

- The US telehealth services industry is rapidly expanding, and the digital health
market will dominate the global industry.
- The primary factors that hinder the growth of telehealth are high costs of
telehealth devices, maintenance and service costs, interoperability issues, and
shortage of trained telehealth professionals.
- The relevant insights for the telehealth segment of the US healthcare industry
include product insights, delivery mode insights, end-use insights, and
competitive insights.

In this study, we found that the US telehealth market is continuously, rapidly expanding
primarily because of technological advancements. Some relevant, current, and most
pressing trends in the US telehealth market include government policies affecting the
industry, the vital role of technology in the industry, the investment opportunities in the
industry, among others. The major factors that negatively affect the telehealth market
are the expensive telehealth devices, expensive service and maintenance costs,
interoperability issues, and lack of trained telehealth professionals. Lastly, the relevant
insights for the telehealth segment of the US healthcare industry include product
insights, delivery mode insights, end-use insights, and competitive insights. The detailed
explanation of our findings is found below.

METHODOLOGY

To answer the client’s request, we initially started the research by collecting information
from statistical websites and databases for the size of the US telehealth market. We
discovered an IBIS world report containing the data regarding the market size of the US
telehealth segment. Unfortunately, this report was not sufficient to completely answer all
the client’s questions.

After breaking down the question into three parts, namely: trends, challenges, and
insights, we continued our research by gathering information from online health
publications, medical directories, medical journals, and medical archives that are
published in the US. We were able to find relevant information regarding the challenges,
and a few trends and insights for the telehealth segment of the US healthcare industry.
Aside from the online sources mentioned, we also found additional information from
innovatemedtec, an online publication which contains synonyms and sector jargons for
telehealth.

Lastly, we proceeded to collect information from Forbes Healthcare and Beckers


Hospital Review regarding the additional trends and insights for the telehealth segment
of the US healthcare industry. Overall, we did not make any assumptions in this
research since all the data that we have gathered are sufficient to fully answer the
client’s request.

TRENDS FOR THE TELEHEALTH SEGMENT OF THE UNITED STATES


HEALTHCARE INDUSTRY

The US telehealth services industry is rapidly, continuously expanding. Advances in


communication technology and medical technology, such as wearable self-monitoring
devices and digitized medical scans, have contributed to the growth of industry. In the
next five years, the industry is expected to continue to benefit from the demographic
and structural factors which affect the healthcare industry, as telehealth will emerge as
a cost-effective solution to meeting the medical needs of an expanding and growing
population.

The technological advancements in healthcare IT industry along with improvements in


healthcare services is expected to build a profitable opportunity for the digital health
market. In fact, growing penetration of smartphones, mobiles, and tablets is expected to
noticeably empower the digital health market trends in the next years. Furthermore,
government policies will help in creating an advanced healthcare infrastructure
worldwide. Many organizations are investing in telemedicine and telehealth since these
belong to the fastest growing segments in the healthcare industry. Mergers between
small and larger telemedicine operators provide financial stability to smaller companies
and a platform to provide telemedicine care effectively.

One of the evidences of technological advancement in the telehealth market is that


during a telemedicine session, patient information is automatically captured by the use
of telemedicine services, such as sensors and mobile apps. By 2018, it is estimated that
65 percent of the interactions with healthcare facilities will occur with mobile devices. In
fact, 80 percent of doctors already use smartphones and medical apps in their practice.
Hospitals and insurance companies now store medical records in the cloud-based
software so that patients can access their test results online 24/7. With lots of data
being collected from patients to assist with telemedicine services, data security is vital to
which technology plays a vital role. There are different techniques available today which
help to enhance data security in telemedicine.

CHALLENGES FOR THE TELEHEALTH SEGMENT OF THE UNITED STATES


HEALTHCARE INDUSTRY

The major factors that negatively affect the growth of telehealth and telemedicine are
the high costs of global telehealth devices, high costs of service and maintenance, the
ability of devices and information systems to exchange and make use of information
across organizational boundaries, lack of experienced telehealth and telemedicine
professionals, and the resistance of a physician over the use of remote and unfamiliar
monitoring system. The individual states in the US have parity laws that require insurers
to cover a telehealth visit to the organizations, which serves as a substitute to an in-
person visit. In fact, the ERISA Industry Committee (ERIC) in Washington, D.C. has
addressed the lack of uniformity in telehealth legislation and regulations at the state and
national levels. Unfortunately, state-based regulations can still be a hindrance to the use
of telehealth.

RELEVANT INSIGHTS FOR THE TELEHEALTH SEGMENT OF THE UNITED


STATES

Product Insights: Key product segments of the U.S. telehealth market are software,
hardware, and services. Software is expected to witness the fastest growth over the
forecast period to own 20.2% of the share by 2022. Hardware segment is further
classified into monitors and medical peripheral devices. Monitors, due to exponential
advancement in IT industry, are anticipated to witness growth at a CAGR of 19.3% over
the forecast period. The hardware segment includes laptop computers, desktop
computers, webcams, speakers, microphones, display screen, and videoconferencing
equipment and tools. The hardware is graded and selected based on attributes such
video memory, general memory, internet connection and emailing feature, processor
speed and display quality.

Delivery Mode Insights: The delivery mode in the US telehealth market is web-based,
cloud-based, and on-premise delivery modes. Web-based delivery mode is expected to
witness growth at a CAGR of 17.3% over the forecast period" by 2022. The cloud-based
delivery mode, on the other hand, is expected to have a CAGR of 19.5% over the
forecast period due to its advantages of easier usability, limited memory requirement,
and possibility of using the system on any device.

End-use Insights: The end-use is segmented into payers, providers, and others.
Providers comprise healthcare professionals such as physicians and clinicians,
hospitals, and clinics. The segment is expected to be the largest and the fastest growing
due to increasing incorporation of services in healthcare facilities and rising Internet use
by the physicians for medical consultations.

Competitive Insights: Philips Healthcare, McKesson Corporation, Intel, IBM, GE


Healthcare, and Bosch Healthcare belong to the major players in the US telehealth
market. These players are constantly involved in manufacturing a wide range of
services and software that can be used for patient monitoring, self-care and post-op
monitoring.

CONCLUSION

Overall, the continuous, rapid growth of telehealth services industry is one of the most
pressing, most discussed trends in the US telehealth market. Despite of it, there are
some factors that hinder the growth of the US telehealth market, namely: high costs of
telehealth devices, high maintenance and service costs, interoperability issues, and
shortage of experienced telehealth professionals. The relevant insights for the
telehealth segment of the US healthcare industry can be classified into product insights,
delivery mode insights, end-use insights, and competitive insights.