London, April 01, 2020 (GLOBE NEWSWIRE) — According to a new report titled “Healthcare IT Market by Product (EMR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM, HIE), Component (Software, Service), Delivery Mode (Web, Cloud) and End User (Hospital, Payer, Pharmacy, Ambulatory, Homecare)- Global Forecast to 2027”, published by Meticulous Research®, factors such as improving health IT infrastructure, aging population & rising prevalence to chronic diseases, rising awareness about benefits of telemedicine, and favourable government initiatives & reforms/policies are driving the growth of the telehealth solutions market. In addition, importance of self-care, accelerated health costs, and new payment models further supports the growth of this market.
Moreover, a shortage of healthcare professionals, penetration of artificial intelligence (AI) in telehealth solutions, availability & utilization of telehealth solutions for emerging applications, and rising use of smartphone by patients & healthcare professional are some of the other key healthcare industry trends supporting the adoption of telehealth solutions across the globe. The global telehealth market (excluding devices and services) is expected to reach $4.4 billion by 2027, growing at a CAGR of 10.2% during the forecast period; whereas, the overall healthcare IT market is projected to grow at a CAGR of 13.8% from 2019 to 2027 to reach $511.06 billion by 2027.
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With the rapid evolution of the healthcare industry, healthcare organizations are leveraging innovative solutions to help and satisfy their patients for urgent care, specialty consults, behavioural health counselling, medication education, post-discharge management, chronic care management, and other service areas. However, owing to the shortage of physicians, healthcare organizations are not able to implement it.
Many healthcare organizations are exploring strategies to tackle this challenge by using technology. Among them, one of the key technologies is telehealth. Telehealth is the way of delivering healthcare at a distance, with the help of telecommunications and information technology. It comprises the use of smartphones, emails, two-way video conference calls, and other wireless devices, such as wearable and Wi-Fi-connected biosensors or medical peripheral devices. The telehealth technology not only supports the delivery of healthcare, but also assists healthcare organizations to increase consumer engagement & focus on prevention & chronic care management outside the physician office.
Key healthcare industry trends supporting the growth of the overall telehealth market
- Shortage of Healthcare Professionals
There is a significant shortage of professionals in the healthcare system. A shortage of these professionals means access to quality health care is more difficult to obtain; patients are at more risk of hospital-acquired infections or mistakes/misdiagnosis, and hospitals themselves are at risk of internal organizational failure.
According to the Association of American Medical Colleges (AAMC), there will be shortage of at least 94,700 physicians in the U.S. by 2030. The AAMC report also states that physicians between ages 65 and 75 accounts for 11% of the active workforce, and those between ages 55 and 64 make up nearly 26% of the active workforce. As the ratio of healthcare professionals to patients decreases, the use of telehealth systems in patient care will help close the gap and allow professionals to handle appointments with the help of real-time interactions, pre-recorded videos or images, remote patient monitoring (RPM), and mobile health (mHealth) technology. Thus, the shortage of healthcare professionals is driving the growth of the telehealth/telemedicine segment in the overall healthcare IT market.
- Penetration of Artificial Intelligence (AI) in Telehealth
With rising pressure of clinician shortage and soaring healthcare costs, healthcare providers turned to telehealth solutions. The integration of artificial intelligence in telehealth looks like a match made in healthcare field as both intended at cutting costs and diagnosing illness faster and more accurately. The integration of AI in telehealth will add values in making better diagnosis, recommending accurate treatments, tackling logistical challenges, and prevent physicians’ burnouts. In addition, patient engagement can also be improved by integrating this technology with telehealth.
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- Availability & Utilization of Telehealth Solutions for Emerging Applications
The adoption and acceptance of telehealth is wide spreading in other applications such as telebehavioral health or telepsychiatry. This is mainly because mental health providers and patients rarely find any difference in care delivery and patient satisfaction using telehealth technology as compared with face-to-face mental health interactions. The e-mental health care may improve the quality of the communications between a mental health provider and his or her patients by reducing the stigma that might occur when a patient physically visits the mental health centre.
With continuous development in healthcare sector and rising awareness among the population, the adoption of telehealth solutions has also gained traction. This technology is primarily used for patients in remote areas or who have difficulty in attending medical consultations. The telehealth solution requires specific equipment with dedicated cameras, screens, and computers along with typical infrastructure for its deployment and use. This will result in making the overall telehealth system expensive and rigid. However, rising penetration and the use of smartphones among the population will allow health care providers to overcome this challenge and thus allow the simplification of telehealth.
To know more about the telehealth market and other key solutions in the healthcare IT market, please visit:
Healthcare IT Market by Product (EMR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM, HIE), Component (Software, Service), Delivery Mode (Web, Cloud) and End User (Hospital, Payer, Pharmacy, Ambulatory, Homecare) – Global Forecast to 2027
https://www.meticulousresearch.com/product/healthcare-it-market-5084/
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