Virtual Care and Telemedicine in Healthcare – Thematic Research

Virtual Care and Telemedicine in Healthcare Market Overview

Virtual care is the intersection between digital technologies and healthcare delivery systems. By integrating new and existing digital technologies such as telehealth, connected medical devices, remote monitoring, mobile device apps, and electronic health records, healthcare systems can expand their services to patient populations whenever and however is most convenient to each individual patient. By allowing patients to interact with their healthcare providers digitally, virtual care encourages those patients to seek out continual care without having to incur the consequences of unnecessary travel, limited access to care services, or lost days of work.

Virtual care offerings allow healthcare systems to greatly expand their patient population reach. This is especially important for populations living in remote rural regions. Rural areas are generally far less equipped with specialized health services, which can make seeking and receiving treatment for serious chronic or emergency conditions problematic. By employing digital routes of care, healthcare systems can also ensure that patient populations that are unable to travel, such as the elderly and the injured, are not making unnecessary trips to healthcare facilities when a simple virtual doctor visit would suffice. The virtual care space includes a rich ecosystem of players across the telehealth and remote patient monitoring segments. Telehealth is the capability to perform healthcare visits, checkups, and drug prescription acquisitions over live chat, video, or telephone. The virtual care and telemedicine market can be broken down into the segments of telemedicine, electronic medical records (EMR), and remote patient monitoring (RPM).

What are the key trends impacting the virtual care and telemedicine in healthcare market?

The key trends have been divided into technology trends, healthcare and medical device trends, macroeconomic trends, and regulatory trends.

5G: The 5G will allow for better remote patient monitoring systems and the sharing of high-resolution medical images. 5G will provide an opportunity for healthcare to fully embrace digitization and to create new ways of treating patients. Virtual care methods will benefit immensely from this technology.

AI: AI tools are being required to organize, screen, and analyze the personal health data. They can help extract insights about healthcare trends, track patients over time, and forecast the likelihood of developing a disease.

Cloud: The rise in the use of cloud computing in the healthcare industry has allowed for a more scalable, cost-effective, and interconnected method of storing and sharing the health data. Additionally, cloud facilitates the use of telehealth by providing the connection between remote patients without the need for centralization.

Internet of Things (IoT): The IoT provides fast connectivity that allows a range of medical devices to be connected to a server. As such, telemedicine technology can function efficiently with the use of real-time data from these devices, allowing high quality virtual care.

Cybersecurity: Healthcare institutions has increased their cybersecurity against cyberattacks in order to avoid financial and clinical losses. Additionally, improving cybersecurity and the way that data from newly adopted technologies is collected and handled will increase acceptance among patients and medical professionals.

Personal health data: Personal health data may refer to electronic health records (EHR), electronic medical records (EMR), and any other health data transmitted through telehealth, wearables/sensors, or apps. It includes patient-reported and objective data about a patient’s medical history, diagnostic tests, vitals, treatments, medications, and more. The digitalization of health data has allowed for easier access and sharing among patients, family physicians, emergency departments, and specialists. Adoption of electronic health records is increasing globally, and this trend is expected to continue. While this digitized data promotes the sharing of data between healthcare providers and empowers a patient to drive their own healthcare interactions, concerns remain over data privacy and data usage regulations. Barriers to adoption are also amplified through the fragmented ecosystem of EHR implementations. In order to benefit from data aggregation and the rise of artificial intelligence (AI), standards among EHRs will need to be established both locally and internationally.

MHealth: Mobile health applications proved to be an essential and promising tool in the fight against the COVID-19 pandemic. Assessment apps using advanced AI tools, RPM, and mobile screening helped to alleviate the number of patients being admitted to the hospitals, limited risks of COVID-19 transmission, and provided essential care for the patients with chronic diseases.

Increased Medicaid utilization: The COVID-19 pandemic has negatively impacted global economies. In the US, this volatility has led to job losses and shifts and for some individuals this has forced them to turn to public health funding, in the form of Medicaid, to meet their healthcare needs. As the economy stabilizes, this trend may reverse, but not if recovery isn’t robust at all economic levels.

What is the value chain for virtual care and telemedicine in healthcare?

The virtual care and telemedicine value chain contains three major segments where value can be added by innovative technologies. These segments are patient engagement, virtual healthcare services, and patient data.

What is the COVID-19 impact on telehealth adoption?

The COVID-19 pandemic caught global healthcare systems unprepared, and as a result, caseloads spiked all over the world and threatened to overrun hospital capacity. As healthcare systems became overwhelmed, they began to limit or cancel elective procedures and other routine care visits to spare resources and keep non-urgent patients safe from virus exposure. To continue to meet the healthcare needs of their patients, providers turned to virtual care solutions in the form of remote patient monitoring and telehealth. These virtual care modalities allowed providers to address common health problems, keep an eye on chronic condition management, and ensure their patients weren’t suffering adverse health effects.

Who are the key players in the virtual care and telemedicine in healthcare market?

The major companies in the market are include the Allscripts, Amazon, Amwell, Boston Scientific, Cerner, Koninklijke Philips, Medtronic, NextGen, One Medical, ResApp Health, Teladoc Health, Zoom, 98point6, A&D Medical, Alcuris, AMC Health, AMD Global Telemedicine, athenahealth, BetterHelp, Biotronik, CaptureProof, Cleveland Clinic, Crossover Health, and eClinicalWorks.

Virtual care and telemedicine in healthcare market, key players

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Market report scope

Scope

This report focuses on the importance of Virtual Care and Telemedicine in Healthcare throughout the healthcare industry.

• Virtual Care and Telemedicine thematic research offers a detailed analysis of the various factors that are of importance to stakeholders and why businesses throughout the value chain should focus on understanding Virtual Care and Telemedicine offerings in the industry. The research includes insightful industry analysis of Virtual Care and Telemedicine factors and key use cases highlighting how healthcare players are integrating Virtual Care and Telemedicine services.

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