Billion Dollar Telemedicine Market Projected to Have a 19% CAGR From 2019 to 2025
The Telemedicine market is projected to experience a high growth rate in the coming years, but it more of a rebirth kindled by recent technological advances. Actually, the concept of telemedicine was introduced in early 1950's when few hospitals and university-based research centers started implementing telemedicine at an experimental level in U.S. Initially, telemedicine was developed for providing healthcare services to patients in remote locations. The period of 1960's saw huge investments by U.S. government, NASA and Public Health Department for development of telemedicine market. Today however, numerous technological advancements in telecommunications network is the major factor that will drive the telemedicine market to new heights. The market is still in its growth phase in developing countries. Although in its infant stage in developing nations, the market has huge growth potential as increasing number of people are adopting advanced technologies. An article in Global Market Insights sees the market's growth to continue to rise. It said: "Telemedicine Market size was valued over USD 38.3 billion in 2018 and is expected to witness more than 19% CAGR from 2019 to 2025." Active companies in the markets this week include: Premier Health Group Inc. (CNSX:PHGI.CN) (OTCPK:PHGRF), Reliq Health Technologies Inc. (TSXV:RHT.VN) (OTCQB:RQHTF), TELUS Corporation (TSX:T.TO) (NYSE:TU), Amazon.com, Inc. (NASDAQ:AMZN), Teladoc Health, Inc. (NYSE:TDOC).
Continued in the Global Market article: "Telemedicine market will witness a significant growth in the near future due to rising geriatric population, growing demand for accessible healthcare services especially in remote areas, and advent of technological improvements related to mobile and internet. Telemedicine has enabled healthcare professionals to access patient's medical data including electrocardiogram, X-rays, computed tomography scans and other imaging data remotely, thereby boosting the market growth. Telemedicine is rapidly transforming the healthcare industry, and in the next few years, it is expected to become the most accepted and used method of diagnosis and prescription. Various healthcare platforms are bolstering revenues by constantly adding new services to their existing portfolio. Another factor responsible for the massive growth of the market is greater application by the business/working community that enable them to discuss their medical condition with the doctor, without even leaving the premises of work."
Premier Health Group Inc. (CNSX:PHGI.CN) (OTCQB:PHGRF) (Frankfurt:6PH) BREAKING NEWS: Premier Health Group, a Company focused on developing innovative approaches that combine human skill-based expertise with emerging technologies for the healthcare industry, is pleased to announce it has onboarded over 80,000 patients to its MyHealthAccess telemedicine patient portal.
MyHealthAccess will enable the Company's Juno Electronic Medical Records (EMR) patient database to directly interact with their healthcare providers and primary care clinics via a user friendly smart device application. Through the portal, patients are able to book appointments in realtime 24/7, chat with clinical staff and see their doctor from the comfort of their home or office via telemedicine.
MyHealthAccess will continue to evolve into a comprehensive patient portal that provides users a singular access point for all interactions with their healthcare providers and support staff. Additional features include the deployment of Artificial Intelligence (AI) to triage patient care. Using the application, the patient will answer a series of questions ahead of their appointment, which will be relayed to the physician along with a differential on possible diagnoses. This information will automatically be prepopulated to the physicians charting system and will provide key patient information prior to the scheduled virtual visit, not only saving the doctor valuable time but leading to a much more effective patient-doctor interaction.
"Onboarding and having over 80,000 patients live on our MyHealthAccess platform is a major milestone as we evolve our business and execute on our goal to increase access to healthcare through our app," said Dr. Essam Hamza, CEO of Premier Health. "Eventually, our patients will have increased access to their charts, lab results, have the ability to securily chat with clinical staff, reorder prescriptions and share remote health monitoring data with their doctor - all at their fingertips. With a current ecosystem of 3 million patients in our EMR database, we expect to continue to accelerate patient onboarding as we deploy additional features over the coming months." Read this and more news for Premier Health Group at: https://www.financialnewsmedia.com/news-phgi/
Recent developments in the healthcare, biotech industries:
Reliq Health Technologies Inc. (TSXV:RHT.VN) (OTCQB:RKHTF) recently announced that it has signed contracts with five new Home Health and Adult Medical Day Care clients that provide care to patients in San Antonio, Corpus Christi, Laredo and Hidalgo County, Texas.
"We are pleased to be expanding our patient base into new communities in Texas", said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. "These five new clients will all go live this month. Our Implementations team has successfully scaled our onboarding process to respond to the steadily increasing demand for our solution, allowing us keep up with our Sales team's tremendous progress. We were able to take advantage of the slower summer season to update our training materials and to bring on new staff to support the growth we anticipated and are now experiencing this fall. The Company remains firmly on track to achieve cash flow positive this calendar year."
TELUS Corporation (TSX:T.TO) (NYSE:TU) In support of World Mental Health Day, on October 10, TELUS is encouraging young Canadians to build and maintain a healthy relationship with technology with its latest TELUS Wise happiness workshop. Offered free-of-charge, the workshop equips teens in grades 9 through 12 with the necessary skills and best practices for ensuring mental resilience and well-being in our digital world. Additional tips offered in the workshop include taking occasional digital breaks, being aware of and limiting social comparisons that can get in the way of our happiness and practicing the Joy of Missing Out (JOMO) as opposed to the Fear of Missing Out (FOMO).
The happiness workshop, developed with input from expert psychologists, Joe Flanders, founder and director of MindSpace and assistant professor in the McGill University Psychology Department, and Laurie Santos, Professor of Psychology at Yale University, is available in English and French, and tackles relevant online issues facing youth such as excessive digital use and comparison to others. The happiness workshop is available online and face to face, hosted in-person by a TELUS Wise Ambassador. The online workshop can be completed individually, or as a group, such as in a classroom setting.
Amazon.com, Inc. (NASDAQ:AMZN) recently announced that it was launching Amazon Care, a virtual primary care offering for its Seattle-based employees. CNBC broke the news after Amazon sent information about the program to its employees and launched a website, amazon.care, laying out the details of the offering.
"To help Amazon employees get excellent medical advice and help whenever it's needed, we're piloting a new program for employees and their dependents -- Amazon Care," the company wrote in the email, as obtained by CNBC. "The benefit is currently in pilot form for a population of employees in the Greater Seattle area and we're looking forward to helping build and scale the benefit to meet the needs of more employees in the months and years ahead."
Teladoc Health, Inc. (NYSE:TDOC) News: Results of a new international study into workplace mental health reveal the extent to which workplace stigma around the topic is impacting both medical outcomes and employers' bottom lines. The research exposes the true scale of mental health problems in the workplace, the magnitude of under reporting of mental health conditions, and what might be preventing people from seeking the support they need.
The study of 3,894 employees across four major international markets including the US, Canada, Australia and the UK was conducted by Ipsos MORI and commissioned by global virtual care experts Teladoc Health (TDOC).
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