Research Overview
Integration of Telehealth Activities with Electronic Patient Records Crucial for Telemedicine Market Growth
With the adoption of telehealth and electronic patient records set to increase in the next three to four years, the importance of integrating the two is vital. In the meantime, a large, unified information network offering total compatibility between telecommunication and IT systems has to be developed. Large healthcare institutions such as Department of Veterans Affairs (VA), integrated delivery networks (IDNs), numerous government hospitals, and noted private healthcare establishments are already looking to advanced telemedicine technologies to provide quality healthcare to patients. For this, they need to overcome infrastructure hurdles and put in a consolidated effort. To begin with, all the telemonitoring enterprises must join forces with hospital IT vendors. Major healthcare institutions with assistance from the federal government can develop pilot projects with these vendors to realize the short and long-term feasibility of this integration.
This Frost & Sullivan research service provides an overview of the telemedicine markets in North America, detailing revenue forecasts by regions – United States, Canada, and Mexico. The study offers an overview of the industry challenges, market drivers and restraints, recommended strategies, market size forecasts, market trends, and competitive analysis. This information is valuable to both large and small market participants seeking to position themselves in this highly competitive market.
Insufficient Funding Slows Telemedicine Implementation
"Inadequate funding is delaying the implementation of the telemedicine programs, and in some cases slowing down active schemes that cannot afford to incorporate advanced technologies," notes the analyst of this research. In particular, the non-availability of technology opportunities programs (TOP) grant for 2005 is likely to have a significant impact on the telemedicine programs. Analysis by experts estimates that in the United States, the growth of televideoconferencing systems, in particular could come down by about a $4.0-8.0 million margin for the period 2005-2006. Likewise, the growth of home telehealth systems is likely to decrease by around $15.0 million in the same period.
Improved Manufacturing Facilities and Import Policies Necessary for Greater Revenue in Mexico
Manufacturers do not perceive Mexico as a viable investment option due to the lack of efficient manufacturing facilities and the unfavorable import policies of the government. However, these restrictions are expected to ease out in the next two years. "Concerns such as inability of the practicing clinical staff to adapt to the latest healthcare technologies as telemonitoring and televideoconferencing are further hindering the telemedicine market growth in Mexico," adds the analyst. "Although some leading vendors are marketing their televideoconferencing and telemonitoring devices through resellers in Mexico City, the revenue has been negligible."
Nevertheless, telemedicine offers a wide scope for both clinical departments and non-clinical areas such as education and research and development in the North American region. It can provide suitable solutions for rising healthcare costs in the United States and Canada. The growth of this market depends on efficiency of computer systems, gaining the confidence of the medical fraternity, and development of globally acceptable standards in communications, video conferencing, and medical practices.
View Cart
