The increasing need for convergence between telehealth activities and electronic patient records is driving the telemedicine market in the North American region. To support this momentum an information network unifying the telecommunications set-up and information technology needs to be developed.
Telemedicine is an important solution in increasing the accessibility to high quality healthcare service. It is a boon to those living in rural, semi-urban, and other developing areas and invaluable in fighting the rising healthcare cost in the United States and Canada.
New analysis from Frost & Sullivan (healthcare.frost.com), North American Emerging Telemedicine Markets, reveals that this market generated revenue of $50 million in 2005. Total market revenue is expected to reach $70 million in 2008.
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Telemedicine demands higher levels of recognition and awareness within the institutional setup. However, limited funds prevent medical universities, government hospitals, and other medical institutions from having strong telemedicine-related publicity campaigns. Vendors need to work with their clients to bring out cost effective publicity programs, such as discussions and seminars among the providers.
“A major concern is that the aging population suffering from stroke, immobility, and impaired vision might be unable to use the devices effectively and capture the data properly,” notes Frost & Sullivan Research Analyst Natesh Subbarajagupta Kare. “To rectify such safety and accuracy-related issues, vendors should train physicians and patients in proper handling of the devices and subsequently certify participants in the training program.”
Telemedicine enterprises also need to decrease the equipment cost to stabilize their profit potential even though the eventual rise in subscriber numbers and unit volume is likely to bring down costs. The telecommunication service providers could benefit from lowering the tariffs and encouraging hospitals to switch over to broadband connections.
Moreover, telemedicine provides the best solution for tackling shortage of nursing staff, especially in the United States and Canada. It reduces the number of patient visits to the hospitals and reaches remotely located homes through the conventional telephone lines.
“Nurses receiving the information from centrally located telehealth services can monitor and respond to multiple patients simultaneously,” suggests Kare.
Further, telemedicine is playing a crucial role in providing education in medical institutions, aiding research and development, and improving patient awareness.
North American Emerging Telemedicine Markets, a part of the Healthcare Information Technologies subscription, evaluates the current state of the telemedicine markets in United States, Canada, and Mexico. The study analyses the televideoconferencing and home telehealth system markets, and offers an overview of the industry challenges, market drivers and restraints, recommended strategies, market size forecasts, market trends, and competitive analysis. Analyst interviews are available to the press.
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.
North American Emerging Telemedicine Markets
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List of Keywords in this Press Release: telemedicine, North America, electronic patient record, telehealth, teleconferencing, telecommunications, Canada, Mexico, United States, research, information, market, trends, technology, service, forecast