What is Telehealth?
Telehealth & Medical Marijuana
Telehealth is the distribution of health-related services and information via electronic information and telecommunication technologies. It allows long-distance patient and clinician contact, care, advice, reminders, education, intervention, monitoring, and remote admissions. Telemedicine is sometimes used as a synonym, or is used in a more limited sense to describe remote clinical services, such as diagnosis and monitoring.
Telehealth: The Breakdown
Telehealth Industry Size & Growth
The telemedicine market has grown significantly in recent years. As of 2019, the telemedicine global market was valued at some 45 billion U.S. dollars. The market is expected to grow significantly by 2026 and is expected to be valued at more than 175 billion U.S. dollars at that time. Many factors have contributed to the growth of the market including increased traditional health care costs, funding for telemedicine and an increase in digital health users.
Generally spoken, telemedicine is an older term, more focused on the clinical application, while telehealth includes a broader and consumer-facing approach. The global telehealth market is expected to grow significantly between 2015 and 2020. North America has the largest telemedicine market globally. The telemedicine market in the U.S. is expected to grow to an estimated 35 billion dollars by 2025. This trend indicates a significant increase from previous years. The telehealth market includes a variety of products and applications. The largest proportion of the telemedicine market in the U.S. is attributable to hardware.
Telehealth Industry Benefits
For a typical clinic or a hospital, offering telemedicine services is beneficial in several ways:
A decrease in queues and hospital load due to a portion of patients consulting with doctors remotely.
Possibly less spreading of contagious illnesses in the clinic.
Doctors are able to work — and earn money — even when they can’t be in the clinic (this includes not only issues like a global pandemic but something as simple as a broken leg).
An increase in the overall number of patients — people will be more willing to take care of their health if it won’t take too much time or require any extra commuting.