GlobalData Report: Telehealth will Change Healthcare World Forever

Over the years, there have been many instances when healthcare changed forever. The polio vaccine, which eradicated this dreaded disease and the use of chemotherapy, beginning in the early 20th century, are just two examples.

But nothing may change it – and the way it's practiced – more than telehealth, which holds the promise of medical care dispensed remotely to allow patients more freedom and convenience, and to lower healthcare costs, according to a new report by healthcare sector experts, GlobalData.

The way it works is that doctors fit patients with monitors which transmit data remotely to healthcare providers, giving a picture of patients' vital signs, glucose levels and other important readings, thereby keeping them out of the hospital but still under physician care, for intervention at any point. It also brings specialists to rural areas through the use of video conferencing.

It's catching on so much that late last year, the U.S. Department of Agriculture (USDA) recently announced that it will provide 34 states and one territory with funds from its Distance Learning and Telemedicine (DLT) program to improve access to healthcare and education, USDA Secretary Tom Vilsack announced in December.

The GlobalData study revealed that the telehealth market was valued at $13.2 billion in 2011, but will almost triple, soaring to $32.5 billion, by 2018, a compound annual growth rate (CAGR) of 14 percent.

And it's not just here in the U.S. In Asia it's a rapidly growing market, as well. "Growth in the Asia-Pacific region is expected to be driven by improved awareness of the model's potential for expanding the penetration of affordable medical care to the wider population, with the governments of India and China rapidly adopting and pushing telehealth to cater to the needs of the huge rural patient population," the report asserted.

According to GlobalData, the need to increase the reach of quality medical care to remote locations, reduce healthcare costs and enable the optimal usage of limited provider resources are all driving the growth of this marketplace.

And the accelerated growth of telecommunication technologies, increased adoption of related healthcare IT solutions and the readiness of companies and governments to invest are also reasons for its skyrocketing growth, the study noted. (Healthtechzone.com)