Answer To: 1 Market analysis report briefing: Introduction: Experience and knowledge on writing a market...
Komalavalli answered on Apr 20 2022
1.New product or invention:
The smart healthcare products market will reach a CAGR of 8.5% during the forecast period .With the arrival of COVID19; smart health products have seen a spike in demand. Smart healthcare adoption has increased during the pandemic situation and this adoption rate is expected to increase further in the post-COVID19 scenario. Tele health (TH) use has grown as consumers and providers seek safer methods to obtain and deliver health care. Overall TH utilization for office visits and outpatient treatment was 78 times greater in April 2020 than in February 2020. This necessary step shift was prompted by the following factors: 1) increasing provider willingness to employ TH; and 2) regulatory reforms permitting continuous access to TH, Improved access and reimbursement 3) Increase customer acceptance. During the pandemic's tragedy, TH offered a bridge to care and now gives the potential to rethink virtual/combined/in-person care models with the objective of enhancing access to services, results, and affordability. As a result, many companies are expanding their products and services; for example, in November 2020, Vera Smart Health invested approximately $20 billion to expand its services to telemedicine services, home testing and diagnostics, virtual care, delivery medicines and nutritional counseling services.
Although several definitions exist, telemedicine or tele health is commonly described as the distant delivery of health care services utilizing technology to communicate service information for the diagnosis, treatment, and prevention of disease. Insurance companies frequently describe telemedicine to include technology like as live video conferencing and remote patient monitoring, but TH is generally defined more broadly, covering fundamental telecommunications equipment. It is as easy as a phone conversation, text message, or email, or as complicated as online health portals that enable patients to contact with their clinicians. However, the terms TH and telemedicine are frequently used interchangeably.
Target market size and outlook:
The rise of telehealth has resulted in the supply of cost-effective treatment, the acceptance of domestic healthcare offers, and the sporadic investment on infrastructure expansion. Telehealth is transforming the healthcare industry since it decreases hospital visits, patient wait time, and the physical discomfort caused by patients.
Furthermore, excessive investment on healthcare IT infrastructure by key players inside the US adds to the market's growth. The telehealth sector is anticipating more financing for the integration of telecommunications and healthcare systems. COVID-19 also increased physician usage of telemedicine inside the United States. Every country's Medicaid programme provides a variety of insurance options ranging from digital health care to personal payers.
The study on the US Telehealth market offers thorough segmentation by mode, component, end user, application, and distribution mechanism. In 2020, the real-time virtual health category will account for a sizable 49 percent of the market. During the projected period, the real-time virtual health category is likely to continue its dominance. During the COVID19 epidemic, the usage of real-time virtual care in distant critical care units has risen in the United States.
It is a helpful tool for tracking health status and therapies. Telemedicine use is predicted to rise in the United States as technology progresses and smart devices become more widely available. By 2026, the remote patient monitoring market is estimated to be worth more than $13 billion.
The remote patient monitoring market is expanding at a steady pace and is likely to expand considerably throughout the forecast period. This increase might be attributed to the rising incidence of chronic conditions among the elderly, such as cardiovascular disease, diabetes, and respiratory disorders, which need continuous monitoring and excellent treatment.
According to a recent Morning Consult research, most consumers who use telehealth prefer virtual treatment from their doctor over on-demand options. According to the report, nearly three-quarters of U.S. individuals who have used telehealth obtain virtual treatment through their regular provider or health plan, while 17 percent receive care through the platform and demand directly to consumers, and 11 percent have utilized both services.
3. Market need:
The majority of telemedicine solutions are either products or platforms. A telemedicine product is almost never promoted on its own. Typically, businesses provide a platform for data sharing. Later, the data is saved in a database and is ready to be evaluated and interpreted by a doctor, another healthcare expert, or software. This product-platform combo is commonly utilized in remote monitoring systems. Life Watch MCT 3 Lead, for example, is a Mobile Heart Rate Telemetry (MCT) device. Asymptomatic and symptomatic arrhythmias are detected, recorded, and wirelessly transmitted to a doctor for analysis. Four wearable cardiac electrodes were Bluetooth-connected to a Smartphone. If an...