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Growing demand for telemedicine fueling multibillion dollar market growth

With a significant rise in the prevalence of the geriatric population worldwide, telemedicine services are expected to go through favorable demand.

Jeff Lagasse, Associate Editor

Telemedicine is experiencing some pretty significant market growth, and there are a few key factors driving it, including rising demand for accessible healthcare for consumers in remote areas, technological advancements in telecommunication and medical devices, and an increasing need to reduce the overall expense on healthcare by the patients.

With a significant rise in the prevalence of the geriatric population worldwide, telemedicine services are expected to go through favorable demand in coming years. According to Crystal Market Research, the global telemedicine market is expected to be around $3 billion by 2025.

The key players operating in the telemedicine market tend to focus on product innovation and development to introduce next generation products, which make physicians' in remote interaction with patients more efficient. A few of the key players include Reliq Health Technologies Inc., Tenet Healthcare Corp., Kindred Healthcare Inc., Evolent Health Inc. and Teledoc Inc.

Reliq, a technology company focused on developing mobile health and telemedicine solutions for community-based healthcare, has recently signed an agreement with B Golden Care Services in McAllen, Texas to implement Reliq's iUGO Care chronic care management platform for its 1,000 complex continuing care patients. Onboarding of patients is expected to begin late in the first quarter of next year.

The iUGO Care platform integrates wearables, sensors, voice technology and mobile apps and desktop user interfaces for patients, clinicians and healthcare administrators. It touts its ability to reduce cost of care delivery.

Tenet announced this week additional actions to support the company's goal of improving financial performance and enhancing shareholder value. The changes include an expansion of its cost reduction program, an update to the ongoing board refreshment process to ensure that the board of directors has the best mix of skills and experience to maximize the future value of the company, and exploring a potential sale of Conifer.

Kindred closed down on Tuesday at $9.10 on larger-than-normal volume of over 16.06 million shares traded by the market close. Kindred is a top-105 private employer in the United States, and is a Fortune 500 healthcare services company based in Louisville, Kentucky with annual revenues of approximately $6.1 billion.

Evolent, a company providing an integrated value-based care platform to leading health systems and physician organizations, announced this month that Evolent and Premier Health have terminated the stock purchase agreement whereby Evolent was to purchase Premier Health Plan. The two parties were unable to reach terms on the related party agreements.

Teladoc, a large provider of virtual care delivery services, announced this month record growth of more than 100 percent in the hospital and health system market. The company now supports more than 200 hospitals, more than doubling its total in 2017.

Twitter: @JELagasse
Email the writer: jeff.lagasse@himssmedia.com

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