North America Projected to Dominate Telemedicine's US$150 Billion Dollar Market

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May 08, 2020, 08:15 ET

PALM BEACH, Florida, May 8, 2020 /PRNewswire/ -- The Telemedicine market has shown substantial growth over the past few years and is projected to continue to this growth cycle over the next several years. A report from Global Market Insights said that Telemedicine Market size was valued at USD 45 billion in 2019 and is expected to witness 19.3% CAGR from 2020 to 2026. Another report from Grand View Research projected that the global telemedicine market size is expected to reach USD 155.1 billion by 2027, expanding at a CAGR of 15.1% over the forecast period. Telemedicine refers to the delivery of healthcare at a distance. The increasing number of e-visits, expansion of telemedicine in areas of radiology, cardiology, behavioral health, and others have resulted in the development of new business and healthcare models surrounding telemedicine. Advancements in information and communication technology have revolutionized the modes of healthcare delivery. Developments in telemedicine have made healthcare affordable and accessible to all. Active companies in the markets this week include Vuzix® Corporation (NASDAQ: VUZI), Zoom Video Communications, Inc. (NASDAQ: ZM), MicroVision, Inc. (NASDAQ: MVIS), Teladoc Health, Inc. (NYSE: TDOC), Tenet Healthcare Corporation (NYSE: THC).

The Grand View report said: "Increasing incidences of chronic conditions and rising demand for self-care medicines are the key factors driving the market. Furthermore, increasing use of internet applications, ease of telemedicine, and rising demand for centralization of healthcare are expected to help save cost, which is one of the critical factors for the telemedicine market growth. The healthcare industry is enormously huge and its centralization is expected to help in harmonizing the entire process as well as providing economic assistances. The unprecedented outbreak of COVID-19 across the globe has resulted into increased demand for telemedicine solutions, due to lockdown implemented by several countries as a preventive measure to curb the pandemic.

Vuzix® Corporation (NASDAQ: VUZI) BREAKING NEWS: Zoom for Healthcare Now Supported on Vuzix Smart Glasses for HIPAA-Compliant Telemedicine Videoconferencing - Vuzix® announced support of Zoom Healthcare, a HIPAA/PIPEDA-compliant conferencing application, for Vuzix M-Series and Vuzix Blade® Smart Glasses.

Zoom is one of the fastest-growing cloud video conferencing applications for end-to-end enterprise communications and has more than 66,000 business customers that have at least 10 employees. Vuzix has received numerous inbound requests from hospitals and healthcare organizations interested in leveraging Zoom for Healthcare in their day-to-day business operations with smart glasses.

"Zoom for Healthcare customers can connect to a remote mentor or support team hands-free when using our M-Series or Vuzix Blade Smart Glasses. The Zoom connector application from Vuzix provides Zoom for Healthcare customers with the ability to connect to the service through an interface developed specifically for Vuzix smart glasses that allows them to login, connect and share POV (point-of-view) fed real-time from the camera of Vuzix smart glasses," said Paul Travers, Vuzix President and Chief Executive Officer. "And like Zoom for Healthcare's interfaces on other devices, the Vuzix connector app is not only optimized for one-to-one support calls but also one-to-many, which allows remote medical professionals to share what they are seeing with all of the users that have joined the meeting simultaneously."

Vuzix® also announced the World's First Orthopedic Navigation System Using Augmented Reality Smart Glasses developed by Pixee Medical - Vuzix® Corporation announced that Pixee Medical, a France-based medical company, has received CE marking certification for Knee+, the first orthopedic navigation system using augmented reality smart glasses for total knee arthroplasty.

The unique patented technology, combining proprietary computer vision and deep learning algorithms, uses Vuzix' M400 Smart Glasses to precisely track instruments and implants during surgeries. Compared to bulky and expensive robotic solutions, Knee+ is simple to use, cost effective and does not require preoperative DICOM or disposables.

The CE marking certification for Knee+ is a major milestone for Pixee Medical as it allows the commercialization of its innovative product across the European Union and other CE Mark geographies by using implant manufacturers as distributors. Pixee Medical was also granted ISO 13485:2016 certification and is pursuing and expecting FDA approval (510k) for Knee+ before the end of 2020.

"Pixee Medical has developed a device which aims to apply AR to knee and then shoulder surgery, guiding the practitioner through connected glasses, like a GPS. The solution is simple, accurate and much less expensive than surgical assistance robots. We're excited to work directly with Vuzix AR Smart Glasses to offer this solution to European Union and other CE mark geographies through implant manufacturers and distributors," commented Sébastien Henry, Founding President of Pixee Medical. Read this entire release and more news for Vuzix® at: https://finance.yahoo.com/news/vuzix-announces-worlds-first-orthopedic-181400358.html

Additional recent developments include:

Zoom Video Communications, Inc. (NASDAQ: ZM) and Keybase recently announced that Zoom has acquired Keybase, a secure messaging and file-sharing service. The acquisition of this exceptional team of security and encryption engineers will accelerate Zoom's plan to build end-to-end encryption that can reach current Zoom scalability.

"There are end-to-end encrypted communications platforms. There are communications platforms with easily deployable security. There are enterprise-scale communications platforms. We believe that no current platform offers all of these. This is what Zoom plans to build, giving our users security, ease of use, and scale, all at once," said Eric S. Yuan, CEO of Zoom. "The first step is getting the right team together. Keybase brings deep encryption and security expertise to Zoom, and we're thrilled to welcome Max and his team. Bringing on a cohesive group of security engineers like this significantly advances our 90-day plan to enhance our security efforts."

MicroVision, Inc. (NASDAQ: MVIS) announced its report for the first quarter 2020 results this week on Thursday, May 7, 2020. The conference call will be available for rebroadcast from the Investor Relations section of MicroVision's website.

MicroVision is the creator of PicoP® scanning technology, an ultra-miniature sensing and projection solution based on the laser beam scanning methodology pioneered by the company. MicroVision's platform approach for this sensing and display solution means that its technology can be adapted to a wide array of applications and form factors. We combine our hardware, software, and algorithms to unlock value for our customers by providing them a differentiated advanced solution for a rapidly evolving, always-on world.

Teladoc Health, Inc. (NYSE: TDOC) recently shared that the company is experiencing unprecedented daily visit volume in the United States as the novel coronavirus continues to spread globally. This week, patient visit volume spiked 50 percent over the prior week and continues to rise. The company had been handling visit demand consistent with peak flu volumes, but on Wednesday began to see that number accelerate to as much as 15,000 visits requested per day. Teladoc Health has provided approximately 100,000 virtual medical visits to patients in the United States in the past week, helping to alleviate pressure on the broader health care system.

"We are seeing more patients and more of those patients are experiencing upper respiratory issues," said Lew Levy, MD, chief medical officer, Teladoc Health. "As we saw during the flu epidemic of 2018, a community's healthcare system can become overwhelmed and virtual care can help provide needed relief. We have the unique ability to immediately connect with the CDC and other government agencies, to add the right screening tools and clinical quality protocols to our system, and most importantly, to keep patients – particularly those most at risk with underlying health conditions – out of care settings where they can face exposure."

Tenet Healthcare Corporation (NYSE: THC) recently announced its results for the quarter ended March 31, 2020 (1Q20). "Our first quarter represents results that were trending above our expectations through early March and then, in a virtual snap of the finger, hit a wall created by the COVID-19 pandemic and the quick shutdown of elective surgeries and normal patient traffic," said Ronald A. Rittenmeyer, Executive Chairman and Chief Executive Officer. "Our team responded quickly, focused on the safety of our patients and staff while ensuring we were caring for the potential and actual surge of COVID patients. This included forward purchasing of PPE and other supplies and equipment regardless of price, implementation of staffing deployment plans tailored to the unique elements of various markets, and the establishment of clear clinical protocols and safety measures standardized across operations."

"We acted swiftly to mitigate the impact of significant volume reductions in our hospitals and surgery centers, enhance our operational and financial flexibility and redirect resources to critical operations. Simultaneously, we took actions to increase liquidity and defer capital spend and other costs that could be delayed without disrupting our mission. At all times, our patients have continued to receive excellent care with uninterrupted access to caregivers, medication and equipment. Conifer and our Global Business Center in Manila continued to operate and execute their respective missions.

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