SWOT Analysis: Telehealth – AiTmed Company

Telehealth – AiTmed Company
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SWOT Analysis - Strengths
The market has huge growth potential. The telehealth market is said to have great potential for growth in the next few years. A 2020 report by Arizton indicates that the market's revenue is likely to reach more than $22 billion by 2025 in the U.S., which showcases a compound annual growth rate of over 28% between 2019 and 2025. AiTmed thus has an opportunity to tap into this growth.
Leverages on technological innovations like blockchain. The future of medicine is indeed telehealth. AiTmed has thus positioned itself for growth by choosing to pursue the telehealth market. Blockchain technology promises better security, increased efficiency, and transparency for AiTmed.
Developed its own ECOS. Edge Computing Operating System – ECOS offers AiTmed leverage because it combines artificial intelligence and blockchain encryption. Aside from enhancing the security of users' information, ECOS allows compatibility with EMRs while also increasing the efficiency concerning the medical community's sharing of information.
Weaknesses
Limited experience. According to AiTmed's history, the company delved into the telemedicine scene in 2015. To this day, the company has only had five years in the industry. Some of the industry companies have more years in telemedicine and will likely present bigger challenges as competitors. For example, Cerner and Teladoc Health Inc. have more than 15 years in the industry.
The backing of the California Orthopedic and Microsurgery Institute. The backing by COMSI is supposed to be a positive for AiTmed. However, it is not based on the former's reviews. While reviewing reviews from Yelp, COMSI had a record 21 1-star ratings. While these do not directly impact AiTmed, its association with COMI could make some clients doubt its resourcefulness.
Opportunities
Serving a greater market. AiTmed needs to consider expanding to other markets. Greater markets exist outside of the United States. AiTmed needs to position itself to exploit this wider market.
Add capabilities to perform remote surgery. Remote surgery has been lauded as the future of surgery. Countries all over the world are experimenting with remote surgery with mixed results. Madder (2020) makes a strong case for robot surgery being the future of healthcare in remote areas. Considering the strides made in the healthcare sector technologically, AiTmed ought to consider remote surgery.
Threats
Lack of barriers of entry. The lack of barriers to entry is a major threat to AiTmed. Big companies are always looking to expand and take advantage of growth opportunities. Some of these companies have the financial might to enter into any field, invest heavily, and take over an entire industry. Considering that the telehealth industry is quite young, numerous entry opportunities exist for big companies with deep pockets to force their way into the industry.
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