Telemedicine Market Overview
The market size of the global telemedicine market will cross $176 billion, growing at a CAGR of 29% by 2025.
The world is shrinking due to globalization, and the rate accelerated due to technology. Every business across industries is taking advantage of the massive growth of technology adoption, and healthcare is one of the leading sectors. Also, the current health crisis, i.e. COVID-19 pandemic, is fuelling the need to adopt technologies across business processes in the healthcare industry. Telemedicine, also known as Telehealth, is a technological advancement in healthcare.
Why Telemedicine?
Telemedicine works as personalized technology-driven healthcare services and serves as a lifeline for thousands of people during the pandemic when avoiding physical contact as much as possible is not advisable. Also, it helps many people who live in rural areas and do not have access to proper medical facilities. Some recent trends suggest that remote patients and people living in urban areas have begun benefiting from telemedicine as it provides convenience.
Seven benefits of telemedicine for patients and doctors
- Higher patient engagement with remote monitoring
- Lower costs due to the elimination of transportation
- Time-saving
- On-demand real-time consultation and preventive care
- Significantly fewer chances of getting infections from other patients
- Improved access to care for patients those are having disabilities or older patients.
- Expands reach geographically isolated patients who do not have on-site medical facilities.
Increasing Demand for Telemedicine
A recent estimate by consulting firm McKinsey suggests that $250 billion in healthcare spending could shift to virtual care models after the COVID-19 pandemic. Also, a study by FAIR Health suggests a 4,000% increase in telehealth claims nationwide due to COVID-19. It shows that the future of telemedicine/telehealth seems assured. At the same time, existing players in the telemedicine space are increasing their investments to respond to the rapidly growing demand. Many other tech firms have launched telemedicine solutions and mobile apps using emerging technologies such as artificial intelligence.
Telemedicine/telehealth has changed care delivery and will evolve in the coming years. Health service providers have started shifting from convenience consults to more evidence-based results. Also, they plan to expand their telemedicine offerings for advanced speciality treatment, such as cardiology, dermatology, endocrinology, infectious disease, neurosurgery, obstetrics and rheumatology.
Factors Impacting the Growth of Telemedicine Market
The rising global population, the emergence of COVID-19 like a pandemic, and the increasing need to expand healthcare access in developing countries like India. Also, advancements in healthcare technologies, increasing Smartphone penetration and better internet connectivity in rural areas, and government initiatives are some driving factors that are driving the growth of the telemedicine market. Increasing adoption of IoT-enabled smart medical devices such as fitness trackers, blood pressure monitors, blood glucose monitors, pulse oximeters, etc. It also plays a significant role in the growth of the telemedicine market.
Applications of Telemedicine
Remote Health Monitoring
Today, most people use at least one wearable such as a smartwatch and fitness tracker, or connected medical devices. These devices help doctors and hospitals regularly monitor patients' health conditions, including heart rate, blood pressure, glucose level, etc., in real-time, without needing physical presence.
Monitoring Prescription Compliance
Telemedicine enables doctors and hospital management to check whether patients take the prescribed medicines regularly to ensure they comply with medication regimens. Telemedicine works as a reminder system to manage the medication schedule for patients.
Remote Patient Assessment
Doctors can remotely assess patients' medical records, including medical images and other test results, using telemedicine techniques and forward them to other physicians or specialist doctors for their review whenever required. This way, it doesn't require the physical presence of either the patient or the doctor. Also, patients do not have to wait for the appointment availability to show their medical reports.
