The market projection in telemedicine has proven to be true. There is rapid growth in the telemedicine market. According to the study, the growth in the global telemedicine market is $34 billion in 2020.
Telemedicine means the expansion of the patient’s network and opportunity. Healthcare becomes more sustainable with it.
If we look at the current market trends and growth rate by region, almost all the countries are covered in the filter of high or medium.
What does telemedicine in healthcare do currently?
Firstly, let us start with the pharmacy store. We all go to the pharmacy store to buy first aid kits or basic healthcare supplies.
Think of the situation where you have to stand in a queue for long hours to check the normal uneasiness/fever! For consulting that you have to travel miles?
In that case, telemedicine plays a major role. As the picture depicts the story of getting an in-store online medical assessment and prescription.
Telemedicine provides micro healthcare and provides satisfactory attention to all consumers/patients. The market trend of using telemedicine increases because it provides a one-stop solution.
Market trends of telemedicine:
- With 20 percent CAGR, the global telemedicine market size value is set to grow USD 150 billion by 2026.
- As telemedicine is the mandatory need of the secluded provisions for health examinations, physical reporting, and medications.
- Global technologies are driven by new innovations and are nurturing in healthcare.
- In the era of social distancing where people are fearful of getting infected and thus the preference for telemedicine increases.
Eight factors driving the future of the telemedicine market:
1. Reducing the health cost
Telemedicine is reducing the extra travelling to reach the doctor’s place, it saves one’s energy and time. The patients are buzzed off with the charges of traditional healthcare.
With the demand in the market through telemedicine provide very standard care with lower subscription rates. It is a win-win situation for both caretakers and caregivers.
Telemedicine is the only source in healthcare at a nominal cost.
2. The accessibility of the patient’s data:
First, there’s the increasing availability of digital patient information – for telemedicine treatment to be successful, healthcare institutions need some way to digitally keep track of patient information. (which is more difficult than it sounds).
3. Technology advancement:
The time of 2020 is termed as dangerous for humankind for survival but technology saves humankind. As the advancement of technology in every field focuses more to upgrade.
Healthcare is the only sector this time that needs massive advancement during 2020, and fortunately, it makes a huge investment in developing Telemedicine, mHealth, and many more other facilities in healthcare.
4. Relaxing regulatory standard:
The government and organizations have started losing their standards by permitting the new applications, services at a faster rate. Thus, top healthcare developers, system providers and innovators tight their shoes to make innovations.
The services are slow and reluctant to follow satisfactorily, hence to opt for the new technology is the only option.
5. Patients feedback and positive responses:
After meeting the different standards in healthcare, patients feel relaxing and nurturing to every spoon of the day. The patients who have used telemedicine and telehealth are now least tolerable to the traditional method of health checkups and treatments.
According to the patient’s happiness index, the report comes out that patients are not satisfied at all with the doctor’s feedback. But with the advancement of technology and care, patient’s feedback is changing from negative to positive.
6. Elderly ageing population:
Globally elderly population 60 years or over numbered 962 million in 2017, more than twice as large as in 1980 when there were 382 million. It is expected to double up by 2050.
Looking towards population trends and birth rates the child population will increase in the next decades, whereas these two age groups will need more care and health essentials. It’s a hard time for traditional doctor care and so is the demand for telemedicine.
The data illustrates the population projection of elderly ageing and the estimated numbers for the future decades.
This data predicts the birth rate, it is according to the data of the UN report on projections.
Hence this will give opportunities to boom the telemedicine market.
7. Social embracing:
Telemedicine gains social acceptance in the market. As per the study, 94 Americans out of 100 say that they would like to meet a doctor online and the nurse to take follow-up online than to meet in person.
8. Covid pandemic:
During the lockdown period, people are forced to stay at their homes and work. They meet people remotely, so people are also willing to be treated remotely by the doctors until it’s an emergency.
Fortunately, this added as a point for the telemedicine market in the healthcare industry.
Conclusion: Telemedicine has achieved massive success in the pandemic and people are getting more comfortable with it. Innovators, healthcare app developers, providers are trying to indulge more in tech development to integrate all possible uses of technology. Top healthcare providers are trying their best to serve the community and neighbourhood.