Inclining Trajectory of Telemedicine Market
Telemedicine is the modern technology conveyance of providing health-related administrations and data through electronic media. It entails distance patient and clinician contact, care, counsel, updates, instructions, mediation, observing, and far-off confirmations. The advantage of telemedicine is that the patients can consult the doctors for diagnosis and treatment in real-time without having to wait for an appointment. Patients can contact a professional from the ease of their home. Growth in the telemedicine market is chiefly determined by elements like the growing population, expanding technological reception, the need to extend medical care access, the developing commonness of ongoing illnesses and conditions, expanding mindfulness, insufficient number of doctors, headways in telecommunication, and government initiatives.
Telemedicine has helped in diminishing the expense of medical care, has improved productivity by better administration of chronic illnesses, shared proficient staffing, decrease in the measure of time spent in movement, and limited stays in the emergency clinics are a portion of the variables advancing telemedicine on the lookout.
Low Doctor per Patient Numbers and Rising Numbers of Medical Visits to Drive the Market Growth
The developing tension on medical care experts to improve the nature of medical administration is predicted to be a critical reason that can develop the telemedicine market during the forecast period. Moreover, the inclining endeavors to lessen the mounting tension on medical services professionals is another reason that is probably going to boost the market size of the telemedicine market. As per the Medical Council of India, there was one doctor for every 1,445 Indians in 2019. 84.9% percent of adults and 95.6% of children had a visit with a doctor or other health care professional in 2019 in the U.S. as per National Health Interview Survey by the Centers for Disease Control and Prevention. So, the low doctor per patient numbers coupled with the rising number of medical visits are expected to boost the growth of the telemedicine market.
Technological Advancements to Open the Door for Opportunities in the Market
Headways in technological innovation, for example, the Internet of Things (IoT), computerized reasoning, machine earning, virtual medical clinics, and telehealth applications will facilitate the interest in telemedicine administrations. The utilization of AI and analytics in telemedicine administrations permits hazard forecast and control. The developing viability facilitated by AI in processing data collected from telemedicine modalities is probably going to offer different doors for market extension in the coming time frame.
Increase in Healthcare Expenditure to Fuel the Growth of the Market
The increase in health expenditure both by the individuals and governments is rising. According to the report on global health expenditure released by the World Health Organization (WHO) on February 20, 2019, global expenditure on health increased in low and middle-income countries by 6 percent and in high-income countries by 4 percent. The Indian Government, as per the Ministry of Finance is looking to increase public spending on healthcare services from 1 percent to 2.5-3 percent of GDP, as envisaged in the National Health Policy f the country. This increase in public and private healthcare expenditure is predicted to fuel the growth of the telemedicine market.
High Associated Costs and Low Adoption Might Restrain the Market Growth
The high costs related to telemedicine frameworks, like, Electronic medical records and Electronic health records, and stringent government laws related to telemedicine are projected to impede the market development during the forecast period. The patients and medical service experts are reluctant to adopt telecommunication mediums and by and large depend on the traditional practice of engagement because of an absence of awareness which might hinder the growth of the telemedicine market. Additionally, the possibility of healthcare frauds might further disincentivize the adoption of telemedicine by both patients and professionals.
Impact of COVID-19 Pandemic
The advent of the COVID-19 pandemic had a positive impact on the telemedicine industry. Due to the lockdowns and social distancing regulations imposed by governments across the globe to curb the spread of the virus, telemedicine seemed like the only viable option owing to the attractive, effective, and affordable attributes of the practice. Moreover, the number of patients needing consultations also increased significantly. So, through telemedicine, more patients could be tended to and the professionals could also be considered safe. The pandemic propelled the government and different agencies to promote the adoption of telemedicine practices. So, the pandemic has pushed the demand and adoption of the telemedicine market.
North America to Hold the Largest Market Share
North America held the largest share of the telemedicine market owing to the factors like the inclining prevalence of chronic diseases, the requirement to decline healthcare expenditure, and the increasing geriatric population. The region also has the presence of major market players. The telemedicine market in the Asia Pacific region is also expected to grow at a significant rate attributing to the prevalence of chronic diseases, overcrowding of hospitals, and the need to improve the quality of healthcare services provided in the region.
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