Growing Penetration in Telemedicine Market
When the provider and the patient are not physically present for each other, telemedicine is a contemporary technology that allows physicians to care for patients distant from the office. Physicians and patients can transfer information from one computer screen to another in real-time. They have access to gather readings from medical equipment in various locations. Patients may see physicians for diagnosis and treatment without having to wait for an appointment thanks to telemedicine. Patients may search for a doctor from the comfort of their own homes. Patients may search for a doctor from the comfort of their own homes. Telemedicine is the delivery of healthcare services via the internet, such as consultations by telephone or teleconference, and it allows healthcare experts to diagnose and treat patients at a distance.
Telemedicine allows for remote healthcare delivery by using electronic communications and software to provide clinical services to patients without requiring an in-person visit. Telemedicine is a type of technology that allows doctors to diagnose patients using a smartphone and video conferencing. Medicine management, chronic disease management, and other clinical services are all aided by this technology. Telemedicine is being used by healthcare organizations, medical practices, and skilled nursing institutions to deliver more efficient healthcare. Telemedicine diagnosis and treatment can be done in real-time thanks to artificial intelligence provider monitoring.
Growing Geriatric Population to Aid Market Size
According to the National Institute of Health, there are 617 million persons aged 65 and up in the world, accounting for about 8.5 percent of the population. However, the global geriatric population is predicted to rise at an unprecedented rate, with projections indicating that by 2050, 17% of the world population will be 65 or older. In industrialized nations, telemedicine use among the elderly is anticipated to rise dramatically over the next decade. As a result, the telemedicine industry is expected to develop rapidly over the next decade due to the rapid increase in the elderly population and the growing acceptance of telemedicine among this demographic.
Growing Application as Remote Patient Monitoring to Facilitate Market Growth
Telemedicine has been one of the most significant digital health breakthroughs in the last decade. Remote patient monitoring is an important aspect of telemedicine since it allows healthcare practitioners to keep an eye on patients from afar. According to a poll conducted by the Consumer Technology Association (CTA), 68 percent of physicians in the United States want to employ remote patient monitoring soon, and this number is expected to rise. According to the same report, healthcare practitioners who use remote patient monitoring services have seen a 49 percent increase in patient outcomes and a 44 percent increase in compliance. As a result of improved patient outcomes and compliance rates, the need for remote patient monitoring among healthcare professionals is projected to rise, propelling the telemedicine market forward throughout the forecast period.
Teladoc Health and Microsoft established a collaboration in July 2021 to provide health systems and hospitals with virtual care integration. Teladoc will make its Solo platform available through Microsoft Teams. The cooperation aims to make telehealth technologies and administrative processes more efficient. Clinicians will be able to easily move between business and clinical operations with the option to access Teladoc Health Solo directly through Microsoft Teams, freeing them from administrative duties and allowing them to practice at the top of their licensing.
Rising Prevalence of Chronic Diseases and High Expense to Increase Adoption of Telemedicine
Chronic illness diagnosis and treatment at many hospitals or clinics is a highly expensive choice, and the bulk of the rural population in poor countries cannot afford it. Telemedicine is a traditional solution to this problem since it has shown to be a cost-effective platform for patient diagnosis and treatment by removing the requirement for patients to attend hospitals or clinics. The availability of a sufficient number of patients, the sharing of telemedicine infrastructure among multiple clinical users, and the efficiency of telemedicine in terms of patient utility and successful clinical consultations all contribute to telemedicine's cost-effectiveness.
PAVmed Inc., a multi-product, commercial-stage digital healthcare business, said in July 2021 that Lucid Diagnostics Inc., a prominent, national direct-to-consumer telemedicine provider, has inked a formal deal with UpScriptHealth. According to the agreement, UpScript will facilitate Lucid's forthcoming EsoGuard Telemedicine Program by offering a Lucid-branded web-based telemedicine forum for patients suffering from chronic heartburn ailments to require a video assessment by a clinician and, if patients require, a referral for Lucid's EsoGuard® Esophageal DNA Test.
Security Concerns Might Restrain the Market Development
The technology-based alternative to traditional healthcare delivery is telemedicine. Poor security measures in telemedicine services, on the other hand, are likely to have a negative influence on the quality of treatment delivered. The most important component of establishing a relationship between healthcare professionals and patients, as well as promoting the adoption of telemedicine services, is data security. Poor data-centric security is likely to undermine healthcare professionals' and consumers' faith in the safety of telemedicine services, which would stymie their implementation. As a result, data security concerns are expected to impede the growth of the telemedicine industry to some extent.
North America to Dominate the Telemedicine Market
Due to strong demand in the recent past, North America led the telemedicine market and accounted for the biggest share in the projection period, followed by Europe. Due to growing healthcare awareness and the adoption of cloud-based technologies, these regional markets are projected to follow a similar trajectory during the projection period. Due to continuous research and development activities, a developed area such as North America has accounted for the largest revenue share in the worldwide business.
Due to the growing need for healthcare support, particularly in rural areas, developing regions such as the Asia Pacific, the Middle East, and Africa are projected to see favorable growth in the sector. India and China, among other emerging economies, are expected to rise during the next eight years. Shortly, innovation and progress in the field of telecommunications are expected to boost this region's growth even further.
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