Prospects of Integration of Next-gen Technologies in Healthcare to Create Opportunities in Telemedicine Market

Telemedicine Market

The World Health Organization describes the word ‘Telemedicine’ as The conveyance of medical care administrations, where distance is a basic factor, by all medical care experts utilizing data and correspondence advances for the trading of substantial data for conclusion, treatment and avoidance of illness and wounds, exploration and assessment, and for the proceeding with instruction of medical care suppliers, all in light of a legitimate concern for propelling the soundness of people and their networks. In a lay man’s language, telemedicine is a constantly evolving science as it upgrades with the advancement in medical technology and easily adapts to the changing societal needs.

The key objective of telemedicine includes:

  • To improve medical outcomes
  • To utilize Information and Communication Technology to its fullest and support health cases digitally
  • To overcome demographical borders and provide clinical support digitally.

Cost-efficient Nature of Digital Medical Assistance to Augment Popularity among Middle and Low Income Populace

The advent of telemedicine has not only helped provide medical aid in remote areas during emergencies and saved lives but also cut down medical expenses on a large scale, thereby making it feasible for people with low and middle income to opt for healthcare solutions. This stands as a key factor augmenting the growth of the global telemedicine market as doctors, hospitals, and other medical care setups are opting for digital health technologies owing to reduced medical expenses. Additionally, the rising number of e-visit, and rapid expansion of the other medical sectors such as behavioral health, cardiology, radiology, and others are likely to aid in expansion of the global market for telemedicine as well.

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The growing prevalence of acute and chronic disease coupled with the use of latest technology for therapy and diagnosis have increased the overall healthcare expenditure, which for most middle and low income populace is not feasible. As per a statistics by Eurostat, medical expenditure was feasible only by 11% of the population in the year 2017 that too as a heavy financial burden on their family budget, whereas it turned out to be a burden on an estimated 34% of the people on the other side.  Additionally, the lack of reimbursement policies or health insurances in most under developed or emerging nations is also not helping them in any way. Thus, the advent of teleconsultations and digital technologies with their cost efficient services reduced the burden not only on medical experts but also opened doors of hope for the middle income and low income populace, thereby promoting the growth of the telemedicine market in the forthcoming years.

Rapid Widespread of COVID19 Pandemic and Imposition of Stringent Social Gathering Laws to Bode Well for Market

The rapid widespread of the novel Coronavirus pandemic and the imposition of stringent social distancing and lockdown regulations all over the world have created a major challenge for most commercial and industrial sectors. Teleheath services helped combat the war against this pandemic quite powerfully with the help of artificial intelligence, machine learning, and others. Contrarily, the infrastructural and technological barriers in low and middle income countries may restrict the adoption of telehealth services. The lack of latest telecommunication devices and high speed internet may pose major challenges to the overall growth of the market.

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The number of online healthcare application users and subscribers and virtual consultants increased tremendously as it assured both safety and no-contact medical consultancy at cost-efficient rates. Moreover, major support from the governments of various nations and the rising adoption of digital health consultancy is likely to create lucrative growth opportunities for the market in the coming years. Innovations in AI-based medical clinics and their rising popularity owing to the use of Internet of Things are likely to bode well for the growth of the global telemedicine market in the years to come.

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