The COVID-19 pandemic has brought extensive changes as it hit the globe. The way of meeting and conducting daily routine activities has completely changed. Among all the sectors, the healthcare sector has observed expansive changes.
Earlier, physician visits and health appointments were limited to in-person meetings. With the advent of the pandemic, healthcare consultation and treatment has observed a tectonic shift. The stay-at-home orders and the rapid virus transmission rate have led to a decrease in clinic visits.
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According to the American Hospital Association, nearly 65 percent of the hospitals in the U.S. prefer remote health consultation through telehealth technology. Thus, these statistics bring good growth prospects for the telehealth market. Hence, telehealth has emerged as a good option for consultation. All these factors will bring good growth prospects for the telehealth market during the assessment period of 2017-2025.
Telehealth can be defined as remotely monitoring and consulting on health matters through electronic information and telecommunication technology. Telehealth bridges the gap between the patient and the healthcare professionals through increasing access to specialists and physicians. It also helps in ensuring that the patients receive the right care through right consultation and treatments. All these factors bode well for the growth of the telehealth market.
Earlier, the use of telehealth was only limited to certain areas where healthcare facilities were not accessible. With the advent of the pandemic, the use of telehealth has increased exponentially. In the pre-pandemic era, the adoption of telehealth technologies was limited in metropolitan areas. As the pandemic struck, there was a sudden increase in telehealth consultations across city areas. Thus, these factors had a positive impact on the growth of the telehealth market.
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Transparency Market Research’s (TMR’s) research report on telehealth market has every component that will assist the stakeholder in understanding the current scenario. All the top trends in the telehelath market have been included in the report. The overall market survey of telehealth by TMR suggests a stable growth period.
According to the market analysis of telehealth by TMR, the market for telehealth is prognosticated to expand at a healthy CAGR of 13 percent during the assessment period of 2017-2025. In the context of valuation, the telehealth market will reach a valuation of US$ 19.5 bn by 2025, the end year of the forecast period and was pegged at US$ 6 bn in 2016.
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Virtual Medical Centers to Boost the Growth of the Telehealth Market
Numerous healthcare players are trying to embrace change at a rapid pace. As physical visits and consultation become risky, the need for virtual meetings and consultations has increased. In tandem with the trend, many companies are focusing on virtual medical centers. These centers provide consultation online and offer great convenience to the users, which will help in structuring a robust growth trajectory for the telehealth market.
General Motors launched virtual health care for its employees recently. The Henry Ford Virtual Care Center will be open for the 20000+ employees at General Motors. Such developments bring good growth prospects for the telehealth market.
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Strengthened Regulatory Provisions to Help in Speedy Adoption of Telehealth
The government bodies of numerous countries are promoting telehealth extensively. The growing prominence of telehealth technologies has led many countries to adopt or amend regulations. The Health Insurance Portability and Accountability Act (HIPAA) is a classic instance. It has guidelines that enable the protection of patient health information from being disclosed without the patients’ knowledge. Such acts and regulations help increase the growth rate of the telehealth market.
Leading players in the telehealth market are Aerotel Medical Sytems Ltd., Royal Philips, American Well, Honeywell International Inc., and Medtronic.
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