Telemedicine services are at the cusp of revolutionising the global healthcare sector. The development of e-health models that minimise cost, maximise output, and foster unprecedented utility has become a prerogative for the healthcare industries of several regions. In addition to this, the availability of robust and infallible ICT infrastructure is supporting the transition from in-premises care delivery to telehealth.
Remote care delivery is amongst the most sought-after models that are expected to garner humongous investments from several technology giants. Moreover, healthcare providers across the globe are laying credence to the use of e-health models that can reduce the burden on hospitals and primary healthcare centres. It is only a matter of time until the telemedicine industry reaches noteworthy revenues.
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A new study reports the global telemedicine market will reach US$152.1 billion by 2025-end, displaying growth from a value of US$82.7 billion in 2020. The CAGR of this market for the period between 2021 and 2025 expectedly sits at a whopping 19 per cent. The growth projected during the years of forecast is more than 1.8 times and is reflective of the positive reception of telemedicine services across the market.
RPM transcends as an intrinsic element of telemedicine sector
Several modalities such as real-time interaction and information storage are a part of the telemedicine industry. Amongst these, the unparalleled utility being rendered by remote patient monitoring (RPM) services is a matter of introspection for healthcare policymakers. The ease of communication between healthcare providers and patients is amplifying the call for developing robust virtual care platforms.
The benefits of RPM cascade into several areas of telehealth specialities such as telecardiology, teleradiology, teledermatology, telepathology, and telepsychiatry. The emerging domain of telesurgery is also expected to send ripples across the global healthcare industry. In view of the aforementioned factors, it is safe to expect the inflow of substantial revenues into the global telemedicine industry in the forthcoming years. The development of fool-proof models for patient enrolment, patient induction, and remote assessment is projected to complement market expansion.
North America to witness towering growth in telemedicine market
Telemedicine services are being pursued with tremendous integrity and dedication across healthcare industries in the US, and Canada. This factor is projected to give a strong impetus to the growth of the regional market. North America is projected to witness the emergence of cutting-edge ICT technologies that can be deployed towards improving the telemedicine architecture of the region. This would play to the advantage of the vendors operating in the regional telemedicine market.
Furthermore, the availability of advanced cloud-computing-based health services along with 5G-linked micro-procedures is also facilitating market expansion. Europe is also making rapid strides of development as telehealth platforms such as EHPAD in France and ‘Now GP’ in the UK find their way through the healthcare sector.
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Some of the notable vendors operating in the global telemedicine market are Allscripts Healthcare Solutions Inc, American Well, AMD Global Telemedicine, BioTelemetry, Cerner Corporation, Blue Sky Telehealth, and Cisco Systems.
Sayali Sheth is a Market Research Consultant for the Healthcare domain at Fairfield Market Research. She possesses more than 5 years of rich experience in in-depth market assessment as well as analysing and interpreting data to deliver effective business-driven solutions.
This article appears in the latest issue of the Omnia Health Magazine, read more here
