Telemedicine: A Digital Way to Streamline the Patient Care Process

Telemedicine Market Overview

The market size of the global telemedicine market will cross $100 billion, growing at a CAGR of 20% by 2025.

Today, the world is shrinking due to globalization, and the rate accelerated due to technology. Every business across industries is taking advantage of the massive growth of technology adoption, and healthcare is one of the leading sectors in doing so. Also, the current health crisis, i.e. COVID-19 pandemic, is fuelling the need to adopt technologies across business processes in the healthcare industry. Telemedicine, also known as Telehealth, is one such technological advancement in healthcare.

Why Telemedicine?

Telemedicine works as personalized technology-driven healthcare services and serves as a lifeline for thousands of people during the time of pandemic when it is not advisable to avoid physical contact as much as possible. Also, it helps many people who live in rural areas and do not have access to proper medical facilities. Some recent trends suggest that not only remote patients but also people live in urban areas have begun taking benefits from telemedicine as it provides convenience to them.

Seven benefits of telemedicine for patients and doctors

• Higher patient engagement with remote monitoring
• Lower costs due to elimination of transportation
• Time-saving
• On-demand real-time consultation and preventive care
• Significantly fewer chances of getting infections from other patients
• Improved access to care for patients those are having disabilities or older patients.
• Expands reach to patients those are geographically isolated and do not have on-site medical facilities.

Increasing Demand for Telemedicine

A recent estimate by consulting firm McKinsey suggests that $250 billion in healthcare spending could shift to virtual care models in the wake of the COVID-19 pandemic. Also, a study by non-profit group FAIR Health suggests a 4,000% increase in telehealth claims across the country due to COVID-19. It shows that the future of telemedicine/telehealth seems assured. At the same time, existing players in the telemedicine space are increasing their investments to respond to the rapidly growing demand. Many other tech firms have launched telemedicine solutions and mobile apps using emerging technologies such as artificial intelligence.

Telemedicine/telehealth has changed the care delivery, and it is going to evolve in the coming years. Health service providers have started shifting from convenience consults to more evidence-based results. Also, they are planning to expand their telemedicine offerings for advanced speciality treatment, such as cardiology, dermatology, endocrinology, infectious disease, neurosurgery, obstetrics and rheumatology.

Factors Impacting the Growth of Telemedicine Market

Rising global population, the emergence of COVID-19 like a pandemic, increasing need to expand healthcare access in developing countries like India. Also, advancements in healthcare technologies, increasing Smartphone penetration and better internet connectivity in rural areas, and government initiatives are some driving factors that are driving the growth of the telemedicine market. Increasing adoption of IoT-enabled smart medical devices such as fitness tracker, blood pressure monitors, blood glucose monitors, pulse oximeters, etc. Also plays a significant role in the growth of telemedicine market.

Applications of Telemedicine

Remote Health Monitoring

Today, most of the people are using at least one wearable such as smartwatch and fitness tracker, or connected medical devices. These devices help doctors and hospital monitor patients’ health condition, including heart rate, blood pressure, glucose level, etc. regularly in real-time, without the need for their physical presence.

Monitoring Prescription Compliance

Telemedicine enables doctors and hospital management to check whether their patients are taking the prescribed medicines regularly or not, to ensure that they are complying with medication regimens. Telemedicine works as a reminder system to manage the medication schedule for patients.

Remote Patient Assessment

Using telemedicine techniques, doctors can assess patients medical records, including medical images and other test results, remotely and forward them to other physicians or specialist doctors for their review whenever required. This way, it doesn’t require the physical presence of either the patient or the doctor. Also, patients do not have to wait for the appointment availability to show their medical reports.