The rising number of COVID-19 infections across the globe is one of the key factors driving the demand for telemedicine.
A report from Global Market Insights, Inc. shows that the growing importance of self-quarantine and maintaining social distancing for containing the spread of COVID-19 is offering a major growth avenue for telemedicine tech and equipment providers. Most of the countries across the globe are taking stringent measures such as partial or complete lockdown to bring down the number of people contracting the virus. This has led to large-scale adoption of telemedicine among healthcare professionals.
Growing inclination of patients towards virtual assistance for health-related issues is likely to reinforce remote healthcare requirements. Estimates suggests that the telemedicine market size will exceed USD $175bn (€148.84bn) in terms of annual valuation by 2026.
Focus on reducing healthcare cost
Adoption of advanced methodologies like LEAN and Six Sigma for enhancing flow of the system and improving performance is likely to result in cost savings in healthcare services.
Implementation of various advanced technologies as well as streamlining of healthcare processes will further enable cost-saving in the coming years. This growing focus on cost reduction may supplement telehealth business landscape.
In 2019, tele-monitoring services accounted for more than 29% of the total market revenue share. These services reduce the overall burden on the medical fraternity, by providing access to patients that are suffering from serious ailments.
Currently, tele-monitoring services are experiencing heavy demand for monitoring patients that are suffering from flu-like symptoms but are negative for coronavirus infection.
Heavy requirement for tele-hospital services
The tele-hospital segment is estimated to experience growth of over 19% between 2020 and2026. Medical and paramedical personnel are at higher risk of infections, and especially after the COVID-19 outbreak, the demand for tele-hospital services is expected to increase.
Over 60 doctors died in Italy during the global pandemic while looking after patients. Events like these are likely to fuel the adoption of tele-hospital services to protect healthcare providers and patients from coronavirus and other diseases.
Growing prevalence of neurology disorders
Increasing incidence of neurological disorders such as Alzheimer’s disease, Parkinson’s disease, epilepsy, and autism will lead to a rise in the application of telemedicine in neurology. In 2019, revenues from the neurology segment accounted for over $5.5bn and this is expected to grow significantly over the analysis period.
In countries that have implemented partial or complete lockdown, patients suffering from various neurological disorders are increasingly opting for telemedicine services.
Massive coronavirus infection spread in China
China’s telemedicine market is estimated to register a CAGR of 23% through 2026. This can be attributed to an exponential rise in COVID-19 infections as well as a growing geriatric population. Also, with the implementation of partial lockdown in several provinces of the country, patients are increasingly adopting telemedicine services. Growing penetration of internet and smartphones among the Chinese population may further boost industry growth across the region.