Telemedicine Market Is Likely to Experience a Tremendous Growth by 2031 Covid-19 Analysis

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Summary

The telemedicine market is expected to witness a CAGR of 18.50% during the forecast period.

Press Release

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The telemedicine market is expected to witness a CAGR of 18.50% during the forecast period, and the major factors for the growth of the telemedicine market include the rising healthcare costs, technological innovations, increasing remote patient monitoring, and growing burden of chronic diseases.

– Healthcare costs are rising across the world. The primary driver for rising healthcare costs is increased utilization of healthcare services, which results in the growth of consumer demand for innovative and new techniques, lifestyle factors, etc. Furthermore, it can also be attributed to the cost-shifting, from government programs to private payers. Low reimbursement rates have increased cost-shifting burden on hospitals and doctors, who, in turn, charge much higher rates for the same facilities to private payers, which ultimately affects the health insurance rates. It is estimated that elderly care is four times as expensive as it is for those who are younger, and the elderly population consumes between 40% and 50% of the healthcare resources.

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The Telehomes Segment is Expected to be the Fastest Growing Segment over the Forecast Period

The rise of chronic diseases is a global concern that puts a strain on healthcare resources. Telehomecare is an innovative way to provide care, monitor a patient, and provide information, by using the latest technology in telecommunication. Monitoring allows early identification of disease, and thus, preventing chronic conditions.

Telehomecare programs are also initiated in countries, including whole system demonstrator (WSD) project in the United Kingdom, veterans health segmentation (VHA) project in the United States, and TELEKART program in Denmark. These telehomecare programs manage, reduce, and avoid chronic diseases by remote monitoring of patients.

North America Accounted for the Largest Share in the Telemedicine Market

Telemedicine is a rapidly growing component of healthcare in the United States. Treatment of chronically ill patients constitutes nearly four-fifths of the healthcare spending in the United States. The adoption of telemedicine has improved care management, patient quality of life, and reduced healthcare spending.

The rising demand for mobile technologies, coupled with the rising adoption of homecare by patients and reduction in hospital visits, is expected to propel the growth of the market over the forecast period. Healthcare in the United States is experiencing positive trends, with the emergence of telemedicine applications that help Americans to be active in personal health management. Smartphones and the presence of mobile technology make it possible to use both clinical and lifestyle applications, in order to help, educate, and change health behaviors.