Modern healthcare issues, such as the aging population and the rise in demand for healthcare services, can be easily solved with telemedicine.
Experts predict that telemedicine will become a common way for people to obtain healthcare in the future. Very few companies have been able to duplicate COVID-19’s success story after it. As more and more individuals use health apps to buy medications and contact medical professionals, demand for the online health sector has suddenly increased. Most healthcare organizations are now making sizable investments in telemedicine app development to meet the needs of their clients.
“After COVID-19, digital solutions that limit movement, lower charges, and boost output, The use of telemedicine, edtech, and video conferencing will become standard.” BOD Consulting’s founder, Saurabh Uboweja
How come telemedicine?
It is well known that the quality of healthcare in urban and rural locations differs significantly. Telemedicine will aid in closing this gap by making high-quality healthcare services available to rural communities. The removal of geographical obstacles is made possible by telemedicine.
According to an opinion piece by Madan Gopal, a senior consultant (Health) at NITI Aayog, “Depending on the pace of digital adoption, these services could alleviate issues of accessibility, absence, and possibly even affordability.” [Italics added]
A McKinsey International analysis also backed up the cost-effectiveness of telemedicine. It was noted in the paper that “Telemedicine may be less exclusive than in-person sessions:
In tests, it roughly 30% lower consultation expenses.
According to the analysis, India could save up to $10 billion by 2025 if telemedicine replaced 30–40% of in-person visits and the whole healthcare sector adopted digitization.
comprehend the advantages of telemedicine in remote locations.
Market Growth Prediction: Telemedicine, which had a market value of $34.2 billion in 2018 and had already surpassed $49.89 billion in 2019, is not only a band-aid for the COVID-19 pandemic. Since 2015, telemedicine services have expanded at a significant compound annual growth rate (CAGR) of 22.5%.
However, as numerous sources have shown, COVID-19 has accelerated its acceptance.
According to Fortune Business Insights, the Telemedicine market is anticipated to reach $185.6 billion by 2026. In contrast, a study by the Business Research Company (TBR) predicts that the market will grow at an astonishing rate of 40.4% to reach a valuation of $194.05 billion in 2023.
Telemedicine services alone in the USA have gone from 11% in 2019 to 46% right now. A consumer survey was conducted by McKinsey on April 27, 2020.
The projection for the CAGR for each region is as follows: South America at 11.4%, Africa at 12.4%, the Middle East at 15.4%, and the Asia Pacific at 13.2%. [TBR]
Key elements influencing the development of telemedicine
- Technology adoption as a result of COVID-19
The introduction of telemedicine and online pharmacy for healthcare purposes was significantly accelerated by COVID-19. To fulfill the need, the majority of hospitals are currently funding telemedicine initiatives.
- Principal Obstacles: Fraud and a lack of knowledge
Fraud: With telemedicine, there is a chance that a patient’s information or a hospital’s database will be accessed and exploited to extort money or commit forgery.
Lack of awareness: Although telemedicine has been adopted remarkably well, it is challenging to persuade and urge people to embrace new technology.
- Future Strategy: Analytics and AI
AI can be taught to create algorithms that will give adequate care and pair patients with healthcare professionals. For instance, if a patient needs an X-ray, advise local care; if the patient merely has a mild cold, connect him to any doctor.
IBM Watson Health has already made recommendations for better cancer therapy patients. Risk prediction is made possible by the advanced analytics tools used to collect and evaluate big data. Analytics based on data are essential to telemedicine’s effectiveness.
Key Points of the Telemedicine Forecast:
$34.2 billion was the market valuation in 2018.
had a market value of $49.89 billion in 2019.
According to the forecast, the CAGR for each region will be as follows: Asia Pacific at 13.2%, Middle East at 15.4%, Africa at 12.4%, and South America at 11.4%.
estimated to grow at a CAGR of 40.4% to a value of $194.05 billion in 2023.
Adoption of technology as a result of COVID-19
Principal Obstacles Fraud and a lack of knowledge
Future Strategy: Analytics and AI
How can I create my telemedicine platform?
Now that telemedicine has so many advantages for both patients and doctors, it is becoming more and more popular. We have 10 years of experience in the IT and healthcare industries, which is necessary for building a strong telemedicine platform. For clients located in 35 different countries, EMed HealthTech has created more than 450 healthcare-related applications and websites.
With our 10+ years of experience in the field of healthcare IT, we are here to assist you with whatever needs you may have. With us, you can create a top-notch website, an iOS app, and an Android app for your company. Want to know why customers all around the world rely on our services for their needs related to developing online pharmacy apps? You can get a free demo here. Today, telemedicine is evolving as the new standard in the healthcare sector.
All platforms, including Android, iOS, and the website, offer a bug-free and seamless user experience thanks to our feature-rich yet affordable telemedicine solution.
We have a simple-to-implement white-label solution for the telemedicine platform. Additionally, it is adaptable and customized to the demands of the consumers.
