Increase in the Number of Government Initiatives to Promote the Adoption of Telemedicine in North America to Drive the Market
North America is one of the leading destinations for the telemedicine market. Federal agencies are reforming their telehealth policies to expand the access of quality care among patients and are focusing on reducing the costs of healthcare. For instance, the Centers for Medicare and Medicaid Services (CMS) has increased reimbursement for remote care services. In addition, Federal Communications Commission (FCC) has increased funding for telemedicine services in rural areas. The U.S. Department of Veteran Affairs (VA) has removed the restriction on doctors, nurses, and others clinicians, and allowed them to diagnose or treat patents from others states.
Furthermore, key players in the market are strengthening their positions through acquisitions and collaborations in emerging regions to gain maximum share and increase revenues sales. Increasing awareness about telemedicine and the growing adoption of teleconsultation are among factors that are expected to boost the demand for telemedicine in emerging nations such as India, China, and Brazil. North America is expected to witness a significant increase in its share in the global telemedicine market by the end of the forecast period.
Increase in the Demand for Remote Patient Monitoring
Telemedicine is one of the most impactful digital health innovations over the past decade. Remote patient monitoring is a key parameter of telemedicine, which provides healthcare professionals the advantage of monitoring patients from a distance. A survey by Consumer Technology Association (CTA) stated that 68% of physicians in the U.S. strongly intent to use remote patient monitoring, and this figure is projected to increase in the future.
The same survey has also revealed that healthcare professionals using remote patient monitoring have witnessed improved patient outcomes by 49% and an improved compliance rate of 44%. Therefore, rise in the demand for remote patient monitoring among healthcare professionals due to improved patient outcomes and compliance rates is expected to propel the growth of the telemedicine market over the forecast period.
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Growth in the Adoption of Telemedicine Service among Aging Population
According to the National Institute of Health, 617 million people are aged 65 years and above, which is approximately 8.5% of the global population. However, the global geriatric population is expected grow at an unprecedented rate, and it has been projected that 17% of the global population will be aged 65 years and above by 2050.
According to several studies, it has been estimated that 33% of the aged population in developed countries has adopted telemedicine services for personal use. The adoption of telemedicine among the aged population is expected to increase significantly over the next decade in developed countries. Therefore, rapid increase in aged population and the rising adoption of telemedicine among this segment of population is estimated to propel the growth of the telemedicine market over the next decade.
Telemedicine as a Cost-effective Platform for Diagnosis and Treatment
The diagnosis and treatment of chronic disease through repeated visits to hospitals or clinics is a very costly option, and majority of the rural population in developing regions is unable to afford it. Telemedicine provides a conventional approach to this problem as it has proven to be a cost-effective platform for the diagnosis and treatment of patients because it eliminates the need for visiting hospital or clinics.
The cost-effectiveness of telemedicine can be attributed to the presence of an adequate number of patients, the sharing of telemedicine infrastructure among various clinical users, and the effectiveness of telemedicine in terms of patient utility & successful clinical consultations. Therefore, the cost-effectiveness of telemedicine platforms for diagnosis and treatment is expected to provide growth opportunities for the telemedicine market over the forecast period.
Data Security Issues to Hamper the Demand for Telemedicine Services
Telemedicine service is the technology-based alternative of traditional healthcare delivery. On the other hand, poor measures of security in telemedicine services are likely to have an adverse impact on the quality of care provided. Data security is the most import aspect required to build the relationship between healthcare providers and patients, as well as to promote the acceptance of telemedicine services.
Poor quality of data security is likely to reduce the confidence of healthcare providers as well as patients about the safety of telemedicine services, which is likely to hamper their deployment. Thus, issues associated with data security are likely to hamper the growth of the telemedicine market to a certain extent.
Telemedicine enables healthcare professionals to analyze, diagnose, and treat the patient from a distance with the help of telecommunication. Telemedicine requires the usage of electronic communication and software that provides clinical services to patients without in-person visits. Telemedicine services provide convenient and affordable access to healthcare when needed. Telemedicine uses information technologies and telecommunications technology to provide remote clinical services to patients.
About the Report
The report offers a comprehensive evaluation of the business opportunities in the telemedicine market, along with insights on the competition blueprint, market trends, and the regulatory analysis of telemedicine market for the duration 2019 to 2029.
Additional Questions Answered
Some of the additional questions addressed in this report on the telemedicine market are-
- What is the revenue potential of the telemedicine market across emerging economies?
- What are the major trends influencing the growth of the telemedicine market?
- What are the major drivers contributing to the growth of the telemedicine market?
A demand approach has been used to estimate the telemedicine market. The sales of telemedicine were first calculated to arrive at the value of the telemedicine market in different regions and countries. Some of the qualitative factors considered for the estimation of the market value include internet penetration, adoption of telemedicine services, regulatory support, and similar other factors. Primary research was conducted to validate the information.
Primary research includes interviews, surveys, in-person interactions, and the viewpoints of seasoned analysts. Secondary research, such as verified paid sources, authentic trade journals, and resourceful databases, was also used for validating the information. Top trends as well as macro and microeconomic factors were assessed to shape the telemedicine market. The report on telemedicine projects the industry attractiveness of all the major segments over the forecast period.