Telehealth market likely to grow, resulting in year-over-year increase of 64.3 per cent in 2020: Frost & Sullivan
The demand for telehealth technology is expected to rise dramatically as COVID-19 pandemic continues to disrupt practice of medicine, delivery of healthcare worldwide
Frost & Sullivan’s recent analysis, Telehealth—A Technology-Based Weapon in the War Against the Coronavirus, 2020, finds that the demand for telehealth technology is expected to rise dramatically as the COVID-19 pandemic continues to disrupt the practice of medicine and the delivery of healthcare worldwide. The telehealth market in the US is estimated to display staggering seven-fold growth by 2025, resulting in a five-year compound annual growth rate (CAGR) of 38.2 per cent. In 2020, the telehealth market is likely to experience a tsunami of growth, resulting in a year-over-year increase of 64.3 per cent.
“The critical need for social distancing among physicians and patients will drive unprecedented demand for telehealth, which involves the use of communication systems and networks to enable either a synchronous or asynchronous session between the patient and provider,” said Victor Camlek, Healthcare Principal Analyst, Frost & Sullivan. “However, all stakeholders need to remember that many people use the terms ‘telehealth’ or ‘telemedicine’ without understanding the ecosystem that is involved. This study will clarify the many components that are needed in order to implement telehealth.”
Camlek added: “Across the market segments, virtual visits and remote patient monitoring (RPM) will propel the overall market of telehealth, followed by mHealth and personal emergency response systems (PERS). Further, patients will benefit if data from RPM is fully available to virtual visit providers. This trend will demonstrate the benefit of integrated services. The trauma resulting from the COVID-19 crisis will lead to a clear growth opportunity for one-stop virtual visit and RPM solutions.”
The opportunity for telehealth products and services to become a standard of care is growing. The challenge facing these technology and healthcare providers will focus on their ability to scale-up to this unprecedented demand. Growth in the telehealth space will be sustained beyond the COVID-19 pandemic for the vendors who can deliver:
- User-friendly sensors and remote diagnostic equipment that yield a high rate of successful patient outcomes following the telehealth experience.
- Practical applications of artificial intelligence (AI), interactive virtual assistants (IVAs), and robotics that expand the telehealth deployment model.
- Deployment of big data analytics that can help researchers learn more about the way COVID-19 progresses among diverse patient populations.
- Adherence to cybersecurity and privacy regulations that avoid data breaches following the use of telehealth services.
- Measurable data that confirms the value of telehealth and influences regulatory agencies at the federal and state levels to extend all emergency waivers beyond the pandemic.
Telehealth—A Technology-Based Weapon in the War Against the Coronavirus, 2020 is the latest addition to Frost & Sullivan’s Transformational Health research and analyses available through the Frost & Sullivan Leadership Council, which helps organisations identify a continuous flow of growth opportunities to succeed in an unpredictable future.