With the increasing use of innovative technologies in healthcare, the global market value for telemedicine will increase significantly. The concept of remote patient monitoring is gaining popularity among medical professionals and patients alike because of the convenience it provides for diagnosis and treatment.
During the COVID-19 pandemic, the demand for telemedicine solutions increased significantly, caused by cancellations of in-person appointments by patients during the rapid spread of the virus. Across the world, hospitals and clinics have switched to video conferencing for appointments to discuss diagnosis and treatment options with patients for non-critical cases. According to a report from the Department of Health and Human Services, the number of medical visits conducted via telehealth grew from 840,000 in 2019 to 52.7 million in 2020,1 which was a 63-fold increase.
Government initiatives in emerging countries have also played a vital role in raising public awareness about telemedicine internationally. For example, in August 2021, the Indian government announced plans to launch a special incentive scheme that will support around 75 startups involved in areas such as digital health, telemedicine and artificial intelligence (AI).2 The initiative will encourage these companies to step up their research and development to address various healthcare challenges, such as those of the COVID-19 pandemic.
Rising mental health concerns fuel demand for telemedicine
While the COVID-19 pandemic brought its own physical health challenges, mental health issues emerged during this time as well. The sudden isolation and loss of social interactions took their toll on people’s mental health worldwide.
In 2020 alone, there was a 25% increase in cases of anxiety and depression during the pandemic, according to the World Health Organization.3 With women and youth at higher risk of being diagnosed with some form of mental illness, the importance of telemedicine grew significantly.
In addition, techniques such as virtual guidance are gaining strength with mental health patients because they are easily accessible and offer more privacy. For example, Houston-based AccessHealth had to ramp up its telemedicine solutions during the pandemic to target and treat as many mental disorders as possible due to the increased need for such resources.4
Teleconsulting services continue to gain momentum
Teleconsultation services will capture a large part of the global telemedicine market in the future as it will help avoid the need for elderly patients to visit hospitals or clinics in person, which can significantly reduce their risk of contracting infections. Currently, a significant portion of the world’s geriatric population remains skeptical about the safety of visiting hospitals and clinics in person because of their fear of contracting life-threatening infections on the spot.
Moreover, these fears are not unfounded, as reports of geriatric patients leaving hospitals show that many feel weaker and more vulnerable to illness than when they first arrived.5 Because of these concerns, the adoption of teleconsultation solutions has increased among elderly patients, as they can receive their diagnosis and treatment from the comfort and safety of their own home without the fear of incurring an additional health problem during an in-person visit.
Government initiatives boost the uptake of telemedicine
Several governments are realizing the importance and benefits of opting for telemedicine services within healthcare and have chosen to invest in the sustainable future of these technologies by promoting and supporting their adoption across the country. Such an investment not only benefits the healthcare sector by improving the quality of care, but also creates jobs in companies that develop and operate online medical service technologies.
For example, AI in healthcare receives abundant investment from public and private sector companies to promote research and development of more robust services and technologies, which will lead to further growth and employment within this sector.
In addition, in November 2021, the government of Malta offered funding to Intpurple Technologies, an IT startup based in Kerala, India, to develop their AI-powered healthcare software Felixacare.6 With this growing integration of telemedicine technologies into healthcare, companies are working to meet the strong demand for these services among patients internationally.
Increasing incidence of neurological diseases
The prevalence of neurological disorders is increasing at a worrying rate every year. According to a report by the World Federation of Neurology, nearly 14% of the U.S. population suffers from some type of noncommunicable neurological disease, estimated to triple by 2050.7
According to findings published by telemedicine solutions provider Chiron Health, approximately 40% of aftercare for neurological disorders can be delivered through video-based telehealth.8 Virtual follow-ups and consultations can contribute to the convenience of patients with movement disorders, such as Parkinson’s disease.
Telemedicine Industry Growth in Latin America
The size of the telemedicine industry in Latin America will grow at an impressive rate in the coming years. The region is witnessing strong growth in telemedicine appointments. While the overall healthcare infrastructure in the region is still in its infancy, there is huge growth potential in telehealth solutions.
In addition, Chile and Uruguay are likely to become the 2 main suppliers of telemedicine technologies internationally, with Colombia serving as an example of what this could look like due to the high success rate of telehealth solutions to date. In the first half of 2020, Columbia had more than 9 million telemedicine appointments, increasing the number of virtual appointments by more than 7,000% compared to the previous year.9
Expansion of the medical tourism sector
Medical tourism activities have experienced positive growth in recent years. Various healthcare companies and governments create opportunities for patients to receive high-quality treatments from abroad.
As the pandemic restrictions of COVID-19 made it nearly impossible for patients to go abroad to receive treatment, they had to turn to virtual medical platforms for their diagnosis and consultation. Telemedicine offers deferred telehealth solutions, where a patient can send their medical data to doctors in the form of photos via email or web server.
This helps the physician accurately review the data and create their diagnosis and treatment plans, which are electronically sent back to the patient.10 Indian medical tourism companies have already started offering telemedicine solutions to their patients in Uzbekistan, Dubai and Myanmar.11
The outlook for the global telemedicine market will remain positive due to the growing propensity for virtual healthcare. AMD Global Telemedicine, Chiron Health, Teladoc, Cerner Corporation, Honeywell International, Docademic, Aerotel Medical System and Lumed Health, among many others, are the renowned participants in the industry. Through partnerships, mergers and acquisitions, these companies intend to gain a competitive advantage. For example, e-commerce giant Amazon partnered with Teladoc to deliver virtual care services 24/7 through its Amazon Alexa devices.12
References
- American Hospital Association. ‘Visiting Medicare telehealth during pandemic’. www.aha.org Published on December 6, 2021. https://www.aha.org/news/headline/2021-12-06-hhs-reports-527-million-medicare-telehealth-visits-during-pandemic
- The economic times. ‘Incentive scheme to support 75 telemedicine startups’. www.economictimes.indiatimes.com. Updated August 25, 2021. https://economictimes.indiatimes.com/tech/startups/govt-to-launch-incentive-scheme-to-support-75-startups-in-telemedicine-digital-health/articleshow/85626654. cms?from=mdr
- World Health Organisation. ‘Pandemic triggers are increasing worldwide in cases of anxiety and depression’. www.wie.int. Published March 2, 2022.https://www.who.int/news/item/02-03-2022-covid-19-pandemic-triggers-25-increase-in-prevalence-of-anxiety-and-depression- worldwide
- Omnia Health Insights. ‘The role of telemedicine in reducing the mental health burden’. www.insights.omnia-health.com. Published October 8, 2020. https://insights.omnia-health.com/hospital-management/role-telemedicine-reducing-mental-health-burden
- Anna Gorman, Kaiser Health News. ‘The older you are, the worse the hospital is for you’. www.edition.cnn.com. Updated August 15, 2016. https://edition.cnn.com/2016/08/15/health/elderly-hospital-patients/index.html
- On Manorama (News Channel). ‘Healthcare IT startup receives funding from the Government of Malta.’. www.onmanorama.com. Published on November 26, 2021. https://www.onmanorama.com/news/kerala/2021/11/26/kozhikode-based-ai-driven-healthcare-start-up-gets-funding-from-.html
- World Federation of Neurology (WFN). ‘What to know about non-communicable neurological diseases’. www.wfneurology.org. Published September 1, 2021. https://wfneurology.org/brain-health-initiative/3-what-to-know-about-non-communicable-neurological-diseases
- chiron. ‘Telemedicine Providers – Neurology’. www.chironhealth.com. https://chironhealth.com/telemedicine/providers/neurology/
- FIFARMA. ‘A journey through telemedicine in Latin America’. www.fifarma.org. Published on November 13, 2020. https://fifarma.org/en/a-journey-through-telemedicine-in-latin-america/
- Graphic research. ‘Telemedicine Market in Latin America’. www.graphicalresearch.com. Published September 2020. https://www.graphicalresearch.com/industry-insights/1426/latin-america-telemedicine-market
- Medical tourism magazine. ‘The role of telehealth in medical tourism’. www.magazine.medicaltourism.com. https://www.magazine.medicaltourism.com/article/the-role-of-telehealth-in-medical-tourism
- Hindu times. ‘Medical tourism companies are turning to telemedicine during COVID-19’. www.hindusttimes.com. Published May 16, 2020. https://www.hindustantimes.com/cities/medical-tourism-companies-turn-to-telemedicine-in-wake-of-covid-19/story-YA0OpXnbjgmvZfsRoHObRP.html
- Forbes. ‘Amazon-Teladoc partnership a milestone in telemedicine’. www.forbes.com. Published March 23, 2022. https://www.forbes.com/sites/saibala/2022/03/23/amazons-new-partnership-with-teladoc-is-a-huge-milestone-for-telemedicine/?sh =61557a9d7f18