Telemedicine Market to Advance on the Back of Growing Popularity of Homecare Settings – Finds PMR Study

A recently published study by Persistence Market Research (PMR) opines that the telemedicine market will witness a staggering growth during 2019-2029, and the prevalence of chronic diseases that require strict monitoring is projected to exert high influence on the landscape. The report also shows that patients prefer investing in telemedicine over expending heftily on hospitalization, as the former offers better comfort than a hospital. Governments of numerous countries have played a crucial part in expanding the outreach of high-end healthcare services to urban and rural areas, which has, in turn, benefitted the telemedicine vicinity.

In the future, wireless technologies will remain integral in revolutionizing the telemedicine landscape; however, market players need to take ample care to secure the privacy of patients and their data to avoid getting trapped in the lawsuits.

Technology to Unlock Lucrative Prospects for Telemedicine Market

According to the study, penetration of smartphones at an exponential rate coupled with affordable yet effective Internet plans are likely to offer promising opportunities for the landscape with the advent of mobile health (also known as mHealth) concept. What’s more promising of an opportunity for the landscape is the fact that platforms aren’t only restricted to smartphones but extend to even devices such as computer and tablets. Also, mobile technology is gaining huge momentum in imparting medical training, which aims to serve medical students and interns operating from remote locations. The advent of reliable wireless network technology will further bring to the fore quick yet qualitative healthcare features such as diagnostic software, e-prescriptions, and electronic health, in the coming years.

Telemedicine – A Boon for Patients Leading Fast-paced Lives

The report shows that the homecare settings are growing at an exponential pace, given the influence of the fast-paced lives of patients. Besides the popularity of telemedicine as an effective medium to reduce travel time to healthcare settings as well as hospital stays, it resonates well with patients on account of its cost-effective benefits. The cost benefits of this system are highly attributable to a large patient pool sharing the same telemedicine infrastructure, which offers better utility of the platform along with successful consultation. The reciprocal advantage that patients and medical personnel receive will further augur well for the landscape during the forecast period.

With a large number of medical personnel, well-established healthcare facility, and penetration of technology, North America makes an attractive telemedicine market. Better acceptance of technology in the U.S. and the surging demand for equipment, used to set up monitoring and consultation facility at homes, is anticipated to drive the deployment of hardware and software for telemedicine.

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From an innovation standpoint, a high concentration of market players involved in research and development activities is projected to push the envelope of the landscape. For instance, in May 2019, a leading market player – Optima Health – announced the launch of CareLink, in collaboration with MDLive to offer quality healthcare services to masses. All-in-all, with improved healthcare features, pipeline projects, and patients showing appreciation for digital health concepts, market players can anticipate the telemedicine market advancing at a CAGR of ~17% during 2019-2029.