Telemedicine technologies and services are the use of telecommunications and information technologies to communicate information and deliver clinical treatment, administrative services, public health, and education. Telemedicine is utilized to treat patients in remote locations by using telecommunication technologies. It uses sophisticated technological innovation to transfer medical data and information from one place to another. Telemedicine services enable people to get healthcare online, typically through a smartphone app or a computer.
Telemedicine was widely employed during the COVID-19 pandemic since it helps reduce interaction with patients, healthcare workers, and healthcare facilities, lowering the danger of COVID-19. In China, online mental health surveys and communication platforms such as WeChat and Weibo, among others, aided mental health experts and health authorities in providing safe and online mental health services throughout the crisis. During the COVID-19 pandemic, such factors aided telemedicine technologies and services market expansion. SOC Telemed, a telemedicine technology and services firm based in the United States, reported an increase in demand for acute care via telemedicine in March 2020.
Moreover, in comparison to the previous year, leading players in the telemedicine technologies and services market experienced rapid expansion during the COVID-19 pandemic. Teladoc Health, Inc., for example, increased by 108% year on year from the third quarter of 2019 to the third quarter of 2020. Another important market competitor, American Well Corp., said that its clients, which included health plan providers and health systems, put a large number of their own healthcare professionals onto their platforms in 2020. By December 2020, approximately 67,000 active clinicians have used the Amwell Platform to provide chronic care management, general care, and specialized visits. Such aspects accelerated the growth global telemedicine technologies and services market during the COVID-19 pandemic.
The global telemedicine technologies and services market is anticipated to exceed US$ 526.7 Bn by 2031, advancing at a CAGR of 13.8% from 2022 to 2031 (forecast period).
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Rise in Prevalence of Chronic Diseases to Provide Growth Opportunities
Chronic diseases are a major cause of concern in the global healthcare system. The prevalence of chronic diseases such as cardiovascular disease and diabetes is rising. During the projected period, the global telemedicine technologies and services market is expected to be propelled by an increase in demand for self-care solutions/devices such as remote monitoring and mHealth.
As per the National Cancer Institute, about 1,807,590 new instances of cancer were identified in the United States in 2020, with 604,520 people succumbing to the disease. According to the World Health Organization, cardiovascular diseases (CVD) affected around 18.9 million people worldwide in 2019. During the projected period, these factors are expected to provide revenue-generation opportunities in telemedicine technologies and services market.
Increasing Adoption of Smartphones to Propel Market Growth
Digital technologies are constantly being used to help health systems by offering flexible alternatives for communication and the exchange of information. When users are separated by time, distance, or both, such technologies can be employed for monitoring, medical diagnostic, and therapeutic reasons, with the objective of enhancing the health of communities and individuals.
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Mobile access is becoming prevalent worldwide. All advanced economies like Australia, Japan, South Korea, the U.S., Germany, the U.K., and Sweden already have mobile penetration of over 100%. Moreover, the increased adoption of smartphones and 3G and 4G networks is expected to promote the use of mobile platforms for healthcare services.
Furthermore, health ICT (Information and Communication Technologies) is centered on the creation of databases, digital technologies, and other applications that aim to treat diseases, prevent illness, and manage chronic disease, while also boosting healthcare for communities and individuals. These factors are propelling the global telemedicine technologies and services market.