Artificial Intelligence Improves Decision-Making in Global Telemedicine Market Booting Uptake, Says Fairfield Market Research

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Fairfield Market Research

16 Sep, 2021, 12:45 GMT

LONDON, Sept. 16, 2021 /PRNewswire/ -- The emergence of COVID-19 has led to an upsurge in telemedicine with patients avoiding walk-in-clinics for fear of infection. This has been observed in both developed and emerging economies. For e.g. – telemedicine consultation surged 40% in April 2020 in the U.S. alone. As per a report by the Agency for Healthcare Research and Quality, implementing telemedicine enables the provision of more effective patient care delivery. e-Care and e-ICU minimise adverse effects or symptoms from going untreated by raising safety standards and providing high-quality healthcare.

The global telemedicine market is anticipated to be worth $82.7 Bn in 2020 and grow to $152.1 Bn by 2025, recording an impressive CAGR of 19% for the period.

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Widespread Acceptance of Digital Technology a Major Driver in the Telemedicine Market

Remote patient monitoring is rife with potential in the telemedicine market with digital heart rate monitors, digital blood pressure cuffs, and automatic insulin pumps being prime examples. The willingness of patients to adopt new technology for superior care is one of the biggest drivers in the telemedicine market. In a survey by VivaLNK, 66% of patients over 40 were ready to wear a Remote Patient Monitoring (RPM) device if it resulted in fewer doctor visits.

Huge Datasets and Artificial Intelligence an Ideal Combination in the Telemedicine Market

Recently, there has been a spike in digital data generated by both patients and healthcare providers. Simultaneously, there has been a shift towards automated aggregation of patient data and universal electronic health records through information technology. The presence of large datasets combined with unprecedented developments in computational data science provides unique opportunities for actionable insights that could improve health outcomes and permit better decision-making by artificial intelligence (AI), boding well for stakeholders in the telemedicine market.

Huge R&D Inflows Ensure Teleradiology Segment Stays Ahead in Telemedicine Market

In 2019, teleradiology had the greatest share in the telemedicine market and will remain so for the foreseeable future. This is due to widespread adoption of picture archiving and communication systems (PACS) and greater investor interest in this segment. Increasing R&D investment in eHealth, the regulation and streamlining of teleradiology practices, and the integration of artificial intelligence (AI) are likely to benefit this segment in the telemedicine market.

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Hospitals Utilizing Telemedicine in Emergency, OPD, and Post-Hospitalization Care

Hospitals dominated the telemedicine market in 2019 and are poised to grow at a reasonably high rate for the forecast period. Telemedicine is especially useful in emergency care, but can also be of immense value in OPD and post-hospitalization care. Telehealth visits have skyrocketed in the COVID-19 era with some hospitals such as Mount Sinai Health System in New York City offering live footage of in-patient units to reduce the frequency of in-person appointments. This is projected to grow in the years ahead, making this segment well worth the while of companies in the telemedicine market.

Multiple Nationwide Insurance Covers Ensure North America Leads Telemedicine Market

North America accounts for the largest share of the telemedicine market in 2019 on account of supportive policies, the presence of global giants, and an ageing population. The American Telemedicine Association estimates there are 200 telemedicine programs in the country accessing nearly 3000 rural areas. In 46 states, Medicaid covers live video while 26 states cover the transmission fee, facility, or both.

COVID-19 devastated the U.S. and the federal and state governments have passed several reforms to aid growth in the telemedicine market. The Office for Advancements for Telehealth is actively involved in the promotion of telemedicine for information services, healthcare, and education in the U.S. Furthermore, the prevalence of mobile devices in the region allows the government to offer virtual care through tablets and smartphones to patients in far-flung areas.

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Government Initiatives Fuel High Rate of Growth in the Asia Pacific Telemedicine Market

However, the highest growth rates are predicted to be in the Asia Pacific region for the forecast period because of rapidly advancing imaging technology and supportive government policy. At present, Thailand, Malaysia, Singapore, Australia, and Indonesia have clear policies that permit telemedicine treatment and diagnosis with others allowing follow-up consultations, that is, initial visits must be face-to-face in those countries. Initiatives such as the National Digital Health Mission launched by the government of India help raise the profile of the telemedicine market in Asia.

Inorganic Growth and Intense Competition Characterize the Telemedicine Market

Huge investments are vital in the telemedicine market for companies to tap underserved demographics. Start-ups, granted funding by entrepreneurial venture capitalists, are challenging incumbents by unveiling disruptive technologies. Inorganic growth is common and shaping the future direction of the telemedicine market with American Well's purchase of Aligned Telehealth and Teladoc's acquisition of InTouch being notable examples.

Other companies profiled in this report on the telemedicine market are McKesson Corporation, MDLive, MeMD, OBS Medical, Polycom Inc., AMD Global Telemedicine, American Well, 2nd.MD, Allscripts Healthcare Solutions Inc, Cisco Systems, Doctolib, Eagle Telemedicine, Honeywell International Inc, iCLiniq, InSight, InTouch Technologies, Koninklijke Philips N.V., SOC Telemed, Specialist Telemed, Teladoc Health, VirTrial, LLC., BioTelemetry, Blue Sky Telehealth, and Cerner Corporation,

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