Over the past few years, Telemedicine has seen an increased adoption rate of 71 percent. Multiple reports have shown that the Telemedicine market is expected to grow even more in the next years.
A report from Tractica, states that Telehealth lives, video consultations will increase to 158.9 million per year by 2020. Another report by Mordor Intelligence anticipates that telemedicine will be worth more than 66 billion by the end of the year 2021.
We must remember that Telemedicine contributes significantly to the IT spending by the healthcare industry. The increased demand for digital health platforms will allow the market to continuously grow at a rapid pace.
It is no news that the Telemedicine trend will help shape the future of the healthcare industry. And It will continue to grow as it helps close the gap between patients and healthcare providers.
The Tractica report anticipates that video consultations will outnumber clinical consultations by 2019.
Considering that there is a decreasing number of physicians in rural areas, a growth of high deductible health plans, and an opioid crisis, key technology such as Telemedicine is vital to resolving these issues.
These factors, while they cause a burden in the healthcare market, are also making the use of Telemedicine more valuable.
A Journal by the American Health and Drug Benefits on “Healthcare Trends for 2018” identifies Telemedicine as one of the key trends in 2018 going into 2020. The Journal quotes the National Rural Hospital Association explaining that currently “one in three rural hospitals is in financial risk” and at that rate, 25% of all rural hospitals will close “within less than a decade.”
As long as rural providers continue to turn to new technology such as Telemedicine, they will be able to survive.
“Technologies, such as telehealth and telemedicine, and consumer health wearables or smartphones, can enable rural-based care systems to consolidate specialty care services and referrals as ways to survive and grow in an evolving market,” stated the journal.
The Deloitte Center of Health Solutions released a Healthcare and Life Sciences Predictions 2020 report predicting the world in 2020 with the top trends in healthcare based on current trends and events in the industry.
The report predicts that in 2020 web-based portals that enable complaint and reimbursable video consultations between patient and physician will be supported by a “wide array of web-integrated wireless monitoring devices.”
It also predicts that Tele-mentoring will have full regulatory approval and clinician support.
Telemedicine promises to solve the most challenging problems in the healthcare system for the next years to come, allowing access to care in a cost-effective way. The accessibility, convenience, and affordability that Telemedicine offers will allow patients to access to top quality care at their fingertips.