In Insight, Tech, Trend

Telemedicine may be in the nascent stages, but it’s changing the landscape of healthcare and it’s here to stay. The telemedicine sector has witnessed a rush of investment in the last two years as Silicon Valley and the medical industry attempt to address two trends: an aging population looking for alternative care, and younger generations accustomed to efficient, cost-effective solutions. Consumers that live in remote areas or with mobility limitations also present opportunities for telehealth.

  • The global telehealth market is expected to reach $19.5 billion by 2025, growing at a rate of 13% from 2017 to 2025. In 2016, it was valued at $6 billion according to a report from Transparency Market Research.
  • According to a recent medical survey by Kantar Media, 2 out of 5 physicians participate in telemedicine or plan to within the next year. For those who don’t, 80% feel that a percentage of their patients could be successfully diagnosed or treated via telemedicine.
  • There are still hurdles to overcome, namely, that telemedicine is still considered “less than” traditional checkups. A recent survey found that nearly half of consumers would feel less comfortable during a telehealth visit versus an in-person diagnosis, while two-thirds weren’t even sure telemedicine was covered by their insurer.
  • According to a 2017 report by HIMSS Analytics, the adoption of telemedicine solutions and services had surged since the study was first conducted in 2014, from roughly 54% to 71% in 2017, noting that 9% of that growth had come from 2016 alone.

Photo: Arseny Togulev via Unsplash

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