Due to the COVID-19 pandemic the telehealth market is set to see a massive explosion in growth as healthcare systems undergo rapid change.
Healthcare systems are undergoing rapid change in the face of the challenges posed by COVID-19. The inability to see patients face-to-face means telehealth is becoming a vital tool in providing health services during the pandemic. The market is now seeing a huge explosion in growth, and a new report from Frost & Sullivan shows that demand for telehealth services is set to grow by 64.3% in the US in 2020 alone.
Growth of the telehealth market
Frost & Sullivan’s recent analysis, Telehealth — A Technology-Based Weapon in the War Against the Coronavirus, 2020, finds that the demand for telehealth technology is expected to rise dramatically as the COVID-19 pandemic continues to disrupt the practice of medicine and the delivery of healthcare worldwide.
The telehealth market in the United States is estimated to display staggering seven-fold growth by 2025, resulting in a five-year compound annual growth rate (CAGR) of 38.2%. In 2020, the telehealth market is likely to experience a tsunami of growth, resulting in a year-over-year increase of 64.3%.
Victor Camlek, Healthcare Principal Analyst at Frost & Sullivan, said: “The critical need for social distancing among physicians and patients will drive unprecedented demand for telehealth, which involves the use of communication systems and networks to enable either a synchronous or asynchronous session between the patient and provider.
“However, all stakeholders need to remember that many people use the terms ‘telehealth’ or ‘telemedicine’ without understanding the ecosystem that is involved. This study will clarify the many components that are needed in order to implement telehealth.”
Continuing growth beyond COVID-19
According to the report, growth in the telehealth space will be sustained beyond the COVID-19 pandemic for the vendors who can deliver: user-friendly sensors and remote diagnostic equipment; practical applications of Artificial Intelligence (AI), Interactive Virtual Assistants (IVAs), and robotics that expand the telehealth deployment model; deployment of big data analytics that can help researchers learn more about the way COVID-19 progresses among diverse patient populations; and, adherence to cybersecurity and privacy regulations that avoid data breaches following the use of telehealth services.
Camlek continued: “Across the market segments, virtual visits and remote patient monitoring (RPM) will propel the overall market of telehealth, followed by mHealth and personal emergency response systems (PERS). Further, patients will benefit if data from RPM is fully available to virtual visit providers. This trend will demonstrate the benefit of integrated services. The trauma resulting from the COVID-19 crisis will lead to a clear growth opportunity for one-stop virtual visit and RPM solutions.”