Telemedicine Platform Is Quickly Gaining Traction in Fast Growing Market

Telemedicine lies in the forefront of innovation for the healthcare industry. Using a combination of telecommunications and technology, healthcare can be provided from a distance, providing essential coverage to people in rural communities, among others, who may not have ready access to medical facilities.

The global telemedicine market, Grand View Research noted in a report released in April, is expected to reach US$113 billion by 2025, up from US$24.9 billion in 2016, a compound annual growth rate of 18%. The research firm stated that the key drivers are the increasing numbers of chronic conditions and the rising demand for self-care. The "enhancing application of Internet, virtual medicine and rising demand for centralization of healthcare are expected to save on cost incurred, which is one of the critical success factors attributing for the growth of telemedicine market," research firm noted.

A recent KPMG-commissioned survey found that about one-third of healthcare providers are using patient monitoring and video services "to improve patient engagement and access to care and more of these programs are likely to come." While the study conducted by HIMSS Analytics found 31% of healthcare organizations were using video-based services and 34% provided remote monitoring, growth is foreseen as an additional 44% expect to add video-based services and 48% are planning for remote monitoring.

There is growing acceptance of telemedicine. A recent Harris Poll survey found that 65% of consumers who had a primary care physician said they were open to seeing their doctor by video. Among parents with children under age 18, over three-quarters, 78%, expressed interest.

Thanks to Streetwise Reports for this information.