Telehealth and Telemedicine: A Tech-Based Weapon in the War Against the Coronavirus

According to Frost & Sullivan, The telehealth market in the United States (US) 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%.

The demand for telehealth technology is expected to rise dramatically as the COVID-19 pandemic has continued to disrupt the practice of medicine and the delivery of healthcare worldwide.

“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,” said Victor Camlek, Healthcare Principal Analyst at Frost & Sullivan.

According to Frost & Sullivan, The telehealth market in the United States (US) 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%.

“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. 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)."

The opportunity for telehealth products and services to become a standard of care is growing. The challenge facing these technology and healthcare providers will focus on their ability to scale-up to this unprecedented demand. 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 that yield a high rate of successful patient outcomes following the telehealth experience.
• 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.
• Adherence to cybersecurity and privacy regulations that avoid data breaches following the use of telehealth services.
• Measurable data that confirms the value of telehealth and influences regulatory agencies at the federal and state levels to extend all emergency waivers beyond the pandemic.