Rapidly evolving technology plays a noteworthy role in making a patient's healthcare journey easier. Combined with advancements in telemedicine technology, this is expected to create new unwired business models that are capable of providing care anywhere.
According to the latest research by PMR, the global telemedicine market is expected to account for more than $38 billion by the end of 2029, growing at a CAGR of 17 percent during that time.
New tech innovations contribute to the growth outlook for this segment of the healthcare industry. In particular, the integration of Internet of Things sensors in healthcare equipment and machinery results in the mitigation of errors while dealing with a significant amount of sensitive patient data.
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Moreover, it eliminates human errors and reduces process-related time, cost, and power consumption, which is expected to drive the telemedicine market.
The North America and Europe telemedicine markets are expected to have a combined share of more than 53 percent of the global telemedicine market during the forecast period. This can be primarily attributed to growth in the aging population worldwide and increasing life expectancy, which is expected to be a significant burden on the healthcare system in the U.S. especially.
Factors such as the increasing use of smartphones, use of wireless technologies that bring cost-efficiency, improved accuracy of treatment and diagnosis, reduced consultation time, and the need to maintain high standards of delivery of service by providing access to quality care on a real-time basis are also contributing to the growth of the telemedicine market.
Growing awareness about telemedicine services, especially among the younger and middle-aged population, has led to the high demand for online consultations and second opinions, as these services help patients receive medical advice from physicians across the country.
A study published this year in the Annals of Vascular Surgery suggests telemedicine may improve cardiovascular disease patients' satisfaction with their postoperative care as well as their quality of life.
The model has shown promise in creating new reimbursement streams for providers, as well as in improving the health of rural residents especially.