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According to a Frost & Sullivan forecast, the telehealth market is poised for a ‘tsunami of growth’!
And the upward shift in demand for telehealth in the market and sudden shifting trends especially amid the coronavirus crisis very much support the bold statement.
One cannot deny that the coronavirus pandemic contributed to pushing telehealth into the mainstream. However, even before this, we had some form of telehealth in our lives i.e. fitness apps, apps to manage diabetes or cholesterol, apps to manage addictions, and apps for soundless sleep.
From COVID 19 and industry-wide push for a change in regs to the mainstream use of video-chat apps, telehealth is now on the road to widespread adoption.
Observing this widespread adoption, health plans and health systems all are opting for telehealth solutions – the smaller, semi-customized vendors, as well as the large-scale consumer tech companies (tech giants) such as Google and Apple, are all working on filling this gap.
If you’re wondering what the future of telehealth looks like take a deep dive into our telehealth statistics, facts, and trends for an insight into its expanding market.
Telehealth Stats, Facts, and Trends
1. At present, 76% of U.S. hospitals are remotely connected to patients and experts via the use of video and other technologies. (aha.org)
While this isn’t likely to replace in-person care, it has provided greater access, efficiency, and patient involvement.
2. Telehealth allows patients essential healthcare facilities via videoconferencing, remote monitoring, e-consultation, and wireless communication. (aha.org)
For instance, healthcare apps like Lemonaid and Healthtap allow you to video chat with a doctor (of your choice) and avail treatment and prescriptions.
3. The Internet of Things (IoT) in the healthcare market is predicted to grow at a CAGR of 29.9% and hit $322.2 billion by 2025. (meticulousresearch.com)
Increasing emphasis on patient-centric care delivery approach is stimulating the growth of the Internet of Things ( IoT) in the healthcare sector.
4. Skyrocketing healthcare costs and consumerism in healthcare are two of the biggest trends impacting the rise of telehealth technology. (ortholive.com)
The coronavirus pandemic has become another contributing factor!
5. Forbes predicts by the end of 2020, progressive healthcare systems will have adopted telehealth as a standard of care for a primary virtual consultation. (ortholive.com)
With 5G wireless emerging and new federal policies nudging broadband access, surely telehealth is set to take off this decade.
6. Health Data Management reported the findings of a recent report called Global Digital Health Outlook, predicting that digital health will grow at a compound annual growth rate ( CAGR) of 12% by 2023. (ortholive.com)
The report reviews some of the existing patterns affecting healthcare in 2020, including the prevalence of chronic diseases, aging populations, shortage of medical personnel, long wait times, and quality care.
7. A company called FDNA leverages AI and facial analysis to analyze genomic data and diagnose rare diseases remotely. (mobilehealthnews.com)
Well, artificial intelligence (AI) did succeed in transforming Alexa, making her more helpful and made Watson a better Jeopardy! contestant, so what are the chances it wouldn’t improve on telehealth?
8. Many clinicians are already using a Google AI calculation for remote analysis and treatment of diabetic retinopathy. (aithority.com)
Healthcare providers all over the world are thrilled about the synergies between AI and telehealth.
9. According to McKinsey, mhealth has already been touted as the future of digital healthcare services. (aithority.com)
In fact, you can already engage directly with a doctor of your choice using specific apps, track the progress of therapy, physiological parameters, and physical activity in general, and seek expert advice on treatments anywhere and anytime.
10. Another powerful fact, after introducing telemedicine screenings for diabetic retinopathy at its security network facilities, the Los Angeles County Department of Health Services reported reduced visits to specialty care providers by more than 14,000! (aithority.com)
This is what happens when you fuse with AI remote searching. With fewer qualified labor forces, you get tremendous improvement.
11. According to a new American Hospital Association report, telehealth paired with AI could help address workforce challenges in hospitals all over the world. (healthcareitnews.com)
This new study on strategic planning trends for the workforce says that technology is well poised to help healthcare systems battle personnel shortages.
12. According to Cradlepoint CSO Todd Kel, using mobile and IoT apps would bring improved delivery of healthcare to the edge of the networks as 5G becomes highly prevalent over the coming few years. (healthcareitnews.com)
The widespread availability of 5G will help enhance the provision of remote healthcare.
13. In a COVID-19 hotspot, many healthcare professionals are installing a free triage and telehealth platform for secure tracking of remote patients. (healthcareitnews.com)
Physicians of Southwest Washington are making use of a health IT vendor’s free tech in an attempt to see patients remotely and maintain efficiency amid coronavirus triaging.
14. According to a new study, only about 36% of people earning less than $25,000 claim they have access to telehealth, and this percentage increases as the income increases. (healthcareitnews.com)
While the use of telehealth is on the rise, there is, however, a demographic divide.
15. For the first time in 2021, healthcare digital advertising spending will surpass healthcare TV advertising spending. (zenithmedia.com)
By then, spending on digital healthcare ads would make up 46% of all healthcare ad expenditure.
16. Over 400,000 mhealth apps are available in top app stores. (imaginovation.net)
And the number will likely increase!
17. More than 200 new healthcare apps are launched in the app stores on a daily basis. (mindsea.com)
The adoption of mobile technology in the healthcare industry too is growing.
18. According to a survey (sykes), nearly three-quarters of respondents claimed they would prefer using telehealth for COVID-19 remote screening. While two-thirds said that the pandemic has nudged their willingness to opt for virtual care instead. (healthcareitnews.com)
Social distancing is one of the biggest reasons why many people are preferring telehealth solutions over traditional health care.
19. The same survey revealed that more than 40% of survey candidates were concerned about the quality of treatment or a diagnosis within virtual settings. (healthcareitnews.com)
Skepticism regarding the quality of treatment and factors like patient-physician relationships were the main motivators for those who will not consider telehealth usage in the future.
20. In the last decade, the healthcare sector has suffered 2,550 data breaches, affecting 189 million patient records. (leftronic.com)
Alas! Although healthcare professionals are becoming more vigilant and proactive about cybersecurity initiatives for their organization, security, and data breaches are still prevalent. Therefore, it is important that you opt for a HIPAA compliant telehealth solution.
21. Dan D’Orazio, CEO of Sage Growth Partners, told Healthcare IT News that for the last many years, the biggest hurdle telehealth has been facing is being viewed as a distant second form of health care. (healthcareitnews.com)
He further says, “This pandemic has accomplished more over the last nine weeks than the last ten years for its adoption – and that it will most likely continue as consumers feel unsafe returning to physical locations for care.”
22. As per a Frost & Sullivan forecast, there will be a seven-fold growth in telehealth by 2025 at a five-year compound annual growth rate of 38.2%. (healthcareitnews.com)
This poses huge opportunities and challenges for providers and vendors alike.
23. According to the American Telemedicine Association, “Studies have repeatedly shown that the quality of healthcare services offered by telehealth (telemedicine) is as high as those provided by conventional in-person clinics.” (fshealth.com)
Plus no more waiting for long hours!
24. Governmental support and funding for telehealth will continue to surge in the future. (whitehouse.gov)
The federal government, including that of the CMS, HHS, and state governments, will significantly increase support for telehealth programs as telehealth is progressively becoming an important part of U.S. health care reform.
25. Americans living in rural areas benefit the most from telehealth applications. (cdc.gov)
CDC facilitating telehealth projects all across the country in an effort to allow rural residents greater access to healthcare programs like chronic disease prevention as well as specialist care.
The above-listed stats provide an insight into the telehealth market in the future and for it to take place, technology is playing an integral part in its evolution in the industry. Telehealth adoption is no more just a forecast; it is turning into a reality. A swift look at the figures on telehealth development reveals that telehealth in the coming years is projected to be resourceful for health systems.
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