How COVID-19 has Pushed the Global Telemedicine Market to the Forefront?

How COVID-19 has Pushed the Global Telemedicine Market to the Forefront?

Telehealth and telemedicine have emerged as a significant option for healthcare providers to improve the delivery of care, particularly during the crisis.

Fremont, CA: Telemedicine technology had never been part of conventional medical practice a few years ago. However, over the last three to five years, the dynamics of the healthcare sector have changed due to the transition to direct-to-consumer telemedicine services, which attracted tremendous interest from both investors and patients.

In addition, the rise of the coronavirus pandemic has also greatly strengthened the acceptance of telemedicine services, significantly altering both patient and provider practices.

Telehealth and telemedicine have emerged as a significant option for healthcare providers to improve the delivery of care, particularly during the crisis. Technology is committed to solving some of the most important concerns relevant to global healthcare systems, such as access to treatment, cost-effective delivery, and the distribution of small providers.

Several factors affect the global demand for telemedicine. Any of these factors are the growth drivers responsible for boosting demand for telemedicine and thereby generating market growth. Many of these drivers include the following:

• Rise in demand for virtual care: in the early years when this idea of telemedicine was introduced, there was a low demand for it. The use of telemedicine and consultation has increased over the last decade due to benefits such as low cost, accessibility, and decreased waiting times. However, with the spread of COVID-19, the market for telemedicine has increased tremendously.

• Reimbursement for remote care services: with the introduction of telemedicine services, there has been an increase in reimbursement for remote care services, especially in North America. Owing to the coronavirus pandemic, Medicare patients can access a wider variety of healthcare services from their healthcare providers without the need to travel to healthcare facilities.

• Immediate need to reduce the cost of care: the ever-increasing cost of healthcare services is a significant cause of concern, and it is expected that these costs will continue to escalate due to the rising geriatric population. Telemedicine is projected to minimize overall health care costs by eliminating physical barriers that can help patients maintain their health over time.