Economic forecasters are predicting continued, sustained growth in the telemedicine market for at least the next 8 years. While slow but steady growth characterized the early years of telemedicine, numerous market analysts see much larger future potential in this area. A number of factors are responsible for this predicted growth and more wide scale adaption of telemedicine and telehealth services:
- The cost efficiency of telemedicine as compared with current medical alternatives, such as office visits, ER/UC visits, and hospitalizations.
- The utility of digital health tools for both monitoring and managing diseases.
- Greater willingness among patients to be seen by a remote physician, particularly when it is more convenient and time efficient
The predicted yearly growth of 15-20% over almost a decade brings telehealth into a discussion of the highest potential markets, not just in medicine, but in almost all areas of finance. The numbers are staggering, with a projected total market value of $78 billion by 2025 according to RearchAndMarkets.
As a clinician, I hope that the market is actually larger than that! The convenience and cost effectiveness of telemedicine is self-evident. The ability of computed analytics to interpret data will help patients with complicated conditions and chronic diseases immensely. The burden most physicians experience with overwhelming paperwork and documentation can finally be eased. Lastly. it would mean that the medical community has finally brushed off the cobwebs of innovation and embraced technology. We in the field of clinical medicine are currently one of the slowest fields in adapting new technology and implementing it for our patients. Let’s see some movement!