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Telehealth is a remote provider of healthcare services referrer to as e-medicine. It enables healthcare providers to diagnose patients and provide accurate services to them effectively. The rapid development of online services, swift digitization, and dependence on the Internet of Things (IoT) are likely to be huge driving factors for the industry. The adoption of virtual consultation services may simplify and transform the entire healthcare industry. Further, as manufacturers focus on developing effective and ideal healthcare services, the industry is likely to experience strong growth.
According to Fortune Business Insights™ estimates, the global telehealth market size is expect to touch USD 636.38 billion by 2028 at a CAGR of 32.1% during the forecast period.
Post-COVID-19 Outlook: Rapid Digitalization Provides Remunerative Growth for the Industry
Rapid digitalization is expect to fuel the industry’s growth. As 5G service and smartphone sales experience rapid growth, the adoption of virtual healthcare consultancies is expect to increase exponentially. The rising emphasis on social distancing and increasing uptake of services are expect to enhance the adoption of the service. Lack of medical facilities and risks of infections led to the adoption of telemedicine services. Furthermore, governments undertake initiatives to develop effective medical services that promote the adoption of virtual healthcare services. For example, as per Mckinsey’s information, in April 2021, nearly 84% of physicians offered virtual visits, and nearly 57% continued offering virtual services. These factors influenced growth after the pandemic was over.
Factors Driving the Industry’s Growth
- Cost-effectiveness, lower Outpatient Department (OPD) waiting times, and easy access are major factors propelling the industry.
- The rising preference for e-visits may enhance the demand for facilities.
- Increasing awareness regarding the convenience of services may enhance its growth prospects.
- Rapid digitization is likely to enhance exposure to virtual consultations.
- Government investments for the development of advanced healthcare facilities in underdeveloped economies.
- Exponential spending on healthcare facilities may elevate growth opportunities for the industry.
- Increasing demand for technologically backed healthcare facilities is expect to elevate industry growth.
- Rapid deployment of the service in healthcare facilities.
- Real-time delivery mode and cost-effective virtual visits.
- Rising adoption of digital photos in the healthcare sector may elevate the adoption of the service.
Factors Restraining the Industry’s Growth
- Technological infrastructure barriers for the development of telehealth services.
- High installation costs of telehealth facilities.
- High ICT costs.
What Strategies Do Manufacturers Undertake to Mitigate Restrictions and Gain Growth?
Manufacturers are undertaking several key essential strategies to mitigate restrictions and enhance their growth. For example, Teladoc Health completed the acquisition of InTouch Health in January 2020. This strategy allowed Teladoc to provide the company with nearly 450 hospitals. Furthermore, several companies invest heavily in research and development to enhance their service offerings and overcome technological barriers. Moreover, advancements in technology and the development of cost-effective solutions for telehealth facilities help manufacturers to simplify operations. The simplification of operations may help reduce installation costs. Moreover, manufacturers aim to develop advanced telehealth facilities for rural and remote areas to provide services to a wider audience and enhance efficiency. These strategies may allow major players to make their services more reachable, convenient, and cost-effective and transform the healthcare industry’s overall outlook.
Technological Developments and Government Initiatives Shall Back this Industry
Nations focus on developing technologically advanced healthcare facilities, especially after the pandemic. The development of apps such as “Arogya Setu” in India is one factor indicative of the growth of the telehealth industry. Further, with the rapid adoption of advanced fitness bands and watches, manufacturers can develop advanced Machine Learning (ML) and Artificial Intelligence (AI) facilities to bolster the effectiveness of the software. Further, rising spending on the development of advance healthcare facilities and surging demand for virtual consultations across the globe are likely to enhance the growth prospects of this industry. Technologically, the healthcare industry has come a long way since several untreatable disorders and cancers now treatable because of advancements. Extensive investments in developing advanced healthcare software and hardware have accelerated the industry’s outlook globally.
These aforementioned factors indicate that the industry has major growth prospects in this digital era.