- Dec 12, 2023
Telehealth has been revolutionizing the world of health care ever since its inception. By enabling access to medical and health care services remotely leveraging telecommunication technology, it has made health care convenient and accessible to the population that was previously underserved. Telehealth gained momentum in the pandemic era. Its safety aspect and advancement in technology have made it a preferred choice of healthcare among the users.
Global Telehealth Market Size
- In 2022, the global telehealth market size was valued at USD 84.1 billion
- It is projected to grow at a CAGR of 24.2% between 2023 to 2032
- The forecasted market size for 2032 is USD 716.5 billion
Market Share by Region
The major regions contributing to the telehealth market are North America, Europe and the Asia-pacific
- North America leads the telehealth market with a value of over USD 38.7 billion
- European telehealth market is expected to grow steadily at a CAGR of 18.2%
- The Asia-pacific is projected to grow at the fastest CAGR of over 26% by 2032
Key Factors Driving the Growth of Telehealth
- Telecommunication advancements virtually connecting users with healthcare providers
- A global surge in the usage of smart phones to about 7 billion+ subscriptions
- A sudden rise in the geriatric Population which is expected to reach 4 billion in 2030
- Prevalence of significant population in the medically underserved areas (MUA)
Telehealth Adoption and Usage
The concept of telehealth is not new. It has existed as early as 1879. A Lancet article mentions the use of telephone to reduce the number of office visits. Today the advancements in telecommunication technology have enabled numerous possibilities for Tele health. It finds its use in
- Telemedicine
- Remote patient monitoring
- Prescription delivery
- Health education
- Training and education of health care professionals
Medical Specialties Leveraging Telehealth
According to AMA, the specialties using telemedicine the most are
- Radiology- 39.5%
- Psychaitry-27.8%
- Cardiology- 24.8%
It also provides insights about how specialists use telehealth to coordinate with other health care specialists
- Emergency physicians-38.8%
- Pathologists-30.4%
- Radiologists- 25.5%
Telehealth Utilization Statistics
- The use of telehealth increased 38X times since the pandemic in the US
- Around 13% to 17% of users have utilized telehealth in the US
- Around 80% users have used telemedicine at least once
- Almost 97% of primary care physicians are using telemedicine
Demographics of Telehealth Users
1. Predominant Telehealth Users Belonged to 18-24 Years
2. Tele Health Use Based on Insurance Cover:
- 9.4% uninsured users
- 26.8% Medicaid users
- 26.1% Medicare users
3. Based on the Region
- Highest adoption – USA (75%)
- Lowest adoption – Midwest (18.7%)
4. Income Wise
Population with an income less than $25000 had highest adoption
Patient Satisfaction With Telehealth
A recent study by Mckinsey provides valuable insights on patient satisfaction with telehealth. It reveals
- 55% of users preferred telehealth services than in-clinic care.
- 60% of the patients found telemedicine services more convenient
- 40% users prefer to continue using telemedicine
- 63% users found aspects like scheduling appointments useful
Telehealth Insights From Health Providers
An insightful survey by the American medical association gives us a remarkable idea about how health providers feel about Telehealth adoption.
- Around 85% physicians currently used telehealth
- 60% believe telehealth helps in providing quality medical care
- 80% feel users have better access to healthcare through telehealth
- 62% of physicians vouch using telehealth for higher user satisfaction
- About 54.2% physicians are professionally satisfied using telehealth
- 44% agree telehealth has reduced healthcare costs.
Benefits of Telehealth – Some Statistics
Telehealth offers immense benefits and is changing the way healthcare system is functioning. Here is an overview of its positive impact:
- Promotes good healthcare-79%
- Avoids emergency room visits- 50%
- Lowers operational costs-53%
- Reduce costs from $146 to $79 and saved 51 minutes of travel time
- Effective follow up of advice and appointment- 91%
Future Trends in Telehealth Industry
The major trends to look out for in telehealth are
- Use of Artificial Intelligence to improve the quality of data for accurate predictions
- Adoption of mobile health for remote patient monitoring and wearable devices
- Leveraging AR and VR for diagnosis, and virtual surgeries
- Accessing user’s health information via EHR- embedded solutions to make decisions
Conclusion
Telehealth has truly revolutionized the health care industry. It has helped health care reach locations and populations that were previously underserved. It has also empowered health care providers by helping them deliver quality and timely medical care. The immense benefits offered by telehealth prove that it is here to stay.
