This is up from from $11 billion in 2021 – a growth rate of over 80% in the next four years.
Juniper Research’s new study, Telemedicine: Emerging Technologies, Regional Readiness & Market Forecasts 2021-2025, says the concept of telemedicine involves the remote provision of healthcare services and includes technologies such as teleconsultations, remote patient monitoring and chatbots.
The research identified teleconsultations – a service that enables patients and physicians to interact remotely – as a key service that will enable these huge savings.
However, savings are restricted to nations with where the necessary devices and internet connectivity are prevalent. On that basis, it predicts that more than 80% of savings will be harvested in North America and Europe by 2025.
Deregulation needed
The new report estimates that over 280 million teleconsultations were performed in 2019. However, this rose to 348 million in 2020, owing to the COVID-19 pandemic. It anticipated that the activities of third party healthcare service developers will be crucial in accelerating the deployment of emerging telemedicine services, and increasing the uptake amongst healthcare providers.
However, the report predicted that the considerable investment needed to integrate telemedicine services, and data protection requirements, such as Health Insurance Portability and Accountability Act (HIPPA) in the US, will discourage adoption amongst smaller healthcare providers.
To foster the adoption of telemedicine services, the report recommended that healthcare regulatory bodies continue to deregulate telemedicine services to minimise any remaining barriers to entry for smaller healthcare providers.
For more insights, download Juniper’s free whitepaper: The Doctor is Always in: How Teleconsultations Improve Patient Care