Did You Keep Track of the Latest Advancements in Telemedicine?

The global healthcare sector has benefited tremendously owing to the rising integration of digital technologies. Out of all these technologies, telemedicine is considered to be the most revolutionary one. Telemedicine refers to the use of telecommunication technologies such as online platforms and software for remote delivery of all healthcare services including diagnosing, treating, monitoring, and evaluating patient’s health.

Technological advancements in telemedicine

Telemedicine, though a recent phenomenon, has undergone huge evolution due to the fast-paced nature of the digital age. While in the initial stage telehealth involved just telecommunication between the doctor and the patient, its scope has widened considerably. Telehealth has recently seen the adoption of innovative technologies such as augmented and virtual reality for immersive medical experience. These technologies have been particularly helpful in providing effective mental health and pain management services. 

Development of various mobile applications and patient portals for efficient patient management is another addition to the field of telemedicine. These mobile applications and portals help to book an online appointment, seek medical advice, and even order medical services such as ambulances online. Adoption of artificial intelligence and machine learning to identify patient patterns and analyze symptoms is one of the biggest breakthroughs in telemedicine. The use of blockchain technology for secure storage of patients’ medical data is now an important component of telehealth. Telehealth, with the development of “smart” wearables, now also includes remote patient monitoring with the help of advanced monitoring devices.

Product launches by major companies

In the past few years, many healthcare companies have launched their own telehealth services and products. In September 2022, RxDefine, a leading healthcare engagement platform, announced the launch of a telemedicine platform for life science brands named, RxTelehealth. This product launch is expected to help the company to address the ballooning demands of the healthcare sector in a holistic manner. 

Apollo Telehealth, in a unique move, announced in September 2023 that it was launching tele-emergency and tele-ICU services for at nine National Thermal Power Corporation power plants in India. The move is aimed at securing the lives of employees and workers in the thermal power plants and ensuring their overall wellbeing.

Factors influencing the expansion of the industry

The telemedicine market is projected to grow at a stunning CAGR of 18.3% during the 2023-2032 period. Increasing demand for time-saving and cost-efficient healthcare services is anticipated to be the primary growth driver of the market. Moreover, the rising prevalence of chronic ailments across the globe is expected to result in the expansion of the market. 

In the telemedicine market, the services sub-segment of the component segment is predicted to amass an absolute revenue growth of $178,024.62 million from 2022 to 2032. At the same time, the software and hardware segments are expected to collectively hold a revenue of $189,170.37 million during the same period. Regional analysis of the market has shown that the China telemedicine market is estimated to rise at a CAGR of 20.2% in the forecast period.

To sum it up, the telemedicine market is on the verge of a massive growth owing to various technological advancements in the industry. The launch of innovative products and services by major companies is also expected to play a huge role in this growth.

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