Telemedicine to save healthcare industry $21bn globally by 2025
Telemedicine will save the healthcare industry a staggering $21 billion in costs by 2025, new research suggests. This represents an increase of over 80% in the next four years, rising from $11 billion in 2021.
According to the study by Juniper Research, teleconsultations, a service that enables patients and physicians to interact remotely with patients, will play a key role in enabling these significant savings.
However, Juniper cautioned that such savings would be restricted to developed countries where people have access to required devices and suitable Internet connectivity. Indeed, Juniper predicts that North America and Europe will realise over 80% of savings by 2025.
The Jupiter report also reveals how telemedicine usage has soared as a result of the coronavirus pandemic, with remote consultations rising from over 280 million in 2019, to 348 million in 2020. By taking advantage of telehealth solutions, doctor’s offices have been able to significantly reduce the number of face-to-face appointments they’ve needed to accommodate, cutting the risk of waiting room Covid-19 infections.
However, the report did warn that the significant investment required and obligation to abide by data protection laws, such as the US’s Health Insurance Portability and Accountability Act (HIPAA), could discourage telemedicine adoption among smaller healthcare providers.
“Any deregulation must ensure that patient confidentiality is not undermined,” said research author Adam Wears. “Additionally, we recommend that innovative and emerging teleconsultation services are integrated into existing healthcare technologies, such as electronic health records, to maximise their benefits to healthcare providers.”
Jupiter Research’s report, Telemedicine: Emerging Technologies, Regional Readiness & Market Forecasts 2021‑2025, is available here: https://www.juniperresearch.com/researchstore/key-vertical-markets/telemedicine-research-report
*Image by Tumisu from Pixabay