Telemedicine: The tech-based healthcare system

Just like you can get your food, cabs and movies on demand, it is now possible to get doctors on demand. COVID-19 has stretched the healthcare systems of the biggest economies and the strongest superpowers of the world. While governments and hospitals prioritize the treatment of COVD-19 positive patients over less serious medical issues, telemedicine is proving effective in helping patients get assistance virtually.

“Telemedicine is the practice of medicine using technology to deliver care at a distance. A physician in one location uses a telecommunications infrastructure to deliver care to a patient at a distant site."

(What is telemedicine?)

From scheduling appointments and video conferencing with doctors to monitored self-administration of medicines and medical record management, telemedicine bridges the gap between patients and health practitioners when they are not able to be in the same room.

While the first incident of telehealth was recorded in the 20th century, its adoption has been growing steadily before the pandemic. The requirement of isolations, quarantines, and lockdowns across the world due to COVID-19 has certainly fueled the growth of this category. In fact, Telemedicine is being used extensively to reduce contact between healthcare providers and COVID-19 patients and at-risk individuals in major countries of the world.

In Canada, the government has put strict regulations in place to remotely monitor, test and assist every traveler that enters the country from abroad. (Use ArriveCAN to enter Canada)

In the US, the government has eased the regulations related to telehealth to deal with the ongoing COVID-19 crises. (U.S. States and Territories Modifying Requirements for Telehealth in Response to COVID-19,)

While in-person doctor visits dropped by 67% between March 2020 and May 2020 in India, Practo- a telehealth app saw 500% growth in teleconsultations, and 80% of those patients were first time users. (Mathur)

The critics of telemedicine often question the effectiveness, authenticity and accessibility of medical services online; but the tremendous adoption of telemedicine by patients and by healthcare practitioners shows that the future of this category is bright. As per a new report by Grad View Research, the global telemedicine market size is expected to reach USD 298.9 billion by 2028. The market is expected to expand at a CAGR of 22.4% from 2021 to 2028. (Telemedicine Market Size Worth $298.9 Billion By 2028 | CAGR: 22.4%)

Looking at the potential of the market, many companies are entering the telehealth category. Many large and small-scale software developers have already started creating and promoting their telehealth management softwares to cater to the growing needs of this industry.

Sam’s Club is partnering with 98point6 to offer a subscription-based telehealth service to its members. BestBuy Health and Amazon Alexa are coming together to design a flip phone to help seniors connect with clinicians. Amazon has recently announced that it will roll out its telehealth service- Amazon Care for its employees in all 50 states of US, and it will also offer this service to other employers. With its reach and the potential, it will be no surprise if it launches the service for its customers soon.

While Amazon is a new entrant in this space, it will face competition from some of the existing telehealth companies like Teladoc, Dr on demand, United Healthcare and CVS Health. (CNBC, 00:00:06 – 00:01:58)

Telemedicine is here to stay. Now that many users have experienced its benefits & its ease of use and major companied have spotted the trend, the telehealth market is all set to grow at a faster pace. While telemedicine cannot replace physical care completely, a lot of it is going to become virtual soon. It is time for traditional healthcare companies and healthcare practitioners to start thinking about how they can leverage this opportunity and take advantage of a tool that can help them deliver their services from and to any part of the world.

References

CNBC, Amazon to expand Amazon Care nationally for its workers, other employers, YouTube, CNBC Television, 17 March 2021, https://www.youtube.com/watch?v=Nze8I1VrWQo, Accesssed 24 May 2021.

Mathur, Nandita. Mint, 30 Jul. 2020, https://www.livemint.com/companies/news/e-health-consultations-jump-500-since-mar-11592501492197.html, Accessed 22 May 2021

Telemedicine Market Size Worth $298.9 Billion By 2028 | CAGR: 22.4%, Grand View Research, February 2021, https://www.grandviewresearch.com/press-release/global-telemedicine-industry#:~:text=The%20global%20telemedicine%20market%20size,rising%20demand%20for%20self%2Dcare., Accessed 21 May 2021

U.S. States and Territories Modifying Requirements for Telehealth in Response to COVID-19, (Out-of-state physicians; preexisting provider-patient relationships; audio-only requirements; etc.), Federation of Medical State Boards, 31 Mar. 2021, https://www.fsmb.org/siteassets/advocacy/pdf/states-waiving-licensure-requirements-for-telehealth-in-response-to-covid-19.pdf, Accessed 23 May 2021.

Use ArriveCAN to enter Canada, Entering Canada by air or land, Government of Canada, 21 May. 2021, https://www.canada.ca/en/public-health/services/diseases/coronavirus-disease-covid-19/arrivecan.html#a9, Accessed 22 May 2021

What is telemedicine?, American Academy of Family Physicians, https://www.aafp.org/news/media-center/kits/telemedicine-and-telehealth.html, Accessed 21 May 2021