Telehealth Statistics – Recent Trends and Forecasts

In the digital health revolution, telemedicine stands out as a top contender for funding, thanks to its transformative impact on healthcare delivery.

Market insights from Data Bridge Market Research paint a vibrant picture: the global telehealth market, currently valued at $151 million, is on a growth spurt. With a 13.88% CAGR, it’s set to balloon to $290 million by 2028.

But not all who venture into this space will strike gold. Telemedicine startups are navigating a sea of competition. Staying afloat means adapting swiftly to an ever-evolving landscape, aligning with user needs, securing capital, and charting a course toward profit and resilience.

Here’s a snapshot from BeKey, mapping out the trends and tech that are steering the telemedicine ship today.

Telemedicine Market Insights: Trends and Projections

The telemedicine landscape continues to be marked by optimism, with robust growth indicators. The sector is evolving towards maturity, propelled by technological advancements and changing healthcare dynamics.

North America’s Leadership in Telehealth

North America remains at the forefront of the telehealth revolution, now accounting for 54.14% of the global market share as of 2023.

Pitchbook’s Digital Health Report Highlights

The latest Pitchbook report underscores the significance of:

• Teletherapy and behavioral health: These remain critical areas of focus, with mental health becoming a prominent aspect of telehealth services.

• Care coordination and navigation: Essential for streamlining healthcare delivery and enhancing patient outcomes.

Driving Forces Behind Healthcare Technology Growth

The surge in technology-driven healthcare segments is fueled by:

• An ongoing quest for efficiency and solutions to healthcare workforce challenges.

• A sustained readiness to invest in value-driven healthcare solutions.

• Enhanced operational agility through technological advancements and automation.

Telehealth’s Core Objectives

Telehealth continues to strive towards:

• Expanding care access for underserved populations.

• Ensuring fair compensation for healthcare providers.

• The intelligent application of telehealth technologies to improve healthcare delivery.

Economic Impact for Patients

Telehealth has been economically beneficial for patients, particularly cancer ones, by saving an average of $147.40 to $186.10 per visit in indirect costs.

Telehealth Usage Statistics

There has been a significant increase in telehealth usage, with 25% of US patients using telehealth services in 2022, a fivefold increase from pre-pandemic levels. However, it’s essential to note that usage declined significantly after the pandemic. Despite the initial surge, telehealth now accounts for a smaller proportion of overall healthcare visits.

SingleCare’s Telehealth Report

SingleCare’s findings indicate that a majority of U.S. adults favor telehealth applications for managing common health issues (69%) and for follow-up consultations (66%).

Return on Investment for HealthTech Firms

HealthTech firms have indeed demonstrated a solid return on investment, boasting an average ROI of 3.1× over the past decade. However, it’s essential to consider the nuances. While telehealth services have contributed to this success, some companies that focus solely on telehealth visits are facing challenges. Notable examples include Teladoc and Amwell. Despite the overall positive trend, these companies are grappling with market dynamics and financial margins.

Current Telemedicine Trends

Telemedicine remains a hot ticket item. Here’s what’s trending as we adapt to shifting user behaviors and societal shifts:

mHealth

In 2024, mobility is king. Providers and users alike are flocking to telehealth systems accessible via smartphones and tablets. A telehealth solution is a symphony of components:

• A web admin panel

• Mobile apps for iOS and Android

• Desktop/laptop web interfaces

• Backend infrastructure

• Connected devices

The magic happens with seamless API-driven data exchanges, ensuring smooth patient-doctor interactions.

Preventive Care

User well-being is top of mind. Healthcare pros are leveraging tech to promote nutrition and exercise, with fitness apps leading the charge. Social features and gamification up the ante on commitment and healthy living. And let’s not forget mental health apps — a major player in the telehealth arena.

Burnout Prevention

Telehealth isn’t just patient-centric; it’s also about clinician care. Reducing burnout and workload is key, with automation, virtual nursing, and smart call management as burnout busters.

UX Mastery

Crafting an intuitive telehealth app is no small feat, given the regulatory maze. Yet, the goal is simplicity: minimal training for users and clinicians, with user studies paving the way for barrier-free adoption.

Competition Heats Up

As telehealth adoption soars, so does the rivalry among providers. It’s a digital marketplace where patients can connect with providers far and wide, amplifying competition.

Market Consolidation

M&A was the name of the game in 2022 and 2023, and it’s not slowing down. For telehealth startups, mergers are a strategic move in a high-stakes environment. In 2024, expect more startups to join forces or bow out, as users crave a seamless, all-in-one platform experience.

Future Telemedicine Tech Trends

Let’s zoom in on the tech trends set to reshape telemedicine in 2024:

Generative AI

Generative AI is the new frontier. It’s revolutionizing how healthcare pros manage data, with natural language processing at its core.

Remote Patient Monitoring (RPM)

RPM is redefining patient care, saving costs, and streamlining clinic operations. The future? Integrated platforms, predictive analytics, and equitable healthcare access.

Universal Care

As medical policies evolve, telehealth becomes more accessible, with Medicare and private insurers expanding coverage.

Data Protection

As telehealth becomes more prevalent, the importance of data protection escalates. Healthcare devices are treasure troves of personal data, and in 2023, the average healthcare data breach incurred a staggering cost of $10.93 million. The digital landscape of telehealth is a prime target for cyber threats, necessitating robust telehealth security measures from device manufacturers and software developers to balance safety with ease of use. Healthcare providers also play a crucial role in training staff and patients to handle medical devices securely.

EHR-Integrated Telemedicine

The integration of telemedicine within Electronic Health Records (EHR) marks a significant leap in the digital evolution of healthcare. EHR systems streamline clinical operations, enabling patients to schedule and manage appointments effortlessly. Physicians can record patient data directly into EHRs, helping healthcare facilities to eliminate redundant data and minimize errors from disjointed software ecosystems.

IoT and IoMT

The Internet of Medical Things (IoMT) encompasses a range of sensors, infrastructures, and software solutions, categorized into in-home, wearable, community-based, and hospital-grade devices. The IoMT revolution is poised to deliver substantial savings, with Goldman Sachs projecting up to $300 billion in annual savings for healthcare providers through reduced complications, optimized costs, and enhanced service efficiency.

Augmented and Virtual Realities

Augmented Reality (AR) applications are revolutionizing medical education and patient care, aiding professionals in visualizing internal processes and interpreting diagnostic results. Virtual Reality (VR) offers therapeutic environments for mental health treatments and enables remote medical consultations. The advent of active VR is set to redefine physical therapy practices.

Telehealth’s Expansion Accelerated by the Pandemic

The COVID-19 outbreak necessitated the rapid adoption of telehealth, ensuring the safety of medical consultations. In the U.S., the relaxation of regulations and the assurance of payment equality for telehealth services contributed to a surge in virtual appointments. Medicare’s telemedicine services skyrocketed from 5 million sessions in 2019 to 53 million in the same period of 2020.

Statista reports that prior to the pandemic, 65% of U.S. physicians had not utilized telehealth platforms, yet 43% became extensive users during the peak of the crisis. Furthermore, 43% of doctors intend to maintain telehealth for a significant portion of their future consultations.

Conclusion: A Future for Telehealth

Looking ahead, the telehealth sector is set to thrive, driven by technological advancements, increasing patient demand, and service providers’ pursuit of efficiency. Agile and adaptable healthcare software development is key, swiftly adapting to market shifts as regulations permit. The rapid integration of cutting-edge technologies is essential to remain at the forefront of telehealth services. Partnering with a skilled engineering team is vital to navigating the trends in telemedicine technology, ensuring the delivery of secure, compliant solutions that cater to patient needs.