The telemedicine industry is rapidly evolving as it is playing a crucial role in offering healthcare crisis solutions. Telemedicine assures revolution in the traditional healthcare system by cost-effectively improving overall functioning. The location barrier is one of the major factors that limit the required flow of healthcare services across the world. The barrier can be overcome with the adoption of advanced telemedicine along with the Internet of Things (IoT) in inaccessible locations. In addition to this, telemedicine also plays a major part in reducing hospitalization rates which is certainly a big plus point of the telemedicine industry.
The sudden global epidemic of coronavirus has given a huge rise to the adoption of telemedicine. With the help of these solutions, caregivers can conveniently communicate with the patients and provide the required healthcare solutions. With the implementation of social distancing across different parts of the world, virtual care delivery emerging as the most effective solution for better communication and proper safety. In addition to this, the World Health Organization (WHO) has included telemedicine in the list of essential services during policy formation for the COVID-19 emergency.
Role of Telemedicine in the US for Healthcare Cost Reduction
United States (US) has also faced a huge outbreak of COVID-19 leading to the death of precious lives. Additionally, the aging population is also a major factor that leads to an increasing number of patients with chronic diseases such as heart failure, diabetes, chronic obstructive pulmonary disease, and hypertension. Moreover, the cost associated with healthcare services is one of the major issues in the US. For overcoming the overbearing and health-related cases together, there is a huge opportunity for public and private sector players to implement the cost-effective telemedicine networks in-home care and hospitals. Telemedicine helps to optimize resources within hospitals and across an entire healthcare system.
Growing healthcare expenditure coupled with the increasing shortage of healthcare specialists is boosting the demand for the telemedicine market in the US. Adoption of telemedicine services has enabled US citizens to greatly reduce their healthcare expenditures owing to a falling number of patient’s readmission in hospitals and in-home doctor visits. Moreover, the country has been facing a rise in the prices of healthcare procedures due to advanced machinery across various hospitals and clinics, which in turn has boosted the demand for the telemedicine market in the US.
Key Facts of US Telemedicine Market
- Owing to the development of user-friendly, robust, fully-integrated, and low-cost services to fuel the US telemedicine market.
- Various healthcare facilities in the US have successfully implemented telemedicine services to boost their operational capacity, thus augmenting the market growth.
- The introduction of advanced technologies and improved healthcare infrastructure are noteworthy factors likely to fuel market growth in the coming years.
- Heavy usage of Smartphone in the U.S. region is leading the demand for telemedicine practices.
The US telemedicine market is highly fragmented, with small-scale and large-scale corporations are joined by new ventures increasing industry competition. The key industry participants from the US region hold the major market share on account of financial stability and brand recognition. Companies operating in this region implement innovative strategies to stay on top of the competitive market. Major strategies adopted by leading companies in the US telemedicine market include acquisition, expansion, and new product launches. For instance, MolecuLight Inc. has come up with the big launch of i:X Telemedicine Solution that conveniently connects patients and wound care specialists. It provides key information on the status of the bacteria in the wound and helps taking firm decisions about the diagnosis.
Deep-dive Insights on U.S. Telemedicine Market By Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/us-telemedicine-market