Top 5 Telemedicine Trends to Watch in 2024 for Canada and the USA
The need for more affordable treatment, better health outcomes, and the introduction of innovative new technology are driving a rapid transformation of the healthcare sector.
As per the most recent market research reports, telemedicine, artificial intelligence, remote monitoring devices, and the necessity of enhanced cybersecurity are expected to be the main areas of focus for future trends in healthcare. Value-based care has also increased, according to analysts.
Significant market opportunities will become available to businesses in the healthcare industry and other related sectors as a result of these developments.
The Growth of Virtual Healthcare Services and Telemedicine
One important development to keep an eye on is the rise in the usage of virtual healthcare services and telemedicine. The COVID-19 pandemic made telehealth a vital tool for delivering remote patient care, and its use is predicted to increase going forward, especially in North America, where modern medical technology is being implemented at a rapid pace.
The recently released study Telemedicine Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028) by Mordor Intelligence projects the global telemedicine market to reach $272.76 billion in 2027, growing at a robust compound annual growth rate (CAGR) of 20.5% over the forecast period. The market was estimated to be worth $104.44 billion in 2021.
Healthcare’s Use of AI and Machine Learning Is Growing
The growing application of machine learning (ML) and artificial intelligence (AI) in the healthcare industry is another trend. Clinical decision-making can be enhanced by the analysis of patient data, pattern recognition, and machine learning. They can also be applied to enhance patient outcomes and individualize treatment programs.
For instance, the business Caption Health, which GE Healthcare is in the process of purchasing, created a clinical application that makes use of AI to help with ultrasound scans in order to spot heart failure symptoms. Because non-specialists can use this technology, patients have greater affordability and accessibility.
Momentum for Value-Based Care Increases
Market researchers also said that value-based care was becoming more prevalent. Value-based care pays medical professionals according to patient outcomes as opposed to the amount of services they perform. This novel approach may contribute to addressing the unaffordable levels of healthcare spending in nations such as the United States.
The US Value-Based Care for Medical Technology Growth Opportunities report by Frost & Sullivan states that the goal of the value-based care (VBC) model is to provide patients with higher-quality care at a lower cost. The revenue risk and motivation for delivering higher value can be shared by a number of parties, including payers, healthcare providers, and medical technology (medtech) companies. Western European nations have adopted VBCs after the United States as a pioneer.
New Tracking Devices and Wearables
The growing use of wearable technology and other remote monitoring tools is another trend. Wearable technology can monitor a patient’s vital signs, such as blood pressure, heart rate, and level of physical activity. In addition to giving healthcare professionals access to real-time data, remote monitoring devices can assist in the management of chronic illnesses like diabetes or hypertension.
Patients can employ wearable technology in a variety of situations, including at home, in hospital wards, and in nursing homes. Global Clinical-Grade Wearables Growth Opportunities by Frost & Sullivan states that “many consumer-grade wearable device companies, such as Apple and Fitbit, are entering the medical-grade wearables market to meet increasing demand.
The Value of Cybersecurity in Healthcare
The necessity of healthcare cybersecurity is the last trend. The volume of patient data being exchanged and kept electronically is expanding, posing a major security risk to healthcare providers. Cyberattacks have the potential to jeopardize patient data, interrupt medical services, and harm a provider’s standing.
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