North America is encumbered with rising cases of chronic conditions and cardiovascular and orthopedic diseases over the past few years. As per National Health Council, nearly over 133 million American population suffers from chronic conditions; a count which is anticipated to exceed 157 million by the end of 2020.
North America is encumbered with rising cases of chronic conditions and cardiovascular and orthopedic diseases over the past few years. As per National Health Council, nearly over 133 million American population suffers from chronic conditions; a count which is anticipated to exceed 157 million by the end of 2020. These numbers have compelled people to opt for timely check-ups and continued monitoring, which acts as a growth opportunity for the telemedicine industry.
It is important to note that the telemedicine market share across North America is currently soaring to an optimal height, owing to the dreaded COVID-19 pandemic spread. With lockdowns being enforced and people being asked to follow social distancing norms, patients have started turning towards telemedicine consulting platforms to be at par with their ongoing health conditions. These platforms have emerged as a miraculous escape from the large waiting queues at densely populated healthcare centers, offering routine care and consultations in line with information regarding corona care amidst the pandemic situation.
North America telemedicine market is set to record a phenomenal valuation of USD 98 billion over the time frame of 2020 to 2026, driven by the below mentioned trends:
Robust governmental intervention and strategies
In wake of the current COVID-19 pandemic situation, various state and central governments across North America have been laying out significant reforms and measures that add to the growth of telehealth and telemedicine market. For instance, the Office for Advancements of Telehealth is deemed to be involved in promotion of telehealth technologies for education, healthcare, and information services delivery in the United States. Also, rising cases of coronavirus infection in the region has compelled the government to lay immense focus on offering virtual care through smartphones, tablets, and other computer devices, upscaling the revenue share of North American market.
Increased use of smartphone applications during COVID-19 pandemic
As the world is progressing towards being digital, sales of smartphones have shot up, perhaps due to massive use of these gadgets for umpteen uses including online education, telehealth, and others. For the records, the web or mobile segment acquired a business share of 60 per cent in 2019 and is estimated to grow at an unprecedented growth pace in the upcoming years. Courtesy- emergence of variety of platforms and smartphone applications for remote consulting and monitoring.
In fact, recent outbreak of the coronavirus infection has left people focus more on these devices for homecare services due to social distancing norms.
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Expanding remote analysis via tele-monitoring
Speaking of remote health analysis, it is pivotal to mention that the tele-monitoring segment across telemedicine industry had held a market share of 24 per cent in 2019, on the grounds of patients’ and healthcare professionals’ growing inclination towards these procedures. Tele-monitoring supports analyzing heart conditions amongst cardiac patients, while also looking after a patient pool with developmental disabilities in home settings.
Declining mental health
Speculations have been raised that people across various economies of North America have been battling with worse mental health issues over a while now. This calls in for telephone consulting by psychiatric experts. Telepsychiatry delivers a gamut of services including medication management of patient, psychiatric evaluations, patient education, and therapy which would possibly improve the mental health of a person. In addition to these, telepsychiatry alleviates dearth of healthcare professionals in this field making services available to a wider population.
Enhanced strategic measures by Canadian government
Laying emphasis on the country level industry prospects, reports suggest that Canada telemedicine market is poised to depict a CAGR of 20.3 per cent through 2026, primarily driven by the positive government efforts and initiatives for development in healthcare access across the nation.
Recently, the government of Canada had declared investing a whopping USD 240.5 million for the development and expansion of mental health tools and virtual care during the ongoing COVID pandemic times.
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