Few fields have ever seen growth as explosive as telehealth has in the past few years. Since the beginning of the Covid-19 pandemic, telehealth usage in the United States has skyrocketed by 6,000%.
With the new year knocking on the door, this article forecasts trends in the telehealth industry across 2023 and beyond, and explores what they mean for investors and stakeholders.
Telehealth visits set to increase
The number of telehealth visits is expected to increase from 1 billion in 2022 to 2.5 billion in 2023. Reflecting this rapid growth, the global telehealth market is expected to bloom from $12.5 billion In 2021 to $45.1 billion by 2027 (22.2% CAGR).
This growth is attributed largely to the expansion of telehealth technology and its ability to connect patients with doctors over distances. Telemedicine enables patients to receive care at home, improving their quality of life while reducing costs for insurers and providers alike.
Telehealth investments will continue to be attractive to investors
Telehealth opportunities are becoming increasingly attractive to investors. The market is on the rise, and investors are paying attention. In fact, by September of 2022, $21.3 billion poured into digital health startups across 541 investment deals. By contrast, the total number for 2021 was $14.6 billion.
The market has been growing steadily since 2015, and, clearly, it shows no signs of slowing down anytime soon. This growth is largely due to an aging population that wants more convenient healthcare option. Additionally, telehealth provides cost savings for consumers who don’t have health insurance coverage through their employer or Medicare/Medicaid programs like they once did (due primarily to job loss during recessions).
Telehealth will expand into the care of underserved populations
One of the most important trends in telehealth today is its expansion into the care of underserved populations. As it stands, many patients who struggle to access health care are still being left behind. In fact, 38% of adult Americans did not have a primary care physician in 2016 and nearly half (44%) were unable to get an appointment with their regular doctor when they needed one.
These numbers don’t bode well for those who aren’t able to travel long distances, live in rural areas or otherwise find themselves without access to traditional medical care facilities. Telehealth Is rising to address this issue.
Telehealth offers an opportunity for these individuals to improve their health outcomes by expanding healthcare options across time zones and outside of traditional brick-and-mortar practices.
Emphasis on long-term chronic care via telehealth
The rise of telehealth is making a difference for people with chronic conditions. Telehealth can help them manage their health, care and medication. For example, patients with diabetes can use video consultations to see their doctor instead of having to make frequent trips to the hospital or clinic. This saves time and money for both the patient and the healthcare system as a whole.
With nearly half of all adults in the US living with a chronic condition, telemedicine will continue to be heavily relied upon by both patients and healthcare systems.
Healthcare Recruiters International (HCRI)
Going forward, one thing is certain: telehealth is here to stay and will be an integral part of our healthcare system. For all of your staffing needs, HCRI’s team of seasoned healthcare recruiters is here to help you hire with certainty and speed. Reach out to our team today to find your next top performer.