PRE-COVID STATISTICS AND PROJECTIONS
The global telemedicine market size was valued at USD 45 billion in 2019 and is expected to grow at a CAGR of 19.3% by 2026.
• 74% of millennials prefer telehealth visits to in-person doctor exams.
• Up to 89% of patients are willing to accept telemedicine as a sufficient form of medical care.
• 93% of clinicians believe that telehealth is an “acceptable” method and 60% believe it is a “very effective” method of patient care overall.
• 89% of clinicians report telemedicine as at least a satisfactory method of follow-up care for patients.
• Telehealth visits typically range from $49 to $250 per month.
• Telehealth technologies are projected to save the US healthcare industry $305 billion annually.
• From 2016 through 2019, the use of telehealth in some medical specialties doubled from 14% to 28%.
• In 2020, consumer adoption of telehealth services has jumped to 49% from 11% in 2019. This number is growing due to the Covid-19 pandemic.
As you can imagine, the numbers are sharply increasing post Covid. A view of the market via graphs and charts collected from multiple resources
INSURANCE CLAIMS POST COVID EXPLODE
Telemedicine is expected to save the US healthcare industry USD305 billion annually
MONTHLY TELEHEALTH CLAIMS GROWTH BY STATE (Sept '19 to Sept '20)
TELEHEALTH USAGE (AMA Survey July-Aug '20)
REMOTE PATIENT MONITORING
Material growth is expected
•Only 11% of respondents indicated they were performing remote patient monitoring on patients in their home
•Over 72% of clinicians interested in continuing to use telehealth for chronic care management
•The most commonly used tools for physicians using RPM to help provide better care via telehealth include Smartphones (camera), blood pressure cuffs, body weight scales, and pulse oximeters. (AMA Survey)
TELEHEALTH CLAIMS BY CLINICAL CLASSIFICATION
IN & OUT OF STATE TELEHEALTH CLAIMS
TELEHEALTH CLAIMS - OKLAHOMA VS. NEW YORK
Oklahoma tops out at 80k in the middle of April
New York tops out at just under 2 million in the middle of April
MEANS IN WHICH PHYSICIANS ARE ACCESSING TELEHEALTH (AMA)
PHYSICIAN PREFERRED TYPE OF VISITS GOING FORWARD (AMA)
KEY REMOTE SENSOR MONITOR TECHNOLOGIES (AMA)
Of the responses, 40% of the patients share the data verbally. About 20% of patients share the information via email. Only ~8% of patients share data from a dashboard or directly through the patient portal
CHRONIC DISEASE MANAGEMENT
Approximately 55% of physicians believe telehealth enables quality care
When telehealth is used as part of treatment for individuals with chronic conditions, the cost of care can improve by 2% to 3%. While that might sound small, it’s anything but small when you consider that 6 in 10 people in America have one or more chronic diseases and about 90% of the nation’s $3.5 trillion spent each year on health care is for those with chronic and mental health conditions.
Expected Future Changes to Telehealth Approach Because of COVID-19
WHAT'S NEXT FOR TELEHEALTH
MARKET SEGMENTATION
By Type
•Products
•Services
By Application
•Teleradiology
•Telepathology
•Teledermatology
•Telepsychiatry
•Telecardiology
•Others
By Modality
•Store-and-forward (Asynchronous)
•Real-time (Synchronous)
•Others
By End User
•Healthcare Facilities
•Homecare
TOP 5 TELEHEALTH STARTUPS TO WATCH
(BUSINESS INSIDER)
TOP TELEMEDICINE COMPANIES BY REVENUE
COMPETITION IN THE SPACE
VALUE ADDED VIRTUAL CARE SOLUTIONS
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