Before the outburst of COVID-19, telehealth was integrated in 39% of the hospitals in USA. However, the ratio increased to 53% as telehealth was added in the health system’s roadmap. Furthermore, the healthcare trends also advanced with the innovation in technology. According to the digital health innovation and venture capital the top healthcare trends are as follows:
Telehealth
People almost all over the world experienced their first virtual visits to the healthcare experts due to COVID-19's infectious nature. Telemedicine visits increased from 1-2% to 30%. The telehealth users increased up to 66% as people were willing to use telehealth services. 40% of the primary care visits were virtually handled and the telehealth funding tripled within 2019-2020 from $1.1-$3.1 billion.[1] In 2025, the telehealth market is expected to reach $191.7 billion.[2]
Remote Patient Monitoring (RPM)
Remote Patient Monitoring is described as the particular technology that transfers information between the healthcare experts and patients. It is one delivery system that lies within the boundaries of telehealth industry. Remote monitoring of patients is not new, it was used in various countries. However, the it began to rise with the outspread of COVID-19. The use of mobile phones for providing telehealth services has been vital for the hospitals as the individuals in need get the required services form hospital in such drastic times. Remote patient monitoring technologies are cost efficient and improve the patient outcomes. In 2020, RPM was used by 23.4 million people which, in 2024, is expected to grow by 30 million.[3]
Mobile Health Applications
The use of health mobile applications increased to 287.5% in the global pandemic. 50% of the mobile applications belong to the health category incorporating the mobile devices and wearable sensors. The demand for virtual care increased with the intensified pandemic. Businesses have embraced the mobile health applications to boost the benefits of employers, moreover, contributing to growth.
AI (Artificial Intelligence) Integration
Furthermore, telehealth is moving towards Artificial Intelligence to solve the privacy issue of the consumers and build a user friendly platform for every age group and for the betterment of in-person healthcare experience. $15 billion in venture capital was raised by the healthcare startup in quarter 2 (Q2), 2021.[1]
Outpatient Care Delivery and Telemedicine Trends During COVID-19
In the United states the health care delivery pattern was dramatically altered with the outburst of COVID-19. The telemedicine services expanded for the first time In order to lower the outpatient volume Due to the changing patterns of outpatient care. In 2020, 16.7 million people with Medicare advantage insurance were examined via the telemedicine and in person outpatient visits in the United states. [2]
Telehealth Funding
The global VC telehealth funding in the first half of 2020 was $6.3 billion which was increased by 138% in the first half of 2021.
All over the globe, the digital health Venture Capital funding exponentially increased as the COVID-19 broke out in 2020. In 2020, in the Q1, the digital health funding increased to $14.82 billion.
Funding For Top Healthcare Categories
According to the report by Marcom Capital Group, the top funded categories of digital health by Venture Capital in the first half of 2021 were:
· Telemedicine -> $4.2 billion.
· Wellness -> $1.7 billion.
· Mobile Health Applications -> $1.6 billion.
· Analytics -> $1.5 billion.
· Clinical Decision Support -> $1.1 billion.
Top Investors
In the first half of 2021, 1,254 investors invested digital healthcare as compared to the 921 investors, invested in the first half of 2020. In the digital health, the notable funding was done by:
· Ro: It is a D2C telehealth company and in series D, Ro raised $500 million to expand its healthcare platform by building more pharmacies. It is also growing its providers in in-house network.
· Hinge Health: In series D, Hinge Health raised $300 million moving it to $3 billion valuation. In 2020, its revenue increased by 300% which was tripled in 2021.
· Capsule: Capsule is a digital pharmacy company that raised $300 million in April. It is planning to expand the business by investing in digital technology. Since 2015, it has raised $570 million, and the company values around $1 billion.
· Lyra Health: Lyra is a digital mental health company that raised $200 million in 2021 raising the company’s value to $4.6 billion. Lyra is planning to expand its services all over the globe by providing services to 180 countries. Mentioned below are the number of respondents (aged 18+) that connected with the health care professionals in February, 2021.
Healthcare Technology Expansion
In the past few years, there has been linear increase in the exit rate in telemedicine companies. The health technology expansion in the United States till Sept 30, 2021 is shown in the graph below:
The expansion stage of telehealth has seen an all-time-high (ATH) OF $23.8 billion in 2021. In the United States, the telehealth market has exponentially grown and crossed all previous ATH due to COVID-19.
Future Of Telehealth
The healthcare industry adopted telehealth in order to overcome COVID-19. Ellie health was the hope of light for the hospital and the health care experts at the peak of a pandemic to provide quality services to the consumers or patients while minimizing patient visits. The research conducted by the Centers for Disease Control and Prevention (CDC), The utilization of telehealth increased by 154% by the end of March 2020. Furthermore, the telehealth market is expected to spike over $397 billion in 2027. In 2019 the telehealth market was only $42 billion; however, with the outburst of COVID-19, the usage of telehealth increased over time, telehealth has become a fundamental part of the future health care industry.[1]
The overall future of telehealth is bright. The consumers of telehealth services are expecting increased and efficient services in the next five years. As per McKinsey, 76% of telehealth consumers want telehealth services to move forward. The statistical data below shows the number of telehealth visits (in millions) from 2013-2022 in the United States. The total number of telehealth visits is expected to increase by 81 million by 2022.[1]
