A. Point of Inflection in the Healthcare Industry
The Healthcare industry is looming large over the last few decades at an unprecedented pace than ever before, causing shrinkage of health-related disparities among countries. This sudden influx in the consumption of healthcare services could be attributed to the disruption marked by the emergence of digital healthcare products. As per a recent report, digital healthcare technologies comprising Telemedicine, Telehealth, and wearable sensors, have largely contributed to the consumption of healthcare services even in 2018 and 2019, much before the onslaught of Covid-19.
In a similar fashion, the consumption of digital health equipment such as hand-held blood sugar monitors, oximeters, and smart shoes along with breakthrough services like telemedicine has enabled global consumers to ply them for prevention and self-monitoring of their health. Hence, not only the above-discussed technologies ushered into a new era of the healthcare market, but we are also interested in excavating its longevity in the near future. Therefore, through this article, we aim to shed some light on the growth trajectory of the above technologies during and post the Covid subsides.
B. Adoption Curve of Telehealth Services in the Wake of Covid
What sparks curiosity among the folks nowadays, is deciphering the factors that induced greater consumer proclivity towards technologies like Telehealth and wearable health gadgets. ‘Kudos’ to the advent of digitization, which paved the way for the smooth transitioning of erstwhile analytical medical equipment to more user-friendly hand-held devices, turning the consumers more prudent about their own well-being.
However, besides the turnout of digitization, another such factor that manifested an even greater consumer trend for digital health products and services is the outbreak of Covid-19. As per a statistical survey, April-2020 saw the most number of Telehealth appointments for Out Patient Department (OPD) visits, which amounted to 78 times higher than in February 2020. Moreover, talking in relation to the physicians, given the restraints posed by the debilitating health infrastructure at the time of pandemic they were bound to render their services through telemedicine.
Taking a sneak-peek into investors’ activity, as per a digital health funding report published by “Rock Health’s H1 2021” it could be clearly discerned that magnitude of investments poured during the first half of 2021 almost doubled that of 2019. Although the aforementioned trend only reflects the contemporary adoption curve of digital health products and services, however, stabilizing a similar trend in the future too would be a much-needed impetus to offer a much inclusive healthcare infrastructure.
C. Future Trends of Telemedicine & Digital Health Product Market in the Aftermath of Covid
Before scavenging deeper into future trends of telemedicine, let us get some insights into the future forbearing of digital health devices. In this relation, one such area of concern associated with personal diagnostic devices is the notion of data integrity that might get compromised owing to the transmissibility of such devices. Thus, in order to avert any such data privacy concerns that may arise in the future, technology such as Blockchain could be roped in to mitigate the deleterious effects of digital equipment.
Looking beyond Covid-19, would require a comprehensive understanding of the present-day healthcare models and based on that predicting the fate of telemedicine post the pandemic subsides. Few major transitions in the healthcare space could possibly open a floodway of opportunities alongside the above technology adoption which are as below-:
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Expansion of Telehealth services:
Unlike the present-day services dispensed under the category of Telehealth sector, which majorly cater to patients with preventive and consultative needs, future services may bear more value as compared to its contemporary. In this regard, undertaking remote surgery through haptic feedback technology is one such advancement that would mark its place under the umbrella of Telehealth services, reducing the time and resources in commuting while undertaking critical operations remotely.
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Forging a parallel Healthcare Model:
Given the cost-effectiveness of telemedicine services, it may offer a better alternative to conventional healthcare services scrapping off the need for heft healthcare premiums. In other words, the role of third-party health care providers would be eliminated and one could simply make direct appointments with the private entity they may want.
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One-Stop Solution for All Healthcare Providers:
Liberalizing the process of awarding licenses to medical practitioners globally could become feasible with the adoption of telemedicine services. In a general sense, by offering ease to the above process healthcare providers can avail the utmost freedom to offer their clinical services even beyond their stipulated territory.
About Algoworks
We at Algoworks, are in constant pursuit of delivering state-of-the-art technological marvels through our team of highly officious designers and developers. Over the years, we have established ourselves as one of the leading technology consulting firms and bestowed with several accolades under our belt for a vast range of mobile and web application projects.
Still, toggling over the right marketing channel for your digital health equipment? Then you landed at the right place. We offer a one-stop solution for all your needs right from offering consultations over the right audience segment to market with, to the design-oriented aspects of your mobile applications. For queries… Contact us.
Ajeet Singh
