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COVID-19 Drives Telemedicine Market Growth

by Colleen Fleiss on May 1 2023 10:22 PM
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Driven by the pandemic and the expansion of virtual healthcare, the market for telemedicine and remote patient monitoring (RPM) is expanding.

COVID-19 Drives Telemedicine Market Growth
By 2025, remote patient monitoring (RPM) will grow to a market value of $1.2 billion. By 2026, telemedicine market is projected to reach $185.6 billion, revealed GlobalData.
RPM devices allow healthcare providers to monitor patients' health metrics from a distance.

This technology provides early detection of health problems and can prevent unnecessary hospital visits, making it an attractive option for both patients and providers.

Telemedicine and Remote Monitoring Devices Market

"Artificial Intelligence (AI) is also being integrated into telemedicine and RPM, enabling providers to analyse data from remote monitoring devices and gain valuable insights into patient health," said Cynthia Stinchcombe, Medical Devices Analyst at GlobalData, in a statement.

Stinchcombe noted that the technology also has the potential to significantly improve patient outcomes as well as reduce healthcare costs.

In addition to these developments, telemedicine is also becoming more accessible to patients.

Virtual consultations allow patients to connect with their healthcare providers from anywhere, and market growth is being driven by the convenience and cost-effectiveness of virtual visits as well as the availability of high-speed internet and mobile devices.

"The expansion of telemedicine and RPM is expected to continue in the coming years, as these technologies become increasingly vital to the healthcare industry," Stinchcombe said.

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