27 Oct 2020
Posted in Pharma
A Democratic victory will improve access to telemedicine in rural areas
Telemedicine use in the US increased from the low ten thousands to around 1.3 million patients in 2020, representing more than 100-fold increase, according to GlobalData, a leading data and analytics company. The accessibility and practicality the technology has demonstrated during the pandemic – especially in urban areas – means that it is here to stay, and the market is expected to reach $20bn by 2030.
Kevin Dang, Medical Analyst at GlobalData, comments: “With the global pandemic forcing many to remain at home, there is now an emphasis on patient-centered care that is becoming more dependent on virtual medical treatments. The adoption of telemedicine is a natural development that is expected to become vastly more popular in the near future, even after the pandemic ends. Telemedicine is thriving in urban areas due to the infrastructure in place – there are more hospitals, medical equipment and technology readily available.”
However, rural areas are at a disadvantage when compared to major cities. This is where Joe Biden’s rural healthcare plan comes into play – where the plan is to expand the United States Department of Agriculture (USDA) Community Facility Direct Loan & Grant Program to support telemedicine in rural communities.
Kevin Dang, Medical Analyst at GlobalData, comments: “With a federally-funded expansion of broadband services to improve access to telemedicine, medical companies will seize this opportunity to expand their remote patient monitoring devices portfolio. According to GlobalData’s marketed products database, there are currently 200 remote patient monitoring devices on the market, and the major players in this market such as Boston Scientific Corp and Masimo Corp are set to benefit from this opportunity.”