Telemedicine industry set to reach $20bn by 2024

Following the recent proposition from the Centers for Medicare & Medicaid Services (CMS) to loosen restrictions on home health providers’ use of telehealth permanently after the COVID-19 pandemic;

Kamilla Kan, Medical Analyst at GlobalData, a leading data and analytics company, offers her view on the recent news:

“The telemedicine industry has been rapidly expanding during the COVID-19 pandemic and is set to reach $20bn by 2024. The industry has benefited from the rapid integration of telemedicine services, which has been widely accepted by consumers, providers and telecommunications vendors. Moreover, if the Department of Health & Human Services (HHS) is able to make telemedicine a permanent option beyond the pandemic, telemedicine will be boosted further.

“While the adaptation of telemedicine services into traditional healthcare provides a safer environment to provide treatment to those in need – as it can be used to diagnose, monitor and provide care post-treatment – one of the major drawbacks is the cost of setup and maintenance. Furthermore, telehealth services cannot be considered as a valid substitute for in-person or at-home visits as those that have critical health issues or are recovering from surgeries and accidents will need constant care where personal examination is needed and telemedicine will not suffice.”

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