The COVID-19 epidemic is hastening the long-awaited rise in telemedicine services around the world. For many non-urgent medical needs, consulting a health care practitioner over the phone, video, or text has become the new normal, while the crisis has reignited interest in digital solutions that can test and monitor at-risk patients safely in their homes.
The industry has evolved to include technologies that link health providers with home-based tools to track patient biometrics, such as digital stethoscopes and otoscopes, as well as technologies that link health providers with home-based tools to track patient biometrics, such as digital stethoscopes and otoscopes. Many ailments, ranging from chronic diseases to mental health, can now be tracked remotely via app-based solutions that connect patients to their providers.
Before the pandemic, the worldwide telemedicine sector was supposed to grow at a pace of 15 percent per year by mid-decade, but some analysts believe it will now increase at a rate of 19.3 percent, with a projected value of $175.5 billion. Much of this expansion is due to emerging markets’ rapid adoption of telemedicine to deliver health care to disadvantaged people. Clinicas del Azucar, a private diabetes healthcare chain, is expanding into
remote areas of Mexico with an app that allows patients to test their glucose levels at home and send the findings to clinic clinicians.
Until now, policymakers, payers, and professional groups worried about patient safety have erected significant barriers to telemedicine, with some policies aimed to protect existing enterprises as well. These constraints were already being eased prior to the COVID-19 issue, and they are now being eased even more in many parts of the world as the epidemic highlights the advantages of safe, remote testing and monitoring.
IFC’s venture capital team has invested in numerous health tech startups that can assist answer important issues regarding the sustainability of extending telemedicine in emerging nations.
During the epidemic, telemedicine has aided health personnel in triaging certain patients through virtual consultations, while also protecting patient privacy with new technologies. Pre-screening patients before they come at a clinic or emergency room increases efficiency and safety since they spend less time waiting for care and doctors have a better understanding of what services will be required.
Telemedicine can also provide timely advice to at-risk patients. “In Brazil, one of our portfolio firms, TNH Health,” Michael Nicklas, managing partner of the country’s Valor Capital Group, told IFC, “is currently openly rolling out AI chatbots to facilitate COVID-19 education.”
Tele-screenings are anticipated to become increasingly common in the future. Rajat Goel, the co-founder of Eye-Q, which has 37 private eye clinics across India, says his company aims to evaluate patients remotely before consultations and surgeries in the future. “It will improve the efficiency of our hospitals,” he argues.
The usage of remote diagnostic technologies is likely to grow, particularly in rural and underserved areas. Emerging technology, like portable heart and lung monitors, will be able to capture patient data in real time, allowing doctors to assess and treat a larger number of patients in a shorter amount of time.
5 Proven reasons why telemedicine is here to stay after Covid
Individuals still need their doctors, and access to telemedicine can help make this possible. With a large number of Indians on stay-at-home orders to help flatten the curve, people still need their doctors. There are limitations to telemedicine, as there are to all technology, but it has a key role to play not only in screening for COVID-19 signs, but also in keeping up with normal needs and follow-ups. It’s even being used to see and treat cancer patients in the future.
Behavioral health is one medical field that has witnessed a spike in telemedicine. In a recent poll, nearly half of respondents (45%) claimed the coronavirus epidemic is affecting their mental health, and the use of virtual visits for mental health needs has reached new highs. The current circumstance has highlighted the importance of telemental health access for both existing patients and new patients.