Telemedicine market grows in Asia Pacific
The widespread adoption of telehealth throughout Asia Pacific is boosting the telemedicine equipment market, new research by Global Market Insights has found.
The telemedicine equipment market was worth over $2 billion in 2019, and is expected to grow by 16.8 per cent between 2020 and 2026. The COVID-19 pandemic is encouraging this growth, with more remote consultations taking place as face to face visits are restricted.
In emerging countries like India, Vietnam, Indonesia and China, digital health has become a key enabler for their healthcare sectors. Meanwhile advanced economies like Australia and Japan have streamlined their use of telemedicine. By using new software and tools they’re boosting new models of digital healthcare.
Patients can reap benefits from online symptom checkers, remote diagnosis, remote health monitoring apps and e-prescription services from the comfort of their homes.
At a time when telemedicine has come into the fray as a frontline weapon against COVID-19, these countries could save billions of dollars if they rev up their adoption of telemedicine equipment, the market researcher says.
The Australian Government announced a $2.4 billion health package in March this year to protect citizens with chronic conditions. This included assistance for health care practitioners to provide telehealth services, such as video conferencing software.
Telemedicine kit usage has gained major traction in Australia to provide remote healthcare facilities. This is providing lucrative growth opportunities for stakeholders as they enable physicians to robustly set up walk-in clinics anywhere.
They are also used as distance learning kits for training purposes. Encrypted video apps allow physicians to interact with teams remotely, overseeing educational initiatives.
Global Market Insights expect that demand for portable, durable telemedicine kits in remote areas will grow in the next five years.
China has not been far behind and is expanding its footprint across Asia Pacific, the report says. Together with Uzbekistan, China has established a telemedicine system to help the latter country fight COVID-19. The system rolled out in April, with telemedicine service platform Jiangxi undertaking remote diagnosis and medical consultations for the virus.
Japan has remained at the helm of telehealth, the report says. The nation has upped investments in technology to protect its healthcare system from the perils of the virus.
More than 10,000 clinics were listed by the Japanese health ministry back in April, accepting new patients for online diagnoses. In March the Japanese Ministry of Economy, Trade and Industry rolled out free remote health consultation services. This has served as an ideal way to triage likely cases and as a first line of defense.
Next up Japan's social media giant Line are set to launch a telemedicine service. The company expects over 2,000 doctors to use it.
Now that online medical services are essential to connect patients and doctors without putting further strain on healthcare systems, investments in telemedicine equipment will save patients’ time and money. Global concludes that APAC is likely to become a viable investment destination for telemedicine equipment producers.
