The telehealth market is predicted to boom in the next 5 years. The rising cost of healthcare, rising prevalence of chronic diseases, an increasing aged population, and inability for many hospitals to accommodate a growing number of patients has led to a demand for an alternative method to see and treat patients. According to a report on the Global Telemedicine Market – Growth, Trends, and Forecasts (2015-2020), the telemedicine market will reach $34.27 billion by the end of 2020. Now is the perfect time for individuals searching for a solid investment to consider the telemedicine industry.
Why Telemedicine?
There are many places in the United States where doctors are in short supply. Some patients have difficulty finding transportation to hospitals, and physician hours often conflict with patient work hours. As a result, many patients end up in the emergency room, endure a long wait, and are then charged with a large medical bill. Telemedicine implementation would be one way to solve many of these common issues. Implementation would include using telecommunication systems, electronic information, imaging technology, videoconferencing tools, and Internet-based applications.
Telemedicine implementation can be utilized in a variety of medical specialties like cardiology, psychiatry, pediatrics, and radiology. Telemedicine is expected to significantly reduce healthcare costs, and improve patient care. The Global Telemedicine Market report states that telemedicine currently holds the greatest potential for individuals over the age of 60. The report also predicts that globally the telehealth market will reach $28.9 billion in 2019. Areas of medicine that may see the greatest growth initially will most likely be pathology, dermatology, and psychology.
Telemedicine is set to revolutionize medicine because it makes healthcare more affordable and accessible than ever before. Soon hospitals will be able to focus on helping the critically ill and will not be overburdened by general checkups or minor aches and pains. There are a number of telemedicine companies that have started to invest in the telemedicine market. To open your telemedicine merchant account, contact the high risk industries experts at EMB. EMB specializes in creating and maintaining telemedicine merchant accounts that traditional payment processors won’t come near.