Covid-19 to spark immense growth for the virtual care market

The firm identifies that whilst the Covid-19 pandemic has been a disruptive force, it has also acted as a ‘catalyst’, propelling forward cutting-edge technologies in virtual care.

Frost & Sullivan’s latest analysis, titled Understanding the Impact of COVID-19 on the Healthcare Industry, details growth opportunities that have come about in various sectors of the healthcare setting since the beginning of the Covid-19 crisis.

These include: an increased demand for AI and Cloud platforms in the hospital industry; a rising demand for operational efficiency tools in the medical technologies industry; an unprecedented demand for telemedicine solutions, enhanced clinical decision support systems, and improved data and security platforms in the digital health industry; adoption of teleradiology and AI in the medical imaging industry; and the virtualisation of clinical trials and point of care testing services in the life sciences industry.

In fact, Frost & Sullivan anticipates that the post-Covid-19 telehealth market forecast of 64-per-cent growth versus the anticipated 32-per-cent pre-Covid-19 annual growth rate alludes to 100 per cent growth in adoption.

"It took Covid-19 to reaffirm and reassess the value of telemedicine and its boon to the healthcare system globally. Today, telemedicine has become the standard of care, driving a rise in service providers and in the need for service standardisation across the continuum of care,” said Reenita Das, Transformational Health Senior Vice-President and Partner at Frost & Sullivan. "While we recognise the tragedy that Covid-19 has caused the world, we also realise that it has opened many opportunities for companies to rejuvenate in this new normal ecosystem. Our team has been tracking the potential opportunities in all sectors of healthcare.”

You can read the full report here.