Friday, February 11, 2022

Telehealth Market to Reach USD 636.38 Billion by 2028; Surging Healthcare Cost to Propel Market Growth: Says Fortune Business Insights™

 The global telehealth market size is anticipated to reach USD 636.38 billion by 2028 and exhibit a CAGR of 32.1% during the forecast period. The growing adoption of telehealth in online consultation, behavioral health, cardiology, and radiology, coupled with the increasing start-ups funding, is expected to boost the growth of the market. Fortune Business Insights™ has presented this information in its report titled, “Telehealth Market, 2021-2028”. The market size stood at USD 144.38 billion in 2020.

The governments of several underdeveloped nations are developing projects to ensure healthcare delivery in rural areas and remote locations. Governments are focused on developing virtual care platforms to deploy telemedicine technology. Hence, the increased government initiatives are anticipated to propel the growth of the market.

Key Players in the Telehealth Market are:

  • American Well (Boston, U.S.)
  • MDLIVE Inc. (Sunrise, U.S.)
  • Teladoc Health Inc. (Purchase, U.S.)
  • Doctor on Demand Inc. (San Francisco, U.S.)
  • Dictum Health Inc. (Oakland, U.S.)
  • Grand Rounds Inc. (San Francisco, U.S.)
  • OpenTeleHealth (Balticagade, Denmark)

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Report Coverage-

  • The report provides insights into the political and economic scenarios of the market.
  • The report provides a detailed assessment of the growth potential, demographics, and capabilities of the market.
  • The report analyses the current and upcoming investment opportunities in the market.
  • The report highlights strategies for growth in the upcoming years.
  • The report also analyzes the impact of the COVID-19 pandemic.

Drivers & Restraints-

Surging Healthcare Costs to Propel Market Growth

The expanding geriatric population and the increasing prevalence of chronic diseases are expected to surge healthcare costs in the coming years. The Centers for Medicare and Medicaid Services projected an increase in the national healthcare expenditure in the U.S. from USD 3.81 trillion in 2019 to USD 4.01 trillion in 2020. Hence, the rising healthcare costs are anticipated to boost the global telehealth market growth.

Telehealth overcomes the distance barriers and ensures healthcare delivery across remote locations in developed and underdeveloped countries. The governments of numerous nations are forming policies and developing pilot projects to provide healthcare in rural areas. Hence, the increased government support is likely to boost market growth.

However, the deployment of digital health services requires high-speed internet, the latest communication devices, and others, resulting in an infrastructural and technological barrier. These infrastructural and technological barriers may hinder the growth of the market.

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COVID-19 Impact-

The sudden emergence of the humanitarian crisis has created unprecedented challenges for the global economy and hampered the growth of several industries and markets. However, the demand for telehealth solutions has increased during the pandemic as people feared contracting the virus from doctors and physicians. Online consultation has augmented manifold during the pandemic. According to Teladoc Health Inc., nearly 8 million to 9 million virtual consultations were recorded in 2020, twice the number recorded in 2019.

Additionally, the increased government’s support for digital health platforms has led to the formation of new policies and reimbursement guidelines. These factors are expected to bolster the growth of the market in the coming years.

Regional Insights-

Growing Preference for Teleconsulation to Fuel Growth in North America

North America is anticipated to witness the highest growth in the global telehealth market share. The favorable health reimbursements and the growing preference for teleconsultation are anticipated to boost the market's growth. Additionally, the strategic presence of key players is likely to stimulate market growth.

Europe is expected to gain striking growth in the coming years due to the swift remote monitoring device adoption and the favorable regulatory scenario.

Asia Pacific is projected to exhibit immense growth in the global market due to the high rural population, technological advancements in digital imaging, and enhancing healthcare infrastructure.

The Middle East & Africa, and Latin America are anticipated to gain moderate growth due to increasing healthcare expenditure and high unmet patient populations.

Competitive Landscape-

Inorganic Growth Strategies to be Highly Prosperous for Growth

In terms of revenue, the leading position is held by Teladoc Health Inc. due to the huge client base, paid memberships, and escalating number of virtual visits. The key players in the market are focused on network expansion through inorganic growth strategies such as partnerships, collaborations, mergers, acquisitions, and others. For instance, in March 2020, the Ministry of Health and Family Welfare (MoHFW) collaborated with NITI Aayog and the Board of Governors (BoG) Medical Council of India (MCI) to issue guidelines for telemedicine practice in India.

Industry Developments-

January 2021: Teladoc Health Inc. and DexCom Inc. launched CGM technology and personal insights for Type-2 diabetics. The new launch is aimed to offers inclusive recommendations and health profiles for members suffering from diabetes.

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