Telehealth Market Growth 2027: Size, Share, Industry Analysis
The The report mentions that telehealth market size was USD 61.40 billion in 2019 and is projected to reach USD 559.52 billion by 2027, exhibiting a CAGR of 25.2% during the forecast period. The global market is expected to grow astonishingly in the near future on account of the rising preference for e-visits. They provide easy access to the required doctors, lower outpatient department (OPD) waiting times, and are cost-effective.
This Report Answers the Following
Questions:
·
How
are key companies planning to promote usage of telehealth?
·
Will
the COVID-19 pandemic surge the demand for such platforms?
·
What
are the market growth drivers, obstacles, and dynamics?
·
Which
segment is expected to lead in the coming years?
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Drivers & Restraints-
Rising Need to Maintain Social
Distancing amidst COVID-19 will Favor the Telehealth Market Growth
The
outbreak of the COVID-19 pandemic has reduced the demand for medical devices
owing to the rising burden on healthcare professionals and hospitals, as well
as reduced hospital visits. Besides, several cases of elective surgery have
been postponed. This has opened doors to new opportunities for these platforms
and software solutions. Hence, the demand for virtual consultations is
anticipated to surge on account of the current scenario.
Telehealth
is considered to be a very powerful weapon to battle the coronavirus pandemic.
To avoid virus transmission while traveling to hospitals and clinics, people
are rapidly inclining towards these digital platforms. Teladoc Health Inc., for
instance, stated that as compared to the fourth quarter of 2019, the overall
number of virtual consultations surged up to 60% and reached 2 million from
January 2020 to March 2020. This proves that people are actively adopting
remote monitoring and telehealth services worldwide to keep up with social
distancing between the doctors and the patients.
The
emergence of the COVID-19 pandemic is causing tremendous losses for a wide
range of industries. Though most of them were completely shut since the past
few months, a few of them have resumed their operations by following reduced
workforce and social distancing measures. Our special research reports would
help you in providing the best possible strategy that you can adopt to overcome
this difficult phase.
To get to know more about the short-term and
long-term impacts of the COVID-19 pandemic, please visit: https://www.fortunebusinessinsights.com/industry-reports/telehealth-market-101065
Competitive Landscape-
Key Players Focus on Acquisition &
Investment Strategies to Intensify Competition
The
market consists of several enterprises that are presently aiming to follow the
strategies, such as investments and acquisitions to gain a competitive edge.
Some of them are also launching their own platforms owing to the current
pandemic of COVID-19. Below are a couple of the latest industry developments:
·
January 2020: Teladoc Health announced its plans to
acquire InTouch Health. The latter is a renowned provider of telehealth
solutions for hospitals. This acquisition would help Teladoc in strengthening
its position in the space of virtual care. InTouch Health has partnered up with
more than 450 hospitals.
·
June 2019: Zava, a digital healthcare provider raised
USD 32 million in a Series A investment. It was raised from HPE Growth. The
company’s main aim is to create reliable and accessible healthcare by reducing
costs at the same time. Since its founding, the company has provided more than
3 million consultations in Europe.
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Fortune Business Insights™ lists out
the names of every telehealth provider operating in the global telehealth market.
They are as follows:
•
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)
•
Other
Players
Regional Analysis-
High Rural Population to Augment
Growth in Asia Pacific
Based
on geography, in 2019, North America procured USD 26.14 billion in terms of
revenue. This growth is attributable to the presence of favorable health
reimbursement policies, as well as
several reputed companies in the region. Apart from that, the region is
adopting the latest technologies in the field of telehealth at a fast pace.
Asia Pacific, on the other hand, is anticipated to grow remarkably in the near
future on account of high rural population, technological advancements in
digital imaging, and enhancements in healthcare scenario.
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Telehealth Market Segmentations:
By Type
• Products
• Services
By Application
• Telemedicine
• Patient Monitoring
• Continuous Medical Education
• Others
By Modality
• Store-and-forward (Asynchronous)
• Real-time (Synchronous)
• Remote Patient Monitoring
By End User
• Healthcare Facilities
• Homecare
• Other
By Geography
• North America (the U.S. and
Canada)
• Europe (U.K., Germany, France,
Italy, Spain, Scandinavia, and Rest of Europe)
• Asia-Pacific (Japan, China, India,
Australia, Southeast Asia, and Rest of Asia- Pacific)
• Latin America (Brazil, Mexico, and
Rest of Latin America)
• Middle East & Africa (GCC,
South Africa, and Rest of Middle East & Africa)
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Have a Look at Related Reports:
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(Synchronous), Others) and Geography Forecast till 2026
Teleradiology
Market Share & Industry Analysis, By Imaging Technique (X-Ray, Computed
Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound, Nuclear
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Forecast, 2019-2026
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(Physician’s Office, Hospitals, Others) and Regional Forecast, 2019-2026
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Market Share & Industry Analysis, By Category (By Apps {Disease &
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Forecast, 2019-2026
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