Pune, India, May 18, 2021 (GLOBE NEWSWIRE) -- The global telehealth market size is projected to reach USD 559.52 billion by 2027. Online audio and video consultation practices are becoming very popular nowadays because of their easy access, low waiting times in the outpatient department (OPD), and cost-effectiveness. Such benefits have started attracting various start-up companies in the industry. In March 2021, for instance, SteadyMD, a start-up company based in St. Louis raised USD 25 million to broaden its platform services. This information is given by Fortune Business Insights™ in a report, titled, “Telehealth Market, 2020-2027.” As per the report, the telehealth market stood at USD 61.40 billion in 2019 and is set to exhibit a CAGR of 25.2% during the forecast period.
High Demand for Virtual Consultations to Prevent Transmission of COVID-19 will Aid Growth
The outbreak of the COVID-19 pandemic has created a huge burden on the global healthcare industry. At the same time, it has created numerous opportunities for digital health platforms. To prevent transmission, people have started avoiding their visits to hospital and clinics. Instead, they are demanding for virtual consultations to reduce time and cost. Also, queries regarding COVID-19 have surged exponentially, which, in turn, would bolster the market for telehealth amid the pandemic.
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Drivers & Restraints-
Increasing Prevalence of Chronic Diseases to Augment Growth
In underdeveloped countries across the globe, most of the people live in rural areas. Hence, there is a lack of access to high-quality healthcare in such places. To overcome this obstacle, government bodies are constantly focusing on providing better healthcare facilities through telehealth platforms. Additionally, the increasing geriatric population and surging prevalence of chronic diseases are resulting in the rising healthcare cost. As per the Centers for Medicare and Medicaid Services, in 2018, the U.S. spent approximately USD 3.6 trillion on healthcare. These factors are anticipated to propel the telehealth market growth in the upcoming years. However, the adoption of digital health platforms involves high cost investment and the implementation of novel telecommunication devices. It may hamper growth.
Presence of Favorable Health Reimbursement to Favor Growth in North America
Geographically, North America procured USD 26.14 billion in 2019 in terms of revenue. This growth is attributable to the favorable health reimbursement, presence of reputed firms, and rising preference for telehealth services in the region. The University of Manitoba, for instance, is currently striving to develop a replica of a house featuring mhealth tools to monitor patients. Such research and development activities would also drive regional growth.
On the other hand, Europe is anticipated to grow steadily backed by the presence of adequate infrastructure, surging usage of remote monitoring devices, and favorable regulatory scenario. In Asia Pacific, the market is estimated to showcase a remarkable growth because of the high rural population and the entry of various prominent service providers in China.
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Services Segment to Dominate Fueled by Increasing Start-up Fundings
Based on the application, the market for telehealth is segregated into telemedicine, patient monitoring, continuous medical education, and others. By modality, it is divided into real-time (synchronous), store-and-forward (asynchronous), and remote patient monitoring. Based on the end-user, it is classified into healthcare facilities, homecare, and others. Lastly, by type, it is segmented into products and services. Out of these, the services segment is expected to generate the largest telehealth market share throughout the forthcoming years on account of the introduction of reimbursement policies for teleconsultations and surging start-up fundings.
Report Coverage-
We aim to provide unique market research solutions under one roof to help our clients choose the best strategy as per their requirements. Our syndicated or custom reports deliver accurate statistics and a comprehensive analysis on revenue. The competitive landscape section contains detailed profiles of prominent players. They also include company description, revenue, and sales generated in the telehealth business.
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Competitive Landscape-
Key Players Focus on Raising Funds and Launching New Platforms to Fulfil High Demand
The global market contains numerous companies that are presently focusing on launching new platforms to keep up with the high demand because of COVID-19. A few start-up companies are also aiming to gather more funds to expand their services. Below are the two latest industry developments:
- April 2021: New Jersey governing boards for occupational therapy, respiratory care, counseling, and dentistry is planning to consider a bill to broaden reimbursement for covered services offered through telehealth and introduce new flexibilities, such as reimbursement parity, distance, and location requirements.
- April 2021: Verizon unveiled BlueJeans Telehealth that would offer library functionality so that doctors can direct their patients to significant reading materials. Also, it would help patients to utilize their pre-visit time for completing questionnaires beforehand.
A list of renowned telehealth providers operating in the global market:
- 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
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Detail Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Chronic Diseases – For Key Countries
- Ageing Population Data
- Regulatory & Reimbursement Scenario – For Key Countries
- Internet Users & Penetrations Statistics
- Key Industry Developments - Mergers, Acquisitions and Partnerships
- Global Telehealth Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Products
- Services
- Market Analysis, Insights and Forecast – By Application
- Telemedicine
- Patient Monitoring
- Continuous Medical Education
- Others
- Market Analysis, Insights and Forecast – By Modality
- Real-time(Synchronous)
- Store-and-forward (Asynchronous)
- Remote Patient Monitoring
- Market Analysis, Insights and Forecast – By End User
- Healthcare Facilities
- Homecare
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Telehealth Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Products
- Services
- Market Analysis, Insights and Forecast – By Application
- Telemedicine
- Patient Monitoring
- Continuous Medical Education
- Others
- Market Analysis, Insights and Forecast – By Modality
- Real-time(Synchronous)
- Store-and-forward (Asynchronous)
- Remote Patient Monitoring
- Market Analysis, Insights and Forecast – By End User
- Healthcare Facilities
- Homecare
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Telehealth Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Products
- Services
- Market Analysis, Insights and Forecast – By Application
- Telemedicine
- Patient Monitoring
- Continuous Medical Education
- Others
- Market Analysis, Insights and Forecast – By Modality
- Real-time(Synchronous)
- Store-and-forward (Asynchronous)
- Remote Patient Monitoring
- Market Analysis, Insights and Forecast – By End User
- Healthcare Facilities
- Homecare
- Others
- Market Analysis, Insights and Forecast – By Countries/ Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
TOC Continued….!!!!
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