USA – The global telehealth market share is projected to reach US$440.77 billion by the year 2027, according to a report by Reports and Data.
Telehealth is a technological form of delivering healthcare services from a remote location using a variety of communicative technologies such as mobile devices and computers.
The adoption of technology in the healthcare sector, presence of favorable reimbursement policies on teleconsultation, the growing penetration of the internet market, and increased chronic illness burden has seen an increase in demand for telehealth services in recent years.
Driven by these factors, the telemedicine market size is expected to grow over the forecast period. Teleradiology is expected to have the largest market share among applications.
Teledermatology, telepathology, and telepsychiatry are some of the other application-based segments that are expected increase their market share.
Geographically, North America is expected to emerge as the dominant force in the global telemedicine market.
This region’s governments intend to develop favorable reimbursement policies and practice standards for telemedicine and e-health. This, combined with an expanding patient pool, is driving the market in North America forward.
Europe, on the other hand, is expected to grow steadily due to the presence of adequate infrastructure, increased use of remote monitoring devices, and a favorable regulatory scenario.
Because of the high rural population and the entry of various prominent service providers in China, the market in Asia Pacific is expected to grow at a rapid pace.
Moreover, the COVID-19 pandemic has placed a significant strain on the global healthcare industry. Simultaneously, it has created a plethora of opportunities for digital health platforms, with people avoiding clinic and hospital visits in order to avoid transmission.
Queries for COVID-19 have increased exponentially, which bodes well for the telehealth market in the midst of the pandemic.
The pandemic has triggered a seismic wave of health anxiety and awareness, ushering in a new class of virus-fighting technology.
The lockdown to ensure social distancing has risen in the short run, and manufacturers are confident that demand for these products will rise in the long run, particularly in light of COVID-19. People want virtual consultations to save time and money.
Telehealth adoption will be especially prevalent in rural areas, and government support from around the world will also drive market demand.
The telehealth industry is a competitive landscape and numerous companies are currently focusing on the launch of new platforms in order to meet the high demand caused by COVID-19.
A few start-up companies are also attempting to raise additional funds in order to expand their services. This is according to a report released by Fortune Busines Insights.
Leading telehealth companies like Teladoc, Health, American Well, and Doctor on Demand dominate a majority of the global telehealth market share.