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.
Telehealth 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.
Segmentation:
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.
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 the market growth.
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Inorganic Strategies by Key Players to be Highly Prosperous for Growth
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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