Telehealth Global Market Report 2021: COVID-19 Growth And Change As Per TBRC

The Telehealth Global Market Report 2021 Report Describes And Explains The Global Telehealth Market And Covers 2015 To 2020, Termed The Historic Period, And 2020 To 2025 Termed The Forecast Period, Along With Further Forecasts For The Period 2025-2030. The Report Evaluates The Market Across Each Region And For The Major Economies Within Each Region. The Telehealth Market Is Segmented By Type Into Software, Services And Hardware; By Mode Of Delivery Into Cloud-Based And On-Premise; By Application Into Telecardiology, Teledermatalogy, Telepsychiatry, Teleradiology, Telepathology, Telehealth; By End-User Into Healthcare Providers, Patients, Payers And Others.

LONDON, April 21, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company, the global telehealth market is expected to grow from $83 billion in 2020 to $319 billion in 2025 at a compound annual growth rate (CAGR) of 30.9%. The market is then expected to grow to $521 billion in 2030 at a compound annual growth rate (CAGR) of 10.3%. 

The rapid growth of the global telehealth market in the forecast period of the market can be attributed to increasing demand for telehealth services in diagnostics for COVID-19 and other illnesses during the lockdown period. There has been an increase in adoption of telehealth services in the diagnostic stage and follow-up with healthcare practitioners while facilitating social distancing.

In March 2020, the government of Australia launched its “Medical Support At Home” initiative, which promotes the use of telemedicine services platforms across the country. The government of the country invested about $1.1 billion to make the telehealth services available to the public, thus supporting the growth of the market.

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The Business Research Company’s report Telehealth Global Market Report 2021: COVID-19 Growth And Change covers major telehealth companies, telehealth market share by company, telehealth market players. 

The telehealth market is highly fragmented, with a large number of regional and small players operating in the market. The top 10 companies in the market occupied 3.76% of market share in the global telehealth market. Teladoc Health Inc. was the largest competitor with 0.90% of the market, followed by Telemetry, Icliniq, Seimens, Doctolib, Doctor on Demand, Amwell, MDLive, ZocDoc, and Koninklijke Philips N.V.

Player-adopted strategies in the telehealth market include investing in expanding operations, expanding their business domains, and in acquisitions and mergers to strengthen their service offerings.

Telehealth Global Market Report 2021: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole telehealth market, telehealth market segments and telehealth market geographies, telehealth market trends, telehealth market drivers, telehealth market restraints, telehealth market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

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Impact Of COVID-19 On The Global Telehealth Market:

The rapid spread of the coronavirus restricted individuals from moving in crowds and reduced interactions globally. As a result, telehealth emerged as an essential healthcare service to help individuals connect with service providers and diagnose their issue. Telehealth has now been made an important tool in healthcare services as it improves the provision of health services and keeps patients and service providers safe from contracting COVID-19. During mid-March and mid-April 2020, there was a 78% drop in in-person visits at Mayo Clinic, the largest healthcare system in the USA in contrast to a 10,880% increase in video appointments to patient homes through Mayo’s digital health care services.

Moreover, 71% of the patients in the USA considered telemedicine and half of them had already gone through virtual appointments. The adoption of telemedicine was up 33% during the early phase of the pandemic outbreak. Telehealth has helped individuals who are immuno-compromised avoid hospital visits and consult their doctors virtually.

Telehealth technology has helped reduce staff and exposure of patients to other sick people and minimize the transmission of COVID-19 to healthcare service providers and patients. Telehealth technology has helped monitor patients with COVID-19 symptoms at home or in an isolated room as the healthcare workers can check and monitor patients through various applications. It has also helped patients with chronic diseases that need immediate attention to access healthcare service that otherwise would have been deferred due to COVID-19 concerns.

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