The global telehealth market size is anticipated to reach USD636.38 billion by 2028 and exhibit a CAGR of 32.1% during the forecast period. Rising adoption of telehealth services to combat the rapid spread of the COVID-19 infection will play a key role in boosting market growth. Fortune Business Insights™ presented this information in its report titled, “Telehealth Market, 2021-2028”. The market size stood at USD 144.38 billion in 2020.
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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.
Inorganic Strategies by Key Players to be Highly Prosperous for Growth
In terms of revenue, the leading position is held by Teladoc Health Inc. due to the huge client base, paid memberships, and escalating number of virtual visits. The key players in this market are focused on network expansion through inorganic growth strategies such as partnerships, collaborations, mergers, acquisitions, and others. For instance, in March 2020, the Ministry of Health and Family Welfare (MoHFW) collaborated with NITI Aayog and the Board of Governors (BoG) Medical Council of India (MCI) to issue guidelines for telemedicine practice in India.
Increasing Preference for Teleconsultation to Fuel Growth in North America
North America is anticipated to witness the highest growth in the global telehealth market share. The favorable health reimbursements and the growing preference for teleconsultation are anticipated to boost the market's growth. Additionally, the strategic presence of key players is likely to stimulate market growth.
Europe is expected to gain striking growth in the coming years due to the swift remote monitoring device adoption and the favorable regulatory scenario.
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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