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The global telehealth market size is projected to reach USD 559.52 billion by 2027. It is set to gain momentum from the rapid inclination of the masses towards audio and video consultation with the physicians. This information is given by Fortune Business Insights™, in a recently published report, titled, “Telehealth Market Size, Share & COVID-19 Impact Analysis, By Type (Products and Services), By Application (Telemedicine, Patient Monitoring, Continuous Medical Education, and Others), By Modality (Real-time (Synchronous), Store-and-forward (Asynchronous), and Remote Patient Monitoring), By End User (Hospital Facilities, Homecare, and Others), and Regional Forecast, 2020-2027.” The report further states that the global market stood at USD 61.40 billion in 2019. But, it would exhibit a CAGR of 25.2% during the forecast period between 2020 to 2027.
MoHFW Releases Guidelines to Encourage Adoption of Telehealth in India amidst Covid-19
In March 2020, the Ministry of Health and Family Welfare (MoHFW) joined hands with the Board of Governors (BoG) Medical Council of India (MCI), and NITI Aayog to unveil the guidelines of telemedicine in India. This would enable the licensed physicians to use teleconsultation services efficiently in the current era of the COVID-19 pandemic. Owing to the lockdown measures implemented by the regulatory bodies, numerous pharmacies, hospitals, governments, and corporates have started using these platforms.
This new development would aid in protecting patients and doctors from the rapid transmission of the virus by remotely consulting from any part of the country. It would also not be able to disrupt the preventive measures, such as stay-at-home and lockdown. The new guidelines consist of all channels of communication with the patient, such as digital, text, audio, and video data exchange. It would also enable the doctors to prescribe medicines.
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Rising Government Initiatives to Bring Telehealth in Rural Areas will Drive Growth
Telehealth is experiencing high popularity across the globe owing to its ability to ensure healthcare delivery in rural areas, as well as to overcome distance barriers. In the underdeveloped countries, the majority of the population lives in remote locations. In such places, the access to quality healthcare is absent. Therefore, the governments of these countries are taking various initiatives to offer healthcare facilities in rural areas. This is done with the help of virtual care platforms.
However, the adoption of these platforms requires the deployment of high storage capacity, more bandwidth, high-speed internet, and the latest telecommunication devices. Unavailability of these in the developing countries may hamper the telehealth market growth in the coming years.
Key Players Focus on Launching New Platforms to Prevent Spread of Coronavirus
The market houses a large number of domestic and international players. Out of those, Teladoc Health is in the dominant position owing to its possession of a large consumer base and rising number of paid memberships. The others are also working persistently to introduce new platforms and software solutions in the market to prevent the spread of coronavirus.
Fortune Business Insights™ presents a list of all the providers operating in the global market. They are as follows:
Some of the Notable Industry Developments-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD billion)
By End User