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The global telehealth market size is projected to exhibit monumental growth by hitting USD 636.38 billion by 2028. Fortune Business Insights™ in its 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, 2021-2028,” observes that market size stood at 144.38 billion in 2020 and is expected to exhibit a CAGR of 32.1% between 2021 and 2028. The growing adoption of telehealth in online consultation, behavioral health, cardiology, and radiology, coupled with the increasing start-ups funding, is expected to boost the growth of the market.
Teladoc Health Inc. and DexCom Inc.’s New CGM Technology & Personal Insights for Type 2 Diabetics to Incite Development
In January 2021, Teladoc Health Inc. and DexCom Inc. launched CGM technology and personal insights for Type-2 diabetics. Teladoc Health Inc. is the first and only comprehensive virtual care system, and DexCom Inc. is a leader in real-time continuous glucose monitoring or CGM. The eligible members will receive CGM-powered insights that contain reports and new sets of features to help members visualize their health information and make lifestyle decisions that enhance their blood glucose levels. The new launch is aimed to offers inclusive recommendations and health profiles for members suffering from diabetes. The two companies will launch a pilot demonstration of the CGM-powered insights’ impact for Type-2 diabetics. The companies aim to offer a safe, easy, and affordable consumer experience while managing their health with confidence. Such innovations would bolster the demand for telehealth services.
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Surging Healthcare Costs to Propel Market Growth
Telehealth overcomes the distance barriers and ensures healthcare delivery across remote locations in developed and underdeveloped countries. Governments of numerous nations are forming policies and developing pilot projects to provide healthcare in rural areas. The expanding geriatric population and the increasing prevalence of chronic diseases are expected to surge healthcare costs in the upcoming 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.
Inorganic Growth Strategies 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. Key players in the 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.
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