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The global telerehabilitation market size is projected to reach USD 9.13 billion by 2027, owing to the increasing advancement in healthcare technology and the rising popularity of telehealth services. Telerehabilitation services offer medical aid at home without the patient having to travel or face any additional casualty. A recent report by Fortune Business Insights, titled, “Telerehabilitation Market Size, Share and Covid-19 Impact Analysis, By Type (Products, Services), By Application (Occupational Therapy, Physical Therapy, Chronic Diseases, and Others), By End-User (Healthcare Facilities and Homecare); and Regional Forecast, 2020-2027,” states that the market value was USD 3.32 billion in the year 2019 and is expected to rise at a CAGR of 13.4% between 2020 and 2027.
TheraNow Offering Physical Therapies at Homes – A Major Relief for Working Class Folks
A new product in the physical therapy platform launched by Therainc called TheraNow is likely to aid people in pain via a virtual online platform. This platform connects the patients with their physical therapists and helps them to solve their injuries and other physical complaints via telehealth. This is primarily expected to draw a large number of working-class people as they find it challenging to handle the medical expenses and long waiting hours.
The CEO of Therainc, Richa Kohli, says, “We aim at offering a user-friendly system to help people in pain and be a part of the new wave of healthcare services. Therapy is just a click away for patients and it cuts down major barriers such as travelling time, work hour adjustments, geographical, and monetary barriers. Patients can download the application on their phones and book a one-on-one consultation appointment online, thereby chalking out an online treatment plan.” Such initiatives are likely to aid in the expansion of the market in the coming years.
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Increasing Geriatric Population and their Vulnerability to Various Diseases to Boost Market
Telerehabilitation services are offered via interactive or communicative devices to aid in the treatment of various health issues ranging from minute injuries to emergency cases. It is more advantageous for people residing in the rural areas where immediate healthcare centres are geographically out of their reach. The factor above is critical in promoting the global telerehabilitation market growth. Besides this, the increasing geriatric population and their vulnerability to various chronic and acute problems are also responsible for fueling demand for these services. It also helps the aged people to avoid the time and effort to travel to a healthcare centre and get cured by adopting this telehealth service.
On the contrary, reimbursement issues concerning the telehealth services may pose a major challenge to the market in the coming years. Nevertheless, the rising inclination towards virtual consultation is likely to create lucrative growth opportunities for the market in the coming years.
Doctor On Demand, Inc., Hinge Health Inc., and American Well are Dominating with High Number of Online Consultation
Currently, the global market for telerehabilitation is dominated by three companies, namely, Hinge Health Inc., American Well, and Doctor on Demand. Factors attributed to the growth of these companies include their extensive client base and the high number of online consultations. The other players are engaging in merger and acquisition strategies to earn their place in the competitive landscape.
Key Industry Developments of Telerehabilitation Market Include:
List of Prominent Players in this Market Include:
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The Global Market is categorized into:
Value (USD billion)