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Telehealth market expected to see a 23.4 percent compound annual growth rate

By Deepu Bhat / Special to Healthcare Facilities Today
August 13, 2019

The ability of telehealth to access and manage healthcare services has led to their rising uptake across the world.  Telehealth is used to enhance healthcare services as well as increase feasibility within the healthcare services. In fact, the telehealth market expected to see a 23.4 percent compound annual growth rate.   

Recent technological advancements in telehealth services have created huge potential for growth of the global telehealth market for the forthcoming years. The ability of telehealth services and products to reach out to rural areas and people who cannot access healthcare facilities has created a huge demand across the world.

Resulting from such exceptional benefits for telehealth products, investors have identified this market as a gem and have identified several growth opportunities for the telehealth market companies around the world. Additionally, applications of telehealth in improving coordination and communication among the healthcare team will contribute to the increasing demand for telehealth products across the world.

Technological advancements to fuel demand for telehealth services

The technological advancements in telehealth products and services have fuelled the demand for telehealth services across the world. The advent of user-friendly systems has contributed to a high demand, which in turn has led to an increase in the global telehealth market value in recent years.

In 2019, InTouch announced the launch of a fully integrated end-to-end virtual platform aimed at providing enhanced patient care solutions. ‘Solo’ was a flexible platform integrated with services such as enhanced emergency care solutions, direct-to-patient, and direct-to-customer, which in turn will contribute to the growth of the global telehealth market in the coming years.

Company collaborations are proving chief growth drivers

Due to the increasing demand, telehealth market companies are adopting collaborative strategies with the aim of expanding business on a global scale. Furthermore, leading companies in the telehealth industry are focusing on mergers and acquisitions to gain competitive strength. Companies are trying to incorporate modern industrial concepts with a view to gain more end users.

Fortune Business Insights expects market collaborations will help companies generate substantial telehealth market revenue. In April 2018, American Well acquired Avizia Limited with the aim of strengthening its position among the companies in the telehealth industry. American Well’s acquisition of Avizia will help the company take a big leap in the telehealth market, owing to the exceptional portfolio of telehealth services bolstered by Avizia. The report includes company mergers, similar to American Well’s latest acquisition and signifies the impact of such M&As on the global telehealth market.

Source: https://www.fortunebusinessinsights.com/industry-reports/telehealth-market-101065  

Deepu Bhat is a content specialist in a reputed market research firm Fortune Business Insights.

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