Press Release
Telehealth Market to Grow at 23.4% CAGR to Reach US$ 266.8 Billion by 2026
Telehealth Market Technological Advancements by Top Key Vendors | American Well, Teladoc Health, Doctor On Demand, GlobalMed, Dictum Health, Inc, InTouch Technologies, Inc., MDLIVE Inc., Encounter Telehealth, HelloMD, SnapMD, Inc. till 2026
The global telehealth market is slated to reach USD 266.8 billion 2026, exhibiting a CAGR of 23.4% during the forecast period. One of the main drivers of this is the high prevalence of stark inequalities in rural healthcare, especially in developing and underdeveloped countries where majority of the population lives in villages. For example, the World Health Organization Health Report 2018 states that in 2015, 303,000 women died across the world due to poor pre and post- natal healthcare.
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Leading Players operating in the Telehealth Market are:
- Dictum Health, Inc.
- SnapMD, Inc.
- American Well
- MDLIVE Inc.
- GlobalMed
- Doctor on Demand, Inc.
- Encounter Telehealth
- Teledoc Health, Inc.
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.
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Preference for Online Consultation to Favour the TelehealthMarket in North America
Among regions, North America is expected to dominate the global telehealth market share during the forecast period. The main factors driving the market in the region is the increasing inclination towards online medical consultation and a well-established healthcare insurance system in the continent. Rising popularity of wearable devices is anticipated to be the primary force behind the telehealth market growth in Europe. In Asia-Pacific, government schemes and increasing investment in healthcare brings good news for the market in the forecast period. Increasing healthcare spending in the Middle East and high concentration of population in rural areas will be the main factors augmenting the telehealth market growth till 2026.
Strategic Collaborations to Make Competition Dynamic
Key players are entering into partnerships to strengthen their position in the market and diversify their product portfolio. For example, in October 2019, Doctor on Demand announced that they were joining hands with Walmart to provide quality and low-cost virtual primary care to Walmart associates based in different US states. Similarly, Comcast partnered with Independent Health Group in April 2018 to develop a unique communication and patient care platform.
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Reasons to Purchase this Report:
- Comprehensive analysis of the Telehealth Market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
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