Telehealth Market Share,Size, and Covid 19 impact analysis | Forecast 2018 -2026

In 2020, the worldwide telehealth market was valued at USD 144.38 billion. COVID-19 has had an unprecedented and devastating worldwide impact, with the market seeing a positive demand shock across all areas as a result of the pandemic. According to our calculations, the market will rise by 135.2 percent in 2020, compared to the average year-on-year growth from 2018 to 2026. In the period 2021-2028, the market is expected to increase at a CAGR of 32.1 percent, from USD 90.74 billion in 2021 to USD 636.38 billion in 2028. The abrupt increase in CAGR is due to the demand and expansion of Telehealth Market, which will return to pre-pandemic levels once the pandemic is gone.

Telehealth use is rapidly rising, particularly in radiology, cardiology, behavioural health, and online consultation. The market is seeing a considerable rise as a result of increased start-up financing and product launches, particularly for virtual consultations. One Touch Telehealth, for example, released Version 5.0 of its software in November 2020. Virtual care is applicable for any user type in any healthcare context, thanks to the development in video telehealth during COVID-19. The new update will aid in increasing workflow operating efficiencies.

COVID-19's Effects: The Pandemic Has Boosted Telehealth Demand

The world has come to a halt due to the abrupt breakout of the COVID-19 pandemic. The entire world is combating this pandemic, putting additional strain on hospitals and healthcare providers. Digital health platforms, on the other hand, have gained new business potential as a result of this. During this time of turmoil, demand for virtual consultations is expected to skyrocket.

In the fight against the COVID-19 epidemic, this has shown to be a potent weapon. Teleconsultation and remote monitoring services are becoming increasingly popular. One of the main reasons for the increased consumption of services is the heavy emphasis on social separation between the patient and the providers. According to Mckinsey, approximately 84 percent of physicians offered virtual visits in April 2021, and approximately 57 percent would desire to continue providing virtual care.