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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Fortune Business Insights profiles some of the important participants in the telehealth market:

Dictum Health, Inc.
SnapMD, Inc.
American Well
MDLIVE Inc.
GlobalMed
Doctor on Demand, Inc.
Encounter Telehealth
Teledoc Health, Inc.
More importantly, 99% of these deaths occurred in low and middle-income countries; 64% of those happened in Sub-Saharan Africa. This situation is a result of low levels of socio-economic development, owing to which governments in these countries are unable to bring modern healthcare facilities to the rural poor. This is where telehealth services can come to the fore and many governments today are utilizing them to improve health of their citizens.

According to the report by Fortune Business Insights, titled “Telehealth Market Size, Share and Industry Analysis By Type (Products, Services), By Application (Telemedicine, Patient Monitoring, Continuous Medical Education, Others), By Modality (Store-and-forward (Asynchronous), Real-time (Synchronous), Remote Patient Monitoring), By End User (Healthcare Facilities, Homecare, Others), and Geography Forecast, 2019 – 2026”, the value of this market in 2018 was USD 49.8 billion. The report further provides a detailed analysis of the factors that will play an influential role in the development of the Telehealth market. A comprehensive evaluation of the trends, dynamics, and industry outlook is also contained in the report.

Preference for Online Consultation to Favour the Telehealth Market 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.