Telemedicine and Wellness Apps Have Showcased Tremendous Growth Due To Pandemic
- Financialnewsmedia.com News Commentary
PALM BEACH, Fla., March 2, 2021 /PRNewswire/ -- Telemedicine is one of those markets that has actually thrived because of the pandemic. Telemedicine, technicity, is the exchange of medical information from one location to another using electronic communication, which improves patient health status. Telemedicine has multiple applications and can be used for different services, which includes wireless tools, email, two-way video, smartphones and Apps, and other methods of telecommunications technology. Beginning more than 40 years ago with hospitals extending their services to patients in remote locations, telemedicine has grown rapidly and has become an integrated part of specialty departments, hospitals, private doctor offices, home health care, and the consumer's residence and workplace, and according to reports, the market will continue to grow as both providers and patients accept and even demand more uses. A report from Fortune Business Insights projected that the global telemedicine market size, which was USD 41.63 billion in 2019 and… USD 79.79 billion in 2020, is projected to reach USD 396.76 billion in 2027 at a CAGR of 25.8%. "Telemedicine has showcased tremendous growth in recent years. It not only helps patients to connect with physicians remotely but can also aid in reducing the cost burden of healthcare. Owing to these advantages, physicians and hospitals are looking forward to adopting digital health technologies in their practice. This has also triggered the government to develop regulations and reimbursement policies revolving around telehealth." Active healthcare tech companies in the markets this week include Cognetivity Neurosciences Ltd. (OTCQB: CGNSF) (CSE: CGN) (CGN.CNQ), Teladoc Health (NYSE: TDOC), CareDx, Inc. (NASDAQ: CDNA), Veeva Systems Inc. (NYSE: VEEV), Biogen Inc. (Nasdaq: BIIB).
Fortune Business Insights continued: "Developments in the telemedicine industry have made healthcare affordable and accessible to all. The increasing number of e-visits, expansion in radiology, cardiology, behavioral health, and others has resulted in the development of new business and healthcare models surrounding telehealth. The market is gradually becoming highly competitive with the launch of various platforms and the entry of new players with huge funding."