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Telehealth to see robust growth in the near future, after recent post-pandemic slump

Updated: Aug 25, 2023

Embracing the Telehealth Surge: Projected CAGR Increase Fuels Excitement!

The future of healthcare is undergoing a remarkable transformation, as highlighted in this insightful article from Global Data. With a projected Compound Annual Growth Rate (CAGR) surge, telehealth is positioned to revolutionize patient care and accessibility. The potential growth signifies not only a transformative shift in healthcare delivery but also the increasing value of virtual medical consultations.

A photo representing the stock market over currency to show that it is valuable.
Telehealth's Compounded Annual Growth Rate is on the Rise.

The article dives into the complex dynamics that contribute to this telehealth upswing, shedding light on factors such as technological advancements and the growing demand for personalized, convenient healthcare solutions. As telehealth continues to reshape the healthcare landscape, it's exciting to witness how innovation and connectivity converge to augment patient experiences and bridge healthcare gaps.

Some of the dynamics mentioned in the article that contribute to the predicted telehealth upswing are cutting down transportation costs, allowing patients to be in the comfort of their own home, and being less expensive than traditional outpatient care. Although most care is able to be conducted virtually, GlobalData predicts the largest increase will be for mental healthcare with a 6.5% CAGR. Although we have seen a recent decline in telehealth visits following the Covid-19 precautions being lifted, we are sure to see a rise soon.

"For chronic illnesses and other diseases, GlobalData also foresees positive growth in the near future. Although these diseases may require more in-person care, telehealth still provides a valuable service to remote or isolated communities."

Check out the full article from Medical Device Network.

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