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While most countries are now reopening thanks to solid progress on the coronavirus vaccination front, extensive cloud-based tracking and rapid technological advances are projected to increase demand for online consultations, boosting the market for telehealth solutions. Moreover, the reduced patient-wait time and cost-effective treatment options afforded consumers by telehealth could further propel the demand for telehealth solutions. Consequently, the telehealth market is expected to reach $559.52 billion by 2027, growing at a 25.2% CAGR.
Given the industry’s solid growth prospects, Wall Street analysts expect key players in this space—Teladoc Health Inc. (TDOC), American Well Corporation (AMWL), and iRhythm Technologies Inc. (IRTC)—to rally by more than 50% in the coming months.
