Telerehabilitation Market: Collaborative Efforts by Hinge Health Inc., Doctor on Demand, and American Well to Skyrocket Demand
The global telerehabilitation market size is poised to rise remarkably in the coming years attributable to the technological advancements in the field of healthcare services in collaboration with information, technology, and communications. Telerehabilitation is a medical service for people preferring to stay at home and avail treatment and services. As per a recent report by Fortune Business Insights, titled, "Telerehabilitation Market Size, Share and Industry Analysis By Type (Products, Services), By Application (Occupational Therapy, Physical Therapy, Chronic Diseases, and Others), By End-User (Healthcare Facilities and Homecare); and Regional Forecast, 2021-2028," the market value stood at USD 3.32 billion in 2019 and is expected to rise at a CAGR of 13.4% to reach USD 9.13 billion by 2028. The forecast period is set between 2021-2028.
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The Report Answers The Following Questions:
How fierce is the market competition?
Which are the leading segments of the market?
How will virtual consultation augment growth?
What are the key industry developments and the current trends prevalent in the market?
Drivers & Restraints-
Increasing Geriatric Population Vulnerable to Various Diseases will Promote Growth
Telerehabilitation can address a wide variety of medical services through the means of telecommunication and technology. This is especially helpful in the case of patients residing in remote locations with mobility issues and for the aged population. The increasing geriatric population is a key factor promoting the telerehabilitation market growth. Additionally, a rise in the patient pool for chronic diseases is also set to aid in the expansion of the market in the coming years.
On the flip side, in several nations, telehealth services do not count as a part of the medical treatment and therefore, it becomes a tedious task to avail reimbursement for such services. The lack of or total absence of proper reimbursement policies for telehealth services are likely to cause hindrance to the market growth in the coming years.
Nevertheless, the additional beneficiaries associated with this service such as audiology, speech and language therapy, neurophysiology that offer advanced medical ailment are likely to create lucrative growth opportunities for the market in the coming years.
Services Segment to Gain Significant Position Owing to Increasing Number of Service Providers:
Based on segmentation by type, the services segment dominated the market in 2019 on account of the rising adoption of telerehabilitation services and the increasing number of service providers.
North America Earned Dominance Owing to Presence of Advanced Healthcare Technologies
North America earned the highest telerehabilitation market share on account of the rising adoption of telehealth services, presence of advanced medical services, and increasing inclination towards virtual consultation. This, coupled with the increasing number of geriatric population, their vulnerability to various diseases, and a rise in the number of e-visits are likely to help this region continue dominating the market in the coming years.
On the other side, the market in Asia Pacific is expected to show prominent growth in the coming years attributable to the presence of high rural population, increasing awareness among them, and improving healthcare services in the developing nations.
Companies Entering into Joint Ventures for Gaining Momentum in Market Competition
Currently, a few companies are dominating the market. These include Hinge Health Inc., Doctor on Demand, and American Well. This is accountable to the huge client base they have and the increasing number of online consultations. Other players are engaging in contracts and agreements, joint ventures, mergers and acquisitions, and other collaborative efforts to gain a competitive edge in the market.
Major Industry Developments of the Market for Telerehabilitation Include:
January 2019 - The 3.0 version of PHZIO Digital treatment platform was launched by eWellness Healthcare Corporation for telehealth and physiotherapy markets
April 2018 - TheraNow, a new telerehabilitation platform for connecting physical therapists with their patients via teretherapy was launched by Thera Inc.
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As per Fortune Business Insights™, some of the significant players in the market for telerehabilitation include:
MIRA Rehab Limited (UK)
Doctor On Demand, Inc. (United States)
Care Innovations, LLC. (United States)
American Well (United States)
Hinge Health, Inc. (United States)
Koninklijke Philips N.V. (Netherlands)
Continued. . .
Related Article @ https://marketresearchreportsfbi.wordpress.com/2021/10/29/medical-equipment-financing-market-by-share-size-segmentation-revenue-analysis-forecast-2028/
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