Telehealth market to register growth after post-pandemic slump: Report

Telehealth market, which saw a slump post Covid-19 pandemic, will stabilise and grow in the next few years, according to a report on Monday. The impact of the pandemic prompted a surge in telehealth development.

Telehealth provided valuable help in maintaining social distancing while allowing medical professionals and patients to interact with each other.

However, when Covid precautions started to lift in 2021, telehealth saw a decrease in usage.

The latest market model by Globaldata, a leading data and analytics company, shows a downturn in the use of telehealth for mental health reasons post-pandemic.

But, telehealth is forecast to see an increase in its usage compared to in-person visits in the US market in the near future. Mental healthcare will see the largest increase in the use of telehealth technologies.

“Telehealth boomed during the Covid-19 pandemic, as patients and health care professionals sought alternatives to conventional in-person care. In 2020, over half of patients used telehealth for mental health reasons, while over 40% of patients used it for other indications,” Thomas Fleming, Medical Analyst at GlobalData, said in a statement.

“Telehealth can provide a viable alternative to conventional mental health treatment, where it can be particularly advantageous, as it cuts down on transportation costs, allows patients to be more comfortable in their own homes, and is an inexpensive alternative for outpatient care,” Fleming said.

GlobalData predicts a 6.5% cumulative annual growth rate (CAGR) for the usage of telehealth services for mental health compared to traditional in-person visits in the next few years.
“For chronic and other diseases, GlobalData also foresees positive growth for telehealth services in the near future.

Although these diseases may require more in-person care, telehealth still provides a valuable service to remote or isolated communities. GlobalData predicts a 4% CAGR for the usage of telehealth services for chronic and other diseases compared to traditional in-person visits in the next few years,” Fleming said.