Authors :
Arunkumar K
Volume/Issue :
Volume 9 - 2024, Issue 3 - March
Google Scholar :
https://tinyurl.com/3zkh78mk
Scribd :
https://tinyurl.com/my3j3vxx
DOI :
https://doi.org/10.38124/ijisrt/IJISRT24MAR1542
Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.
Abstract :
The onset of the COVID-19 pandemic
propelled the telehealth sector into a period of rapid
expansion, with web-based care emerging as a crucial
tool for ensuring the safety of patients and healthcare
providers alike. However, with the introduction of
vaccines, the perceived need for telehealth services
appeared to diminish, leading to a decline in value for
telehealth companies. This shift prompted both existing
players and newcomers in the telehealth space to
innovate and redefine their value propositions in order to
regain investor and customer confidence and stand out
amidst increasing competition.
The struggle to reshape the perception of telehealth
from a pandemic-era necessity to a valuable complement
to traditional in-person care has been reflected in the
volatility of stock prices and declining valuations. This
dynamic has underscored the need for telehealth
companies to differentiate themselves through
technological advancements and the convenience they
offer. Analyzing the market through qualitative
secondary research, incorporating insights from
contemporary sources, financial data from platforms like
Yahoo! Finance, and peer-reviewed literature, it becomes
evident that the telehealth market experienced a surge in
2020, reaching $17.9 billion in the US alone, and is
projected to grow to $140.7 billion by 2030. This growth
was accompanied by a nearly twofold increase in digital
health venture funding, reaching $14.1 billion in total
funding.
However, this rapid expansion led to an
oversaturation of the market, with supply outpacing
demand, resulting in a significant drop in valuations as
vaccination rates rose in 2021. In response to this
rebalancing, telehealth companies must chart a course
for the post-pandemic era. The current role of suppliers
in the telehealth space, whether they are established
healthcare industry incumbents or innovative
"telehealth-first" challengers, will influence the growth
strategies they pursue. Moreover, identifying medical
specialties and patient demographics that are best suited
for web-based care will be critical for long-term success
in the evolving healthcare delivery system. Looking
ahead, investors should anticipate a bullish market
characterized by growing share prices. Success in the
telehealth industry is likely to hinge on fundamentally
transforming care delivery models rather than simply
transitioning traditional care to a web-based format. As
the market consolidates, established telehealth giants
capable of adapting to the changing landscape are
expected to thrive, albeit amidst continued growth at a
slower pace.
Keywords :
Telehealth, Telemedicine, Remote Consultation, Web-Based Care, Web-Based Medicine.
The onset of the COVID-19 pandemic
propelled the telehealth sector into a period of rapid
expansion, with web-based care emerging as a crucial
tool for ensuring the safety of patients and healthcare
providers alike. However, with the introduction of
vaccines, the perceived need for telehealth services
appeared to diminish, leading to a decline in value for
telehealth companies. This shift prompted both existing
players and newcomers in the telehealth space to
innovate and redefine their value propositions in order to
regain investor and customer confidence and stand out
amidst increasing competition.
The struggle to reshape the perception of telehealth
from a pandemic-era necessity to a valuable complement
to traditional in-person care has been reflected in the
volatility of stock prices and declining valuations. This
dynamic has underscored the need for telehealth
companies to differentiate themselves through
technological advancements and the convenience they
offer. Analyzing the market through qualitative
secondary research, incorporating insights from
contemporary sources, financial data from platforms like
Yahoo! Finance, and peer-reviewed literature, it becomes
evident that the telehealth market experienced a surge in
2020, reaching $17.9 billion in the US alone, and is
projected to grow to $140.7 billion by 2030. This growth
was accompanied by a nearly twofold increase in digital
health venture funding, reaching $14.1 billion in total
funding.
However, this rapid expansion led to an
oversaturation of the market, with supply outpacing
demand, resulting in a significant drop in valuations as
vaccination rates rose in 2021. In response to this
rebalancing, telehealth companies must chart a course
for the post-pandemic era. The current role of suppliers
in the telehealth space, whether they are established
healthcare industry incumbents or innovative
"telehealth-first" challengers, will influence the growth
strategies they pursue. Moreover, identifying medical
specialties and patient demographics that are best suited
for web-based care will be critical for long-term success
in the evolving healthcare delivery system. Looking
ahead, investors should anticipate a bullish market
characterized by growing share prices. Success in the
telehealth industry is likely to hinge on fundamentally
transforming care delivery models rather than simply
transitioning traditional care to a web-based format. As
the market consolidates, established telehealth giants
capable of adapting to the changing landscape are
expected to thrive, albeit amidst continued growth at a
slower pace.
Keywords :
Telehealth, Telemedicine, Remote Consultation, Web-Based Care, Web-Based Medicine.
