LONDON--(BUSINESS WIRE)--The global online doctor consultation market is expected to grow by USD 3.80 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 7%.
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Market estimates include pre- and post-COVID-19 impact on the online doctor consultation market -
Person-to-person transmission is one of the key factors associated with the increase in the incidence of COVID-19 across the globe. Consequently, governments around the world have enforced lockdown at different levels, limiting the movement of people. However, this may affect patients in need of a doctor consultation. Online doctor consultation services can largely mitigate the risk of unnecessary exposure under such situations and ensure continuity of care to patients without compromising on the speed and quality of care. Several vendors are also launching COVID-19 related apps to provide people with the necessary support. For instance, in March 2020, Babylon Healthcare launched a new service that provides users with updated information about coronavirus, its symptoms, and also helps them get appropriate assistance. Developments such as these will have a positive impact on market growth.
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The market is driven by the growing adoption of remote patient monitoring. In addition, the imbalance between high patient influx and understaffing at health centers is anticipated to boost the growth of the online doctor consultation market.
The increasing demand for remote patient monitoring is one of the key factors driving the market growth. Remote patient monitoring includes collecting clinical and other health-related data through digital technologies. Healthcare professionals use this data to make assessments and recommendations for the effective treatment of patients. In addition, remote patient monitoring helps in providing patient-centric care at homecare settings, thereby reducing the rate of hospital admissions. Remote patient monitoring solutions are used as an early symptom management tool to monitor patients with chronic conditions. This also curbs healthcare costs and increases patients’ access to care in areas with limited healthcare resources. As a result, the demand for remote patient monitoring is increasing, thereby stimulating demand for online doctor consultations.
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Major Five Online Doctor Consultation Companies:
American Well Corp.
American Well Corp. offers telehealth services for hospitals, governments, skilled nursing facilities, patients, and others. The company offers online doctor consultation for urgent care, therapy, psychiatry, pregnancy and postpartum nutrition, menopause nutrition, menopause consulting, cardiology, dermatology, neurology, and other medical fields.
Babylon Healthcare Services Ltd.
Babylon Healthcare Services Ltd. offers health consultation to its customers by connecting them to health care professionals and doctors through its app. The company offers the COVID-19 Care Assistant on its app platform.
Dictum Health Inc.
Dictum Health Inc. has business operations under various segments, such as telehealth devices, RPM and CCM, software modules, accessories and disposables. The company offers online doctor consultation solutions through which physicians can assess, make clinical decisions, and monitor even their most at-risk patients.
Doctor Anywhere Pte. Ltd.
Doctor Anywhere Pte. Ltd. offers video consultation for medical, aesthetics and newborn care. The company's online medical consultation services include prescribing medications, and issuing medical certificates and referrals.
MDLIVE Inc.
MDLIVE Inc. offers online doctor consultation for various medical conditions such as cold, flu, allergies, diarrhea, headache, anxiety, depression, depression, bipolar, stress, acne, spots, rash, and other medical conditions. The company offers a Virtual Primary Care platform to improve patient access to healthcare.
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Online Doctor Consultation Regional Outlook (Revenue, USD bn, 2020-2024)
- North America
- Europe
- APAC
- MEA
- South America
Online Doctor Consultation Product Outlook (Revenue, USD bn, 2020-2024)
- Services
- Software
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