A quarter-trillion-dollar post-COVID-19 opportunityCOVID crisis has increased a great deal of interest and opportunity in telemedicine space
Forrester analysts estimate coronavirus-related virtual visits could top $1B this year, based on current projections for COVID-19 infections in the U.S. Analysts now expect general medical care visits to top 200 million this year, up sharply from their original expectation of 36 million visits for all of 2020. In March, telehealth visits surged 50%, according to Frost and Sullivan, up significantly from the 10% of U.S. residents have used telemedicine per an October 2019 J.D. Power survey.
Telemedicine has seen a sudden spike in adoption, with many health systems reporting that over half of primary care visits are now being performed via telemedicine.
“Progressive health systems will start to view telehealth as a standard of care option for a primary virtual consultation,” Forbes predicts by end of 2020.
Based on a survey by Sage Growth Partner (SGP) and Black Book Market Research, 25% of consumer respondents had used telehealth prior to the current COVID-19 pandemic. 59% percent reported they are more likely to use telehealth services now than previously, and 33% would even leave their current physician for a provider who offered telehealth access.
According to a report by Global Market Insights, the telemedicine market is set to be valued at $175.5B by 2026. These numbers certainly indicate the need for telehealth now and in the future.