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 Covid-19 Impact 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, 2020-2027,” 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 2027. The forecast period is set between 2020 to 2027.
Highlights of the Report:
- In-depth analysis of various insights, namely, Telerehabilitation Market trends, growth drivers, opportunities, and other related challenges.
- Comprehensive details of key market players, their core competencies, and Telerehabilitation Market share.
- The potency of suppliers and buyers to make better business decisions.
- Lists out the market size in terms of volume.
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Key Players Operating in The Telerehabilitation Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- MIRA Rehab Limited (UK)
- (United States)
- 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)
- Other players
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.
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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.