Telehealth is an evolution in the way that the average American receives healthcare. The system makes use of technology to connect patients and physicians virtually. Video conferencing can be used for more convenient and more affordable consultations where physical examination or testing isn’t necessary.
With the Coronavirus Pandemic making it risky for patients and physicians to meet in person, revenue in telehealth has exploded.
A Multi-Billion Dollar Market Waiting to Expand
According to projections from leading research firms, including Global Market Insights, the telehealth industry could be worth $175 billion by 2026.
It’s not just a matter of convenience. Telehealth is more affordable because physicians don’t need to bill for the time that they would with in-person consultations. Growth in the industry has also been made possible because remote monitoring and diagnosis are now more feasible.
Medical devices used to monitor conditions like high cholesterol, hypertension, heart disease, and diabetes now exist. The devices can continually monitor patients, sometimes with little or no user interaction, and send statistics back to databases that are accessed by physicians. This means that the company can now be used as a form of chronic condition management.
In 2021, the role of telehealth is expected to become more essential, even if the impact of the Coronavirus Pandemic starts to diminish.
Benefits for Patients, Doctors, and Investors
Patients can benefit from telehealth because it’s more convenient and more affordable. Even extraneous costs like transportation can be eliminated when following a telehealth model. Physicians will be able to give more targeted care to patients for health management while focusing their in-person time on the patients who need it most.
Investors will also benefit, especially when considering that the industry’s potential for expansion is so great. There are already publicly traded health stocks for investors to consider.
- Dexcom Inc. (NASDAQ: DXCM) is a leading provider of diabetes management using the telehealth model. The stock is relatively affordable and has high growth potential along with the wider health industry.
- Change Healthcare Inc. (NASDAQ: CHNG) is another potential investment option. The company develops innovative technologies including telehealth solutions for healthcare providers. With a relatively affordable stock and high growth potential, it’s an interesting long-term pick.
These are just two of the most promising telehealth stocks that can be considered today. With the health industry constantly growing, investors at all levels need to seriously consider how stocks like these could fit into their growth and income portfolios.
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