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Telehealth – A Potential $250 Billion Opportunity in the Face of COVID

Stockhouse Editorial
0 Comments| September 16, 2020

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As the COVID-19 pandemic has begun to show measurable signs of a second wave around the world, it has created a potential $250 billion market opportunity, according to a new report filed by a US-based management consulting firm.

McKinsey & Co. analysts estimate that up to 20% of all Medicare, Medicaid, and commercial outpatient, office, and home health spend could be done virtually.

In the report released on Wednesday, it noted that recent acquisitions and support from the US federal government in the form of an executive order to expand telehealth in rural areas, the telehealth boom has just begun to revolutionize the multi-trillion-dollar healthcare market.

More people are embracing telehealth for their medical needs. Upwards of 60% of Medicare-age seniors say they are using the technology in some form, according to a recent survey from healthinsurance.com.


Also in the news:

CloudMD Software & Services Inc. (TSX-V: DOC) stated on Wednesday that several experienced industry leaders have been appointed to its newly formed Chairman’s Advisory Board, all coming from healthcare, technology, M&A, and academia, who bring expert knowledge of governance, strategy, growth, and value creation.

Teladoc Health Inc. (NYSE: TDOC) announced on Wednesday it will acquire Livongo Health in a deal valued at $18.5 billion.

Loblaw Companies Ltd. (TSX: L) has created a digitally connected healthcare network and released news that its wholly owned subsidiary Shoppers Drug Mart Inc. will invest $75 million in Maple Corporation, the leading virtual care provider in Canada.

Jeff Leger, President of Shoppers Drug Mart said in a news release that the COVID-19 pandemic has proven that Canadians need new ways, particularly virtual ways, to get access to care.

“We know that the future of healthcare is digitally enabled. We believe that our store network and infrastructure, combined with Maple's technology can help better connect Canadians to the healthcare support they need, whenever and wherever they are.”

Take a look at the McKinsey & Co. report to find more news about advancements in the digital space within the health care sector today.


To learn about some of the most-talked about Healthcare stocks on Stockhouse, check out the Healthcare Bullboards.

For more of the latest info on Healthcare stocks, check out the Healthcare Trending News hub on Stockhouse.



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