Virtual Consultations, Remote Monitoring, Informatics and AI Solutions, to Drive Global Healthcare Industry in H2 2020

The global economy is expected to suffer $6 to $8 trillion in losses due to the coronavirus pandemic in 2020. The pharmaceutical, medical devices, diagnostics, imaging, and digital health markets will lose $90 billion in potential product revenues. The market will grow by 0.6% in 2020. In the absence of the pandemic, it could have crossed $2 trillion, but now we stand to lose $92 billion of that potential revenue.

Virtual visits are expected to witness 124.3% revenue growth in 2020 in the United States alone, which is the largest telehealth market as well as a COVID-19 hotspot. Greater adoption will also be witnessed in Germany and the United Kingdom.

There is a strong impetus from governments to standardize the use of telehealth tools. Medical device and diagnostic companies should partner with or acquire telehealth providers to expand their diagnostic capabilities.