Telehealth revenue could hit $20B in five years, say analysts

"The COVID-19 pandemic has accelerated the adoption of telehealth by years, providing safe and convenient access to telehealth services," said Duane Wright, senior research analyst at Bloomberg Intelligence.

"With more major healthcare providers embracing telehealth services, our analysis finds annual revenue growth for top telehealth providers at 30%," Wright said.  

Wright and fellow analysts contended that the industry has reached a "sea change" with the public health crisis, with incumbents and large managed-care companies driving the next growth phase.  

"Virtual care will [increasingly] become the norm, we believe, after the pandemic pushed patients away from in-person visits," read the report. "A reversion to old practices and business models appears impossible to us after the pandemic forced meaningful change across all the key constituents."  

The analysts highlighted the potential of remote patient monitoring technology and smart devices, including implantable cardiac monitors and continuous glucose monitors.