Gradual Shift of Top 8 Companies Towards Virtual Consultation to Bolster the industry Telerehabilitation

Telerehabilitation is known as e-rehabilitation, a modern form of rehabilitation delivered through interactive devices. It can address various health ailments from minor health issues to emergency medical conditions. This technology includes speech and language neurophysiology, audiology, and therapy. It is beneficial for people living in rural or remote areas. According to Fortune Business Insights™, the market for telerehabilitation was valued at USD 3.32 billion in 2019 and is anticipated to reach USD 9.13 billion by 2027 at a CAGR of 13.4% during the forecast period (2020-2027). People are more prone to body dysfunctionality and fall prey to chronic diseases with age. Therefore, an expanding geriatric population base worldwide further increases the need for medical aid with high-quality services such as e-rehabilitation.

COVID-19 Pandemic Results in Increasing Demand for Virtual Solutions

Telehealth and telerehabilitation are emerging as effective and sustainable solutions for precaution, prevention, and treatment to stem the spread of the COVID-19 pandemic. This is projected to bridge the gap between the health systems, people, and physicians. These technologies enable symptomatic patients to stay at home and communicate with physicians through virtual channels to restrict the virus. Therefore, hospitals and other healthcare facilities are expanding their telehealth services and finding ways to train their staff. These factors bolstered the growth of telerehabilitation services during the pandemic.

Fortune Business Insights™ Presents Top 8 Telerehabilitation Companies in the Market:

1. American Well

American Well focuses on enabling and connecting healthcare manufacturers, insurers, and professionals to provide high-quality and cost-effective care to patients. The company has a strong operating network in the U.S. and international regions, with a direct presence in Seattle, Tysons, and Ramat Gan in Israel. The company generated a revenue of USD 245.3 million in 2020 and reported around 1.5 million virtual visits in the same year.

• August 2021: American Well acquired SilverCloud Health and Conversa Health to expand its behavioral and longitudinal health care solutions range. This deal allowed the firm to strengthen its position in the market.

2. Koninklijke Philips N.V.

Koninklijke Philips N.V. is one of the prominent players in the global market for telerehabilitation, with its offerings in the connected care business segment. In 2020, the company generated a revenue of USD 22.26 billion, and its connected care business segment exhibited a growth of 2.7% in 2020 compared to the previous year's revenues.

• June 2020: Koninklijke Philips N.V. collaborated with American Telemedicine Association (ATA) to demonstrate the benefits of telehealth across acute care and home care settings and further boost the adoption of telehealth services across the U.S.

3. Doctor On Demand, Inc.

Doctor On Demand, Inc. is one of the fastest-growing next-generation telerehabilitation companies that provides patients with instant access to a broad range of certified physicians from their computers or smartphones. The company offers extensive teleconsultation services under its urgent care, behavioral health, chronic care, and preventive care segments.

• May 2021: Doctor on Demand, Inc., and Grand Rounds Health agreed to acquire Included Health, a company providing health services to the LGBTQ+ community. This move will allow the company to improve health outcomes and address challenges among LGBTQ+ communities.

4. Hinge Health, Inc.

The company is considered a pioneer in the market for combining its wearable motion sensors and nerve stimulation technology with health coaching and patient education program. Hinge Health, Inc. has partnered with more than 550 employers and health insurers. It has a strong direct presence across several states in the U.S., such as California, Oregon, Minnesota, and Illinois.

• September 2021: Hinge Health, Inc. acquired Wrnch, a developer of three-dimensional motion-tracking technology, to expand its computer vision team in the telehealth segment.

5. MIRA Rehab Limited

MIRA Rehab Limited is a prominent player in the global market, which provides software solutions to make physical therapy fun and convenient for patients recovering from injury or surgery. The company has collaborated with more than 250 clinical institutions worldwide and has a strong operating network in countries such as the U.S., China, U.K., Singapore, and GCC.

6. NeoRehab

NeoRehab is considered the first clinically-validated telerehabilitation company that provides a telehealth system for healthcare professionals and patients suffering from post-traumatic injuries or musculoskeletal disorders. The eHAB software introduced by the company allows occupational therapists, physiotherapists, speech therapists, and audiologists to provide cost-effective services to their patients.

• November 2020: NeoRehab launched a new eHAB platform to cater to the needs of patients with chronic pain living in remote areas. This new system is expected to resolve many problems allied health professional’s face, such as delivering telehealth services and improving functionality, reliability, accessibility, and patient security, during teleconsultation.

7. Jintronix

Jintronix has redefined the field of physical rehabilitation with its motion capture technology. The company has developed a state-of-the-art interactive virtual technology that allows patients with poor mobility to engage in fun activities.

• February 2020: Jintronix announced the launch of an interactive person-centered group therapy program intending to aid healthcare providers in their shift towards patient-driven payment model (PDPM) during rehabilitation consultations.

8. Care Innovations, LLC.

The company has a diverse range of products and services, including digital therapeutics, remote patient monitoring, telephonic care services, smart sensors, and others. Care Innovations, LLC. works with healthcare providers, home care service providers, payers, and other healthcare organizations to provide remote care delivery to the patient population.

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   • April 2021: Care Innovations, LLC., was selected by the Maryland State Medical Society (MedChi) to provide remote patient monitoring, telehealth, and digital health services for its network of licensed practitioners across various medical specialties.
   
   
   
   

Gradual Shift toward Virtual Consultation is the Current Market Trend

Telerehabilitation service relies on virtual consultation, which involves getting medical consultation without physically visiting the specialist. Therefore, it is emerging as the most convenient way of doctor-patient interaction. It gives access to healthcare services in remote areas and patients with mobility issues. It also provides an opportunity to reduce healthcare expenditure and save time for both the patient and the caregiver. Overall, it has the potential to provide better healthcare services to the masses, which is the major attraction for the patients. Thus, all these reasons are projected to expand the growth of telerehabilitation services over the next several years.