© Reuters. 3 Telehealth Stocks Wall Street Predicts Will Rally by More Than 50%
The COVID-19 pandemic has changed the way the healthcare system operates significantly and accelerated an unprecedented adoption of telehealth solutions. Even with the economy reopening and social distancing requirements abating, the growing preference for virtual consultations should keep driving the telehealth industry’s growth. Consequently, Wall Street analysts expect leading players in this space, Teladoc Health (NYSE:), American Well Corp (AMWL), and iRhythm Technologies (IRTC), to witness significant upside in the near term. Let’s discuss.The healthcare industry has been transforming in recent years, with the rising preference for telehealth and virtually enabled care. And while the COVID-19 pandemic strained the global healthcare industry, it has opened up new prospects for remote healthcare services. With more people opting for virtual medical consultations to save time and safely meet their healthcare needs, the telehealth market is gradually emerging as a post-pandemic winner.
While most countries are now reopening thanks to solid progress on the coronavirus vaccination front, extensive cloud-based tracking and rapid technological advances are projected to increase demand for online consultations, boosting the market for telehealth solutions. Moreover, the reduced patient-wait time and cost-effective treatment options afforded consumers by telehealth could further propel the demand for telehealth solutions. Consequently, the telehealth market is expected to reach $559.52 billion by 2027, growing at a 25.2% CAGR.
Given the industry’s solid growth prospects, Wall Street analysts expect key players in this space—Teladoc Health Inc. (TDOC), American Well Corporation (AMWL), and iRhythm Technologies Inc. (IRTC)—to rally by more than 50% in the coming months.
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