Remote Medical Service Business for The African-American Community Market Analysis

The report provides a deep understanding of the potential of establishing a telehealth (chat-based) company aiming at African-American community.

The global healthcare services market was expected to decline from $7102.7 billion in 2019 to $6657.1 billion in 2020 at a compound annual growth rate (CAGR) of -6.3%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 7% from 2021 and reach $9725.4 billion in 2023.

The United States is home to stark and persistent racial disparities in health coverage, chronic health conditions, mental health, and mortality. These disparities are not a result of individual or group behavior but decades of systematic inequality in American economic, housing, and health care systems.

A recent nationwide poll by The Undefeated and the Kaiser Family Foundation (KFF) found that 7 in 10 African Americans believe that people are treated unfairly based on race or ethnicity when they seek medical care.

The Undefeated/KFF survey found that Black people tended to have much more confidence in doctors than they do in the overall health care system, with its impenetrable billing models, slow-moving waiting rooms, and a multitude of insurance plans. Yet, Black patients had much less confidence in doctors and local hospitals than white folks.

To have all the required information to start a business and to understand the chat-based medical service’s pros and cons, we have researched both the Telehealth and the Expert Q&A Markets, as the future product covers both markets. However, we base our results mainly on the telehealth market analysis, as there is not enough information on the US Expert Q&A market.

The global telehealth market size was USD 61.40 billion in 2019 and is projected to reach USD 559.52 billion by 2027, exhibiting a CAGR of 25.2% during the forecast period (2020-2027). The global telehealth market is expected to grow astonishingly in the near future on account of the rising preference for e-visits. They provide easy access to the required doctors, lower outpatient department waiting times, and are cost-effective. North America procured USD 26.14 billion in terms of revenue. This growth is attributable to the presence of favorable health reimbursement policies, as well as several reputed companies in the region.

As telemedicine solutions become more common, people are also more likely to use them. According to the recent report published by Statista, from 61 to 74% of US adults aged 18-54 are very or somewhat willing to use telehealth. Up to 16% of them have already tried telehealth services.

Q&A platform market was valued at USD 2.8 billion in 2019 and is projected to reach USD 5.2 billion by 2027, growing at a CAGR of 8.17% from 2020 to 2027.

Nowadays, care delivery is not only confined to the traditional healthcare setting. Online video or audio consultation with the physician is now becoming the new normal. Cost-effectiveness of teleconsultations, reduced outpatient department (OPD) waiting times, and easy access are the key factors owing to which the preference for e-visits has increased drastically. This has also attracted many start-up businesses and significant market investment by the equity firms.