The North American Telemedicine Market Size is valued at USD 12.42 billion in 2022. It is projected to reach 30.26 billion by 2027, with a compound annual growth rate of 19.50% from 2022 to 2027.
According to the World Health Organization (WHO), Chronic diseases are the leading cause of mortality, leading to many deaths. The prevalence of chronic diseases, such as CVDs, cancer, stroke, respiratory diseases, and diabetes, is increasing due to the changing lifestyle and lack of access to preventive care. Cardiovascular disease (CVD) is a significant disease that leads to death among all chronic diseases. Chronic diseases can have a variety of causes, including oxidative stress, environmental factors, and genetic sensitivity. As a result, the North American telemedicine market is expanding positively as there is an increase in chronic diseases.
The healthcare cost is increasing in several hospitals and nursing homes. Some of the other factors that cause increasing healthcare costs are the expensive new technologies and drugs, high cost of healthcare products and services, high administrative costs, and mounting physician fees. According to a Centers for Medicare & Medicaid Services (CMS) report, the average cost of healthcare in the United States is expected to increase from 17.8% in 2018 to 19.8% in 2028. Telemedicine provides high-quality services at a low cost while improving and maintaining the standard of care. As a result, the curb of healthcare costs drives the telemedicine market in the North American region forward.
In addition, the North American telemedicine market is expanded due to the increased flow of investments, mergers & acquisitions, and the entry of new and large-scale companies. For example, Amazon.com, Inc. started opening its virtual visits and a telehealth platform, Amazon Care, to other Washington-based businesses in March 2021. The company plans to expand its virtual care product and services to its employees and other companies in all 50 states across the Astrobotic surgery, virtual reality, and artificial intelligence (AI) technological developments are expected to expand the areas in which telemedicine can be used, such as telesurgery.
On the other hand, the lack of awareness, behavioral barriers, high cost of installation and a shortage of skilled healthcare professionals, technical limitations, and data security issues are the factors that restrain the growth of the market. In addition, the confidence of healthcare professionals and patients in the security of telemedicine services is likely to decline, impeding market growth.
This research report on the North American telemedicine market has been segmented and sub-segmented into the following categories.
By Delivery Mode:
Geographically, the North American telemedicine market had the highest share in the global telemedicine market in 2021 due to the rising need to reduce growing healthcare costs, increased usage and adoption of telemedicine services by clinicians, development of new technologies, and improved patient acceptance, rising government investments in developing IT and telecommunications infrastructure, the growing dependence of the consumers on the digital services, an increasing number of internet users, and increasing adoption of the smartphones, increasing remote patient monitoring, initiatives by the government, growing focus on improving the quality of care delivered to COVID-19 patients, presence of a well-established telecommunications network. All these factors drive the market in this region. In addition, the increasing prevalence of diseases, the rising geriatric population in the region, increasing government funding and grants for telemedicine, and the high adoption of advanced healthcare technologies, drive the market in the US.
The use of telemedicine has improved care management, patients’ quality of life, and reduced healthcare spending. Mobile technology and smartphones make it possible to use lifestyle and clinical applications to promote, develop, and adapt healthy behaviors. According to ITU, around 4 billion people were using the internet by the end of 2019. Most internet users operate through their smartphones. AMD Global Telemedicine Inc. and iTelemed, an organization based in Ontario that provides virtual healthcare solutions, in August 2020 to serve the healthcare requirements of Canada's marginalized populations during the COVID-19 pandemic. During the pandemic, the telemedicine market has had tremendous growth.
KEY MARKET PLAYERS
Promising Companies playing an active role in the North American telemedicine market profiled in this report are AMD Global Telemedicine, CISCO Systems, Inc., Medtronic, Inc., GE Healthcare (U.K.), Honeywell Lifesciences, Philips Healthcare, McKesson Corp, Aerotel Medical Systems, CardioComm, and Cerner Corporation.
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