U.S. Telehealth Market

U.S. Telehealth Market Size (2023 to 2028)

The United States Telehealth Market is predicted to grow at a high CAGR of 31.2% from 2023 to 2028. The U.S. market is currently leading the global telehealth market. The telehealth market in the U.S. has witnessed rapid growth in the recent past due to expanding telehealth services in the region. In addition, it is due to the approval of telemedicine legislation approved by the state. 

The adoption rate of the telehealth market in the US has witnessed gradual growth over the past decade, and almost 74% of the population in the United States is using telehealth services. Based on a study conducted on 8000 patients, a survey has concluded that the patients have experienced indifference between the direct visit and virtual appointments. Telehealth has improved the decision-making process of about 53% of the population in the U.S. The adoption rate of telemedicine is significantly higher than in urban, which are about 43.5% of the people due to the absence of specialists and primary healthcare services.

COVID-19 impact on the U.S. telehealth market:

Due to the increasing COVID-19 pandemic, the U.S. telehealth market's growth is expected to grow by 80% in 2020. Telehealth has developed as a significant option to fight against the virus. In the United States, telehealth has helped minimize the burden on the traditional healthcare structure by inspiring patients with mild infections and other disorders to treat them via online consultation. To tackle the pandemic, health facility providers in the US use telehealth services that easily connect patients and doctors.

As the federal government has announced the lockdown and social distancing for the preventive measures to stop the spread of the pandemic, these telehealth services are becoming the best option for healthcare management. So, the rising viral and contagious infection rate is supported by the US telehealth market growth. In the US, the development of telecommunication systems has massively increased the demand for telehealth care services. After the introduction of e-health technology, the growth of traditional medical diagnoses rose at a moderate rate. In the U.S., rapid technological advancements are robust, and telehealth is considered medicine's future.

MARKET DRIVERS:

The significant factor that boosts the U.S. telehealth market's growth is enhanced care for patients at reduced costs. High demand for remote patient monitoring, medical assistance, and healthcare services fuels the telehealth market in the United States. In addition, technological advancements led to the integration of innovative technologies with healthcare, such as wearable devices and smartphone applications; these technologies significantly contribute to the growth of the US telehealth market.

The emergence of technologically advanced techniques is expected to provide several growth opportunities to the U.S. telehealth market. In addition, there is a steadily increasing demand for telehealth due to discomfort and extended waiting periods. The results of the physical visit in a rise in the popularity of virtual visits and mhealth, which are used to monitor health conditions and analyze to identify serious health issues in the patients. These factors are expected to offer lucrative opportunities for the key market players in the United States telehealth market. In addition, the availability of wearable medical devices compatible with health applications in smartphones and increasing demand for personalized care is expected to boost opportunities for the key market players functioning in the U.S. telehealth market.

MARKET RESTRAINTS:

However, the lack of reimbursements for some telemedicine services will hamper the market growth in the future. Also, telemedicine carries unique challenges in ensuring patient privacy and the safety of health information that may limit industry growth.

This research report on the U.S. telehealth market has been segmented based on Component, Delivery, End Users, and Country.

By Component: 

• Services

• Software

• Hardware

By Delivery:

• Web-based

• Cloud-Based

• On-premise

By End Users: 

• Providers

• Patients

• Payers

• Other End Users

By Country:

• The U.S.

Geographically, the U.S. Telehealth market is forecasted to accounts for a significant share of the North American telehealth market and is likely to grow further over the forecast period. Factors such as the presence of key market players in the region, increasing demand for virtual consultations, and the increasing popularity of telehealth among healthcare providers to provide improved connectivity to patients located farther distances and remote areas boost the market.

KEY MARKET PLAYERS:

Companies such as American Well, GlobalMed, Teladoc Health, Inc., Dictum Health, Inc., InTouch Technologies, Inc., Doctor On Demand, Inc., MDLIVE, Encounter Telehealth, HelloMD, and SnapMD, Inc. are playing a leading role in the U.S. Telehealth Market.

RECENT MARKET DEVELOPMENTS:

• On February 26, 2020, GlobalMed decided to expose integration enlargements to its essential health platform eNcounter, present a backpack telehealth station and provide affordable exam cameras at HIMSS20. 

• On January 12, 2020, Teladoc agreed with its competitor InTouch to obtain $ 600 billion. The integration of these two companies will make Teladoc Health the essential care leader across all healthcare frontlines, which will boost the acquisition and consequences remarkable for millions of people across the globe. 

• On June 28, 2018, Dictum Health Inc., a company that develops telehealth technology, disclosed the release of their care central advanced telestroke module, which offers images associated with neurological issues and brings out better patient outcomes.