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Pulished Date April, 2021
ID: 8728
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United States Telemedicine Market Research Report - Analysis on Size, Share, Growth, Trends & Forecast | 2021 to 2026

Pulished: April, 2021
ID: 8728
Pages: 100

Telemedicine Market Size in the United States (2021 to 2026):

According to our report, the U.S. Telemedicine Market size to grow at a 14% CAGR from 2021 to 2026. At a global level, the United States is the dominating country in the market. Teledoc Health, Doctor of Demand and MD LIVE, are the top 3 companies in the United States Telemedicine Market.

INDUSTRY OVERVIEW

The journal of the American medical association stated, the principal aim of telemedicine is to offer better healthcare and speciality services in the rural places of the United States.

The telemedicine visits in the United States were increased at a CAGR of 261% from 2015 to 2017, which was remarkable and has given colossal scope and encouragement to many companies to operate.

In this country, telecommunications has been an enjoyable part of the medical sector as it evaluating diagnosis and treatment procedures for the patients without travelling to the hospitals. It provides care and support for the patients by monitoring frequently and also prescribes drugs. The new telemedicine services include wireless communications systems which improved the safety of the patients and practitioners.

COVID-19 impact on United States Telemedicine Market

As per Forrester research, virtual healthcare interactions are growing beyond the expectations due to COVID-19. The number of virtual care cases is to reach 200 million by the end of 2020 in the U.S. New York, and New Jersey are severely affected by COVID-19, and the doctors are offering virtual care appointments for the patients. These are likely to seek more technicians to provide quality services for the patients through online.

The U.S. Food and Drug Administration has instructed the veterinarians can use telemedicine to combat the spread of coronavirus. In the pandemic situation, it is also essential to take care of the animals, so the FDA has recognized this role and took this initial step forward.

The Health and Human Services (HHS) has changed its policies by allowing a patient to use video platforms for medicare. During these conditions, the government has decided to provide new flexibilities for both patients and doctors.   As public health professionals are recommending social distancing to contain COVID-19, the telehealth services are playing a vital role in lowering the spread of this disease. Many health insurance issuers are taking prominent steps to promote telehealth services without cost-sharing. HHS released a notification for health providers to strictly maintain the privacy of the patient.  These regulations are to leverage the demand for telehealth in many countries.

MARKET DRIVERS

Growing spending on healthcare is also one of the factors leveraging the demand of the market. Increasing disposable income in urban areas and a rise in the awareness over the new applications are outshining the need of the market. The rising adoption of the latest technologies and launch of innovative techniques in the telemedicine to drive the market in this region.

Increasing the utilization of smartphones and laptops with awareness over the internet of things is a crucial driving factor for the Telemedicine market in the U.S. to grow. The rise in the incidences of cancer diseases is adding fuel to the demand of the market.

Rise in support from the I.T. sector for the medical industry is significantly influencing the demand of the market. Increasing investments in healthcare centres are to surge growth opportunities for the market.

MAJOR CHALLENGES

The lack of skilled persons in monitoring the condition of the patients through systems has a hurdle to the market growth. Rapid changes in the software are also hindering the need of the market. Increasing concern towards privacy and safety among people is slowly hampering the growth of the telemedicine market in the U.S. 

KEY MARKET PARTICIPANTS

Majority of the shares in the U.S. telemedicine market are occupying by AMD Global Telemedicine, Inc., American Well, Cisco Systems, Inc., Cerner Corporation, Doctor On Demand, MDLIVE Inc., Honeywell Life Care Solutions, Intouch Health, Medtronic PLC, McKesson Corporation, Siemens Healthineers, Philips Healthcare, Sherpaa Health, SnapMD, Inc. Iris Telehealth and Teladoc, Inc.

Medtronic PLC, one of a leading company in this market, introduced a division called Medtronic Care Management Services in favour of the United States Department of Veteran Affairs with home telehealth devices and services, in 2017.

1. Introduction                                  

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods     

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                              

                2.2 Analysis Design                         

                2.3 Research Phases                      

                                2.3.1 Secondary Research            

                                2.3.2 Primary Research 

                                2.3.3 Econometric Modelling     

                                2.3.4 Expert Validation  

                2.4 Study Timeline                          

3. Overview                                      

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 New Developments                

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                      

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market               

5. Market Segmentation                                              

                5.1 By Type                        

                                5.1.1 By Technology       

                                                5.1.1.1 Hardware

                                                5.1.1.2 Software

                                                5.1.1.3 Telecommunications

                                5.1.2 By Service

                                                5.1.2.1 Tele-Monitoring

                                                5.1.2.2 Store-and-Forward

                                                5.1.2.3 Real-Time Interactive

                5.3 By Applications                         

                                5.3.1 Tele-Cardiology    

                                5.3.2 Tele-Radiology      

                                5.3.3 Tele-Pathology     

                                5.3.4 Tele-Dermatology

                                5.3.5 Tele-Neurology    

                                5.3.6  Emergency Care  

                                5.3.7 Home Health          

                                5.3.8 Others      

                5.4 By Delivery Mode                    

                                5.4.1 Web-based            

                                5.4.2 Cloud-based          

                                5.4.3 Others      

                5.5 By End User               

                                5.5.1 Tele-Hospitals       

                                5.5.2 Tele-Homes           

6. Geographical Analysis                                              

                6.1 USA

7. Strategic Analysis                                        

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental      

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services

                                7.2.5 Competitive Rivalry within the Industry      

8. Market Leaders' Analysis                                          

                8.1 GE Healthcare                           

                                8.1.1 Overview

                                8.1.2 Product Analysis   

                                8.1.3 Strategic Evaluation and Operations            

                                8.1.4 Financial analysis  

                                8.1.5 Legal issues            

                                8.1.6 Recent Developments       

                                8.1.7 SWOT analysis       

                                8.1.8 Analyst View          

                8.2 AMD Telemedicine                 

                8.3 CISCO Systems, Inc.                

                8.4 Medtronic, Inc.                         

                8.5 Honeywell Lifesciences                         

                8.6 Aerotel Medical Systems                      

                8.7 Philips healthcare                    

                8.8 McKesson Corp                        

                8.9 Cerner Corporation                 

                8.10 CardioComm                           

9. Competitive Landscape                                            

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                        

                9.3 Agreements, collaborations and Joint Ventures                          

                9.4 New Product Launches                          

10. Expert Opinions                                         

                10.1 Market Outlook                     

                10.2 Investment Opportunities                 

11. Appendix                                           

                a) List of Tables                

                b) List of Figures                         

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

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