U.S. Telemedicine Market Size

U.S. Telemedicine Market Size

U.S. Telemedicine Market size was valued at more than USD 35 billion in 2022. Driven by the soaring number of chronically ill patients, the industry is estimated to grow at a 12.5% CAGR from 2023 to 2032.

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The increasing prevalence of chronic diseases is anticipated to foster market growth. A strong prevalence of these illnesses, such as cancer, diabetes, and heart diseases, among others, due to the higher adoption of unhealthy habits and sedentary lifestyles viz., consuming alcohol and smoking cigarettes is accelerating the telemedicine industry penetration in the U.S.

Moreover, favorable government initiatives towards the improvement of healthcare systems are also escalating the demand for telemedicine in the region. For instance, in March 2020, the Health Insurance Portability and Accountability Act's policies were made public by the Centers for Medicare & Medicaid Services Administrator (HIPAA). According to this policy, patients are entitled to contact any doctor throughout the pandemic using their smartphones and platforms. Such regulatory changes have increased the use of telemedicine, which is foreseen to boost market expansion.