U.S. Telemedicine Market Size By Service (Tele-consulting, Tele-monitoring, Tele-education/training), By Type (Telehospital {Integrated Delivery Network, Academic Medical Centers, Large Independent Hospitals, Medium Independent Hospitals, Small Hospitals}, Telehome), By Specialty (Cardiology, Gynecology, Neurology, Orthopedics, Dermatology, Mental Health, Critical Care, Neonatology), By Component (Hardware, Software, Services), By Delivery Mode (Web/Mobile {Telephonic, Visualized}, Call Centers), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

Published Date: Sep 2019  |  Report ID: GMI4362  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 155   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

U.S. Telemedicine Market size was valued over USD 19.5 billion in 2018 and is expected to witness more than 18.5% CAGR from 2019 to 2025.
       

U.S. Telemedicine Market, By Specialty, 2018 & 2025 (USD Million)

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High demand for reduction of healthcare costs in the U.S. is one of the major factors that will drive the U.S. telemedicine market growth across the forecast timeframe. As per the Organisation for Economic Co-operation and Development (OECD) estimates, in 2017, the per-capita healthcare expenditure in the U.S. was USD 10,209. This adds a lot of economic burden over U.S. economy. Use of telemedicine to provide healthcare services significantly reduces the overall medical cost and the emergency services are readily available to the patients, thereby fostering industry growth in the future.
 

Long waiting time in hospitals to avail medical treatments will boost the demand for telemedicine services in the U.S. According to a survey, the average waiting time to visit medicine practitioner was around 29.3 days in the U.S. in 2016. Long waiting time to avail medical services may aggravate the patient health and this might lead to serious complications. Telemedicine services can help hospitals and clinics reduce long waiting time experienced by patients and also provide better access to quality care, thereby driving the market growth in the coming years.
 

U.S. Telemedicine Market Report Coverage
Report Coverage Details
Base Year: 2018
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Pages: 155 Tables, Charts & Figures: 83
Geographies covered (1): U.S
Segments covered: Service, Type, Specialty, Component, Delivery Mode and Region
Companies covered (9): Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, Inc., American Well, BioTelemetry, Inc., Blue Sky Telehealth, Cerner Corporation, Cisco, Eagle Telemedicine, Honeywell International Inc., InSight, InTouch Technologies, Inc., Koninklijke Philips N.V., McKesson Corporation, SOC Telemed, Specialist Telemed

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U.S. Telemedicine Market, By Service

U.S. Telemedicine Market Share, By Service, 2018
U.S. Telemedicine Market Share, By Service, 2018

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Tele-monitoring segment accounted for USD 4.8 billion in 2018. Telemonitoring has wide array of applications in chronic illnesses such as cardiopulmonary disease, asthma, and heart failure. Remote monitoring of chronic diseases produces accurate and reliable data and potentially improves medical conditions. Telemonitoring leads to better follow-up of the patient and reduces complications of chronic diseases. Also, healthcare personnel have real-time access to patient information, enabling them to provide a quick additional support to the patients, thus leading to high growth.
 

Tele-education/training segment is forecasted to grow at 20.5% during the projection period. Tele-education can be used to provide efficient care and deliver education to rural healthcare professionals. It eliminates barriers such as distance and improves access to medical services that would not be available in distant rural communities. Using tele-education services, medical professionals in one state can assist in providing emergency medical care to remote locations or other U.S. state, thus enhancing the overall treatment outcome.
 

By Type

Telehospital market segment accounted for revenue share of 65% in 2018 and will dominate the overall industry across the forecast timeframe. Various government initiatives allow patients to receive physician consultation, thereby boosting telehospital segment growth. Increasing government grants and funding, growing need for efficient healthcare quality services at low cost and rising number of smart phone users will boost the telehospital market in the future.
 

Telehome market segment will show rapid growth of 18.9% during the forecast timeframe. Telehome services offer opportunities to improve patient care along with significant savings to patients preferring treatment at home. Patients using telehome services experience high levels of satisfaction. Innovative applications of the tele-home technology allow the healthcare professionals to maintain regular contact with the patients without the need for expensive hospitalization.
 

By Specialty

Application of telemedicine in cardiology will show tremendous growth and accounted for USD 3.0 billion in 2018. Cardiac patients that adopt telemedicine services experience high degree of satisfaction due to personalized care and low consultation cost. Moreover, with increasing number of people suffering from cardiac disorders, the adoption of telemedicine services is expected to increase in the future.
 

Critical care market segment is expected to witness growth of 18.9% over the projection period. Telemedicine in critical care offer solutions that encompasses real-time clinical consultation using videoconferencing technology to improve the relationship between intensivists and patients. Applications of telemedicine have been described for emergency rooms, patient visitors, and disaster management for both children and adults using real-time intermittent and continuous interactions.
 

U.S. Telemedicine Market, By Component

Services segment accounted for largest revenue share of 53.0% in 2018. High growth is attributed to rising demand for telemedicine services across the U.S. Moreover, growing applications of telemedicine in healthcare systems, coupled with increasing prevalence of chronic disorders will further augment business growth. The growth of services segment is attributed to increasing telemedicine services provided by various healthcare settings.
 

Hardware segment will witness tremendous growth opportunities with 18.7% CAGR in the forecast period. High growth rate is attributed to rise in use of telemedicine devices such as digital camera, console and others. The growth of hardware segment is majorly due to the rise in demand of telemedicine services. Various software solutions require additional equipment such as data storage hardware or servers, thus boosting market demand for hardware segment.
 

U.S. Telemedicine Market, By Delivery Mode

U.S. Telemedicine Market Size, By Delivery Mode, 2025 (USD Million)
U.S. Telemedicine Market Size, By Delivery Mode, 2025 (USD Million)

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Web/mobile based telemedicine delivery mode dominated the U.S. telemedicine market of USD 11.9 billion in 2018. Advantages associated with web/mobile based telemedicine platforms such as easy integration and user-friendly customization will ensure high adoption rate in the future. Telehealth systems can use advanced telecommunications technologies and cloud services to improve and secure critical communications between clinicians, patients and other members of their healthcare team, thus boosting segment growth.
 

Call center segment will grow at 18.0% over the projection period. Call centers focus primarily on patients that are home bound and connect specific areas of hospitals or clinics for remote video consultations. Information available in call center database are used to update and access medical records of patients. It is mainly used in multi-specialty medical centers that have large number of medical specialists in telemedicine.
 

Competitive Market Share

Key industry participants in the fragmented U.S. telemedicine industry are McKesson Corporation, Cisco Systems, Honeywell International, Philips and Cerner Corporation. Other players such as Allscripts Healthcare Solutions, AMD U.S., BioTelemetry, InTouch Technologies, American Well, Specialist Telemed, SOC Telemed, InSight, Eagle Telemedicine and Blue Sky Telehealth also operate in the market. These players adopt strategies such as mergers, new product launch, collaborations, partnerships and acquisitions.
 

Recent industry developments:

  • In March 2019, McKesson Corporation announced a collaboration with Navigating Cancer for offering enhanced patient relationship management platform for oncologists. The platform provides patient care management tools and remote monitoring for capturing patient-reported outcomes.
     
  • In January 2019, American Well announced the launch of American Well 760 Cart; that enables acute care teams at health systems to connect with remote specialists on site. This new product launch assisted the company in expanding its product portfolio.
     

U.S. Telemedicine Industry Background

The concept of telemedicine in the U.S. can be traced back to early 1950’s for transmission of radiographic images. Shortly thereafter, organized telemedicine programs were implemented in late 1950’s. U.S. government played a major role in encouraging the use of telemedicine with investments for development of U.S. telemedicine market. Currently, more than 75% of U.S. hospitals have partially or completely implemented telemedicine programs to provide better healthcare services to patients. U.S. telemedicine industry is fragmented in nature with many small and big players operating in the market. Various industry players offer broad service portfolio and try to maintain a strong market position. Also, high penetration of advanced communication technology will spur the industry growth in the future.


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