U.S. Telemedicine Market worth over $89.6bn by 2027

U.S. Telemedicine Market size is set to surpass USD 89.6 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Market growth is attributed to the increasing use of artificial intelligence (AI) and machine learning technologies in healthcare. The advent of technological improvements is expected to further drive the market expansion. Moreover, vast adoption of unhealthy habits and sedentary lifestyle such as consuming alcohol and smoking cigarette are some of the key factors contributing to the rising prevalence of chronic diseases.

 

Request Sample Buy NowInquiry Before Buying

 

Furthermore, the highly contagious nature of the coronavirus has positively impacted the usage of telehealth solutions to successfully treat patients. For instance, a recent survey stated that around 53% of the healthcare practitioners were already utilizing telemedicine. This has boosted product acceptance during the pandemic. In addition, during the pandemic, a high number of patients are noted to turn to digital platforms. Hence, telemedicine companies are also noted to expand their capabilities to provide services to the high patient volume.
 

Increasing adoption of telemedicine services by general population will spur the U.S. telemedicine market progression

Telemedicine utilization has boosted after the onset of the coronavirus pandemic. After the immediate spike in the usage of telemedicine services, utilization and acceptance levels stabilized across all the specialties. Also, regulatory changes facilitated expanded use of telemedicine. However, data breaches associated with telemedicine services might hamper the industry growth during the forecast period.
 

High capital expenditure may hamper the market value

High capital expenditure and maintenance requirements may hamper the industry expansion. The implementation of telemedicine technology requires advanced digital systems that incur high initial costs. Also, a heavy investment is needed for the installation of hardware, systems, and software for broader enterprise-wide adoption. Thus, such high capital requirement for setup establishment may restrain small hospitals, individual practitioners, clinics and other healthcare settings to adopt telemedicine promptly, thereby hampering the industry progression.

 

Advantages of tele-monitoring will stimulate the market demand

Tele-monitoring segment in the U.S. telemedicine market was valued at USD 7.6 billion in 2020. Telemonitoring services can be used to monitor various chronic illnesses such as asthma, cardiopulmonary disease, diabetes, heart failure and others. Remote monitoring of such diseases helps to generate accurate and real-time data which can improve medical conditions and treatment. Telemonitoring reduces complications of chronic diseases, reduces medical follow-ups and reduces patient travel time. Also, real-time access to patient information and current status benefits both patients and health professionals, enabling them to provide better treatment, thus leading to high growth.

 

Wide array of telehome applications will impel the U.S. telemedicine market revenue

Telehome segment captured 35.3% of revenue share in 2020. Telehome services improve patient care without the need for expensive hospitalization. Innovative applications of the tele-home technology allow the patients to get services that reduce the risk of infection.

Browse key industry insights spread across 130 pages with 61 market data tables & 18 figures & charts from the report, “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), COVID-19 Industry Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/us-telemedicine-market   
 

Increasing prevalence of mental disorders will fuel the segment growth

The U.S. telemedicine market for mental health segment is poised to witness 17% growth rate through 2027. According to the National Alliance on Mental Illness, in 2019, around 20.6% (51.5 million) of U.S. adults experienced mental illness. It is estimated that 13.1 million patients (5.2%) experienced serious mental illness. Increased prevalence of mental disorders among the population will potentially foster the segment expansion over the coming years. Additionally, rising government initiatives will further accelerate the usage of telemedicine platforms for mental health.
 

Growing demand for telemedicine software will lead to the industry growth

The software segment crossed USD 9.9 billion in 2020 owing to the rising awareness of telemedicine industry. The coronavirus pandemic has accelerated the change in the healthcare industry along with the growing applications of telemedicine. Various companies are rolling out innovative mobile applications and telemedicine platforms that are user-friendly. Moreover, with increase in the demand for virtual visits, the demand for telemedicine software is predicted to increase during the forecast timeline.

 

Telemedicine call centers to showcase a positive trend

Call center segment in the U.S. telemedicine market is anticipated to attain a CAGR of 16.9% till 2027. Call centers provide wide arrays of application to patients that are homebound or bedridden. Call centers connect patients to specific areas of healthcare facilities for remote consultations. The information available on call center database contains medical information of the patients. This facility is mainly used in multi-specialty medical centers which have several medical specialists.

 

Companies are focusing on launching various telemedicine services to boost the industry revenue

Prominent players operating in the market are McKesson Corporation, Allscripts Healthcare Solutions Inc., Cisco Systems, Inc., Philips Healthcare, eClinicalWorks LLC. The industry leaders undertake various strategic initiatives to gain a competitive edge in the market.
 

Chat with us
We use cookies to enhance user experience. (Privacy Policy) X