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U.S. Telemedicine Market size to exceed $115.5 Bn by 2032

  • Published Date: January 24, 2023

U.S. Telemedicine Market size is estimated to surpass USD 115.5 billion in revenue by 2032, according to a new research report by Global Market Insights Inc.

The long queues in hospitals for disease treatment and increasing risks of chronic illnesses as the chief drivers of the U.S. telemedicine industry. Moreover, the rapid development of the healthcare IT infrastructure, along with the rising usage of smartphones and internet platforms is expected to further fuel business expansion. The amount of venture capital investment has significantly grown due to the rising demand for telemedicine systems.

Easy access to real-time patient data to fuel tele-consulting services expansion

The tele-consulting service segment was valued at more than USD 15.5 billion in 2022. The continued acceptance of virtual consultation has enhanced the accessibility of healthcare services, propelling segment growth. It also helps to boost patient reach at a low cost, thereby offering treatment cost-efficiency. Real-time access to patient data and status is beneficial for both patients and healthcare professionals, which enables them to deliver better care, thereby stimulating segment penetration.

Cost-effective treatment to increase uptake of telehome 

The U.S. telemedicine market into telehospital and telehome. The U.S. telemedicine industry share from the telehome segment is slated to grow at more than 12.5% CAGR by 2032. Telehome services enhance patient care without necessitating costly hospitalizations. This technology can be used in innovative ways to provide patients with services that lower their risk of infection. Such factors are anticipated to impel the revenue for telemedicine in the United States in the coming years.

Browse key industry insights spread across 130 pages with 61 market data tables & 11 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 Impact Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032 In detail along with the table of contents:

Quick consultation to push critical care segment growth

The heavy demand for telemedicine services for critical care specialties. Telemedicine enables specialists to communicate with patients living in remote locations and for rural healthcare practitioners to interact with specialists, improving access to care. The need for telemedicine has risen significantly to fill the gap and obtain prompt medical advice from highly trained and skilled medical professionals from remote areas. Driven by these factors, the critical care segment valuation is anticipated to surpass USD 6 billion by 2032.

Significant demand for cost-effective services to augment industry progress

The U.S. telemedicine market share from the service component segment is expected to depict more than 12% CAGR by 2032. The booming progression for telemedicine services, the presence of chronic diseases, together with regulatory policy relaxations in the country is anticipated to fuel the telemedicine industry expansion in the United States. Additionally, segment value is aided by the increased development for cost-effective services in remote locations.

Rapid adoption of smartphones to bolster web/mobile telemedicine in the U.S.

The uptake of telemedicine through the web or mobile medium in the U.S. is primed to remain high through the forecast period. The U.S. telemedicine market progress from the web/mobile delivery mode segment garnered more than USD 21.5 billion in revenue in 2022. Internet data traffic is constantly increasing and notably over 120 million people in the nation have high-speed internet connections. The industry is likely to be driven by growing investments in telecommunications infrastructure and mounting requirement for high-speed internet in the country.

Partnerships and acquisitions to remain favorable growth strategies

The competitive landscape of the U.S. telemedicine market is expected to witness a series of strategic acquisitions & partnerships by industry players to improve their market stance. Some key players profiled include American Well, Cisco Systems, Eagle Telemedicine, Oracle Corporation (Cerner), Honeywell International Inc, and others.

Authors: Sumant Ugalmugle, Rupali Swain