United States Telehealth Market Outlook 2031:
The United States telehealth market size was valued at USD 26.9 Billion in 2022 and is projected to reach USD 189.35 Billion by 2031, expanding at a CAGR of 22.9% during the forecast period 2023 - 2031. Telehealth has enabled cost-effective treatment, the adoption of home healthcare services, and low infrastructure development expenditures.
Telecommunications and healthcare systems are being integrated more than ever before with the rapid development of advanced technology to ensure easy flow of communication between medical staffs and patients. Telehealth is revolutionizing the healthcare industry because it reduces hospital visits by patients that lead to substantial cut in the health expenditures.
United States Telehealth Market Trends, Drivers, Restraints, and Opportunities
- Rising number of the ageing population globally and wide prevalence of several illness among this group of people are key drivers of the market.
- Change in lifestyle, growing number of health-conscious population, and rising per capita income of a large number of population worldwide present key aspects of the market growth.
- Wide adoption of telehealth robots and emergence of robotic platforms to help provide a smooth means of communications for medical advices by patients are accelerating the market growth.
- High cost of installing necessary systems, devices, and equipment required for real-time measurement of healthcare parameters is a key challenge, which is expected to act as a major market barrier in the coming years.
- Availability of affordable treatment due to technological upgrade and favorable government policies for better healthcare infrastructure are key factors offering lucrative opportunities of the market.
Scope of Telehealth Market Report
The report on the United States telehealth market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Report Title
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United States Telehealth Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Modalities (Real-time Virtual Health, Remote Patient Monitoring, and Store & Forward), Components (Service, Hardware, and Software), Applications (Chronic Care, Radiology, Mental Health, OB/GYN, Urgent Care, and Others), Delivery Modes (Web/App-based Telehealth, Cloud-based Telehealth, and On-premise Telehealth), End-users (Healthcare Providers, Patients & Individuals, Employers & Government Organizations, and Payers)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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AMD Global Telemedicine; American Well; BioTelemetry; GlobalMedia Group; InTouch Health; Koninklijke Philips; Medtronic; Resideo Life Care Solutions; Teladoc Health; and Vivify Health
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United States Telehealth Market Segment Insights
Real-time virtual health segment to retain its dominance in the market
Based on modalities, the United States telehealth market is fragmented into real-time virtual health, remote patient monitoring, and store & forward. The real-time virtual health segment accounted for a key market share in 2020 and is expected to retain its dominance during the forecast period.
The segment growth is attributed to wide applications of the real-time virtual care in various healthcare examination and increasingly utilized of modality in remote ICUs as a result of the COVID-19 pandemic. However, the remote patient monitoring segment is expected to grow at a healthy rate in the coming years owing to growing prevalence of chronic diseases among the elderly people including cardiovascular diseases, diabetes, and respiratory diseases.
Service segment to hold a significant market share
On the basis of components, the market is segmented into service, hardware, and software.
The services segment is anticipated to grow at a rapid CAGR during the forecast period due to the rising focus shifts to patient-centered, value-based care from conventional hospital-centric, and fee-per-service models.
Furthermore, the growing demand for low-cost treatments and availability of various updated health care services is expected to drive the segment growth. However, limited insurance coverage particularly by Medicare as well as issues related to the ambiguous regulatory framework adopted by various states especially by the US Federal government, are expected to limit market growth during the forecast period.
Chronic care segment to dominate the market
In terms of applications, the United States telehealth market is segregated into chronic care, radiology, mental health, OB/GYN, urgent care, and others. The chronic care segment is expected to dominate the market in the coming years owing to wide applications of the service for the management and consultation of chronic illness, which constitutes a major source of concern for healthcare providers.
Managing diseases such as diabetes, hypertension, and cancer have become a major challenge as these diseases had affected a huge number of the US population.
Web-based delivery models segment to grow signifcantly
Based on delivery models, the market is divided into web/app-based telehealth, cloud-based telehealth, and on-premise telehealth. The web-based delivery models segment is projected to grow significantly in the coming years due to high demand of the model as these method involves less installation costs.
This model require few software and hardware components to deliver telehealth solutions, as a result, the adoption of web-based services is rapidly increasing and better choice for patients. The segment is further accelerated as emerging economies have embraced telehealth technology in most healthcare facilities in remote and rural areas.
Healthcare providers segment to expand rapidly
On the basis of end-users, the United States telehealth market is segmented into healthcare providers, patients & individuals, employers & government organizations, and payers. The healthcare providers segment is expected to grow incrementally during the forecast period owing to the inclusion of telehealth services in disease management and post-acute-care management programs.
Several prestigious hospitals are implementing these services to improve profitability, attract and retain many patients, and reduce re-admissions of patients. As telehealth services and remote patient monitoring devices are increasing, hospitals are focusing on enhancing telehealth infrastructure to meet the growing demand, thereby, increasing the segment growth.
Further, the increasing collaboration between hospitals and market vendors is expected to boost the adoption of tele-ICUs.
Segments
By Modalities
- Real-time Virtual Health
- Remote Patient Monitoring
- Store & Forward
By Components
- Service
- Hardware
- Software
By Applications
- Chronic Care
- Radiology
- Mental Health
- OB/GYN
- Urgent Care
- Others
By Delivery Modes
- Web/App-based Telehealth
- Cloud-based Telehealth
- On-premise Telehealth
By End-users
- Healthcare Providers
- Patients & Individuals
- Employers & Government Organizations
- Payers
By Country
By Key Players
Competitive Landscape
Key players in the United States telehealth market are AMD Global Telemedicine; American Well; BioTelemetry; GlobalMedia Group; InTouch Health; Koninklijke Philips; Medtronic; Resideo Life Care Solutions; Teladoc Health; and Vivify Health.
These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
