The North America telemedicine market size is projected to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand for remote delivery of healthcare services.
Telemedicine offers the benefit of remote monitoring of patients with electronic communication. The combination of current innovation has enabled availability of tele-consulting with video-conferencing tools. This aids healthcare professionals in monitoring the patients in real time with certain health conditions. The telemedicine services include a wireless communication system, which improves the safety of the patients and practitioners.
Market Trends, Drivers, Restraints, and Opportunities
- Rapid growth in the adoption of telemedicine services among the aging population is expected to boost the telemedicine market growth.
- Expanding awareness regarding remote patient monitoring is spurring the development of the market.
- Rising penetration of digitization in the healthcare industry is anticipated to fuel the growth of the market.
- The ongoing episode of the COVID-19 pandemic has increased the dependence of telemedicine services owing to social distancing norms.
- Telemedicine as a cost-effective platform for diagnosis and treatment is projected to spur market growth in the coming years.
- Data security issues of telemedicine services can hinder the growth of the market.
- Government initiatives to promote the adoption of telemedicine in North America is likewise expected to create lucrative opportunities during the forecast period.
Scope of the Report
The report on the North America telemedicine market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Telemedicine Market - North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2020
|
|
Historic Data
|
2018–2019
|
|
Forecast Period
|
2021–2028
|
|
Segmentation
|
Types (Telehospitals, Telehomes, and mHealth (Mobile Health)), Components (Products [Hardware, Software and Others], Services [Telepathology, Telecardiology, and Teleradiology, Teledermatology, Telepsychiatry, and Others]), Mode of Deliveries (On-premise Delivery and Cloud-based Delivery)
|
|
Geographical Scope
|
The US and Canada
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
InTouch Technologies Inc.; AMD Global Telemedicine Inc.; Biotelemetry; SHL Telemedicine; and Teladoc.
|
Telemedicine Market Segment Insights
mHealth (mobile health) segment is expected to grow at a rapid pace
Based on types, the market is divided into telehospitals, telehomes, and mHealth (mobile health). The mHealth segment is estimated to account for a significant share of the market owing to the increasing penetration of smartphones and use of the same to maximize patient outreach at minimal cost, resulting in cost-efficiency throughout the market. However, rapid digitalization and changing customary types of medical services, the telehomes segment is anticipated to expand at a rapid pace during the forecast period due to rising contactless mHealth services.
Services segment is projected to expand at a considerable CAGR
In terms of components, the telemedicine market is bifurcated into products and services. The products segment is further classified as hardware, software and others. The services segment is further segmented into telepathology, telecardiology, and teleradiology, teledermatology, telepsychiatry, and others. The teledermatology sub-segment is estimated to account for a key share of the market due to prevalence of dermal conditions with changing ways of life and environmental elements.
Cloud-based model segment is projected to expand at a considerable CAGR
On the basis of mode of deliveries, the market is classified as on-premise models and cloud-based models. The cloud-based model segment is projected to expand at a considerable CAGR during the forecast period. Cloud-based model attributed to the adoption of visualized care delivery solutions. This cloud-based model segment carries the advantages such as automated software up gradations, remote accessibility, easy scalability, disaster recovery, and storage flexibility.
The US is anticipated to constitute a large market share
In terms of geography, the North America market is segregated into the US and Canada. The US is expected to constitute a key share of the market during the projected period due to the rapid growth of the IT industry and rising usage of high-speed Internet and widespread adoption of smart devices. The market in the US is estimated to grow at a robust rate owing to the high healthcare expenditure, followed by the active participation of the population in physical activities, which is one of the factors driving the growth of the market in the country.
Segments
Segments Covered in the Report
The North America telemedicine market has been segmented on the basis of
Types
- Telehospitals
- Telehomes
- mHealth (Mobile Health)
Components
- Products
- Services
- Telepathology
- Telecardiology
- Teleradiology
- Teledermatology
- Telepsychiatry
- Others
Mode of Deliveries
- On-premise Delivery
- Cloud-based Delivery
Geography
Key Players
- InTouch Technologies Inc.
- AMD Global Telemedicine Inc.
- Biotelemetry
- SHL Telemedicine
- Teladoc
Competitive Landscape
Key players competing in the North America telemedicine market are InTouch Technologies Inc.; AMD Global Telemedicine Inc.; Biotelemetry; SHL Telemedicine; and Teladoc.
Request For Customization
Enquiry Before Buying
Speak With Analyst
