According to the research report, the U.S. Telemedicine Market size was valued at USD 6.61 Billion in 2019 and is expected to reach USD 25.88 Billion By 2027, and will grow at a CAGR of 15.8% during the forecast period.
Telemedicine permits healthcare professionals to estimate, treat and diagnose patients at a distance utilizing the technology of telecommunications. The procedure has evolved because of visible development in the last decade. It is growing as an integral part of American healthcare infrastructure. The growth of the age of the internet has borne significant alterations in the practice of telemedicine. The spread of intelligent devices competent of video transmission that is high quality unblocked the likelihood of delivering healthcare that is remote to patients in their homes.
Utilizing telemedicine as an option to the visits that are in-person has numerous benefits for providers and patients alike. The benefits for patients are reduced time away from work, avoidance of travel expenses and time, shorter intervention with eldercare or child responsibilities, privacy, and out-of-exposure to other assured patients that are contagious. The benefits to the providers are surging revenue, enhanced office efficiency, and an answer to the threat of competitive retail health clinics and providers that are online. It also includes follow-up of the patients is superior through health outcomes that are enhanced, lesser missed appointments and dropping off of patients, and reimbursement of the private payer.
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Key Highlights of The Report
Market intelligence to authorize decision making that is effective
Trend analysis and growth opportunities
Market assessment segment and regional revenue forecast
Market share analysis and competition strategy
Impact of covid-19 towards the sustenance of markets that are fast evolving
Top Market Players Are:
AMD Global Telemedicine
Iron Bow Technologies
American Well Corporation
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Important Questions Being Answered By The Market Report
What is the global U.S. telemedicine market size and growth?
What is the market value of the market?
Which are the top companies bearing the market share in the mental health market?
Which is the most regulating segment growing in the global U.S. telemedicine market report?
What are the key trends?
What are the applications utilized for telemedicine?
U.S. Telemedicine Market: Growth Leading Factors
In the wake of the pandemic, the demand for healthcare services and technology reached an all-time high. Additionally, technologies like chatbots, telemedicine, and others are being stationed to collect information to comfort the populace, make a diagnosis and treat patients. Further, some countries are finding solutions related to telecommunications and digital to get in touch with physicians distantly.
Growing demand for radiological services because of the excessive prevalence of chronic diseases like heart failure that is congestive, orthopedic injuries, and others are the prominent factors that push the growth of the telemedicine market. Further noteworthy increase in the expenditure of the government on healthcare information sector and development in essential players towards garnering innovations to digital diagnostics additionally fuels the market growth.
Although telemedicine services were merged in most healthcare systems even before the pandemic, the benefits were considerably used only in the course of the covid-19 calamity. It caused an impetus of reducing in-person visits and restrictions and limitations on travel which motivated clinicians to imbibe consultations based on telemedicine even more during the covid-19. Therefore, the covid-19 is anticipated to have a significant favorable influence on the development of the U.S. telemedicine market.
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U.S. Telemedicine Market: Report Scope
Market Size 2019 Value
USD 6.61 Billion
Market Outlook for 2027
USD 25.88 Billion
Expected CAGR Growth
15.8% from 2020 – 2027
2020 – 2027
By Component, By Application, By Mode of Delivery, By End User, By Region
Allscripts, AMD Global Telemedicine, BioTelemetry, Cerner, Cisco Systems, Honeywell International, InTouch Technologies, McKesson Corporation, OBS Medical, GE Healthcare, Iron Bow Technologies, American Well Corporation, Teladoc Health, Medvivo Group, AMC Health, Medtronic, Siemens Healthcare, Asahi Kasei, Koninklijke DSM
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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U.S. Telemedicine Market: Key Segmentation
Insight by component, application, mode of delivery, end-user, and region
The hardware segment is anticipated to hold the largest share by component and includes all external medical devices like speakers, webcam, display screens, microphones, laptops, video conferencing devices, and monitors. The telemonitoring sector will see an upward swing because of the growing population base that is geriatric needing home assistance for care delivery. By application, the teleradiology segment influenced the global U.S. telemedicine market and is considered the most significant revenue share because of features like development in imaging practices, teleradiology functionality acceptance by healthcare providers, and rationalization and regulation of procedures teleradiology. By mode of delivery, the web or mobile-based model dominates the market. The growth is attributed to direct acquisition to solutions of care delivery. By end-user, the patient’s segment was exclusive as the attempts by patients for telemedicine services for differing impetus starting from mild to average health issues to the situation of emergency.
By region, North America emerged as a promising market for telemedicine. It is considered the largest revenue share because of the soaring demand for healthcare and technologies acceptance that is cloud-based. Increasing usage of internet applications is a notable factor in assisting telemedicine in flourishing in the region. The European area thrived globally with significant market shares with growing revenue in most countries. In the Asia Pacific, the growth in the geriatric populace and increasing disposable income in civic areas are proliferating the development of the telemedicine market. In Latin America, Brazil and Mexico are the fastest growing. The current healthcare reforms have changed the global U.S. telemedicine market and have impacted lengthening the reach of applications.
Browse the full “U.S. Telemedicine Market Share, Size, Trends, Industry Analysis Report By Component (Hardware, Software & Services); By Application (Teleradiology, Telepsychiatry, Telestroke, Tele-ICU, Teledermatology, Teleconsultation); Mode of Delivery (Mobile Health Apps, Virtual, Telehealth Portals & Kiosks), By End User (Providers, Payers, Patients); Segment Forecast, 2020 – 2027” Report at https://www.polarismarketresearch.com/industry-analysis/us-telemedicine-market
The market primarily depends on the component, application, mode of delivery, end-user, and region
U.S. Telemedicine Market: By component
Mobile Medical Devices
Software & Services
Remote Patient Monitoring Software & Services
Real-Time Interaction Software & Services
Store-And-Forward Software & Services
Remote Order Entry Service
U.S. Telemedicine Market: By Application
U.S. Telemedicine Market: By Mode Of Delivery
Mobile Health Apps
Telehealth Portals & kiosks
U.S. Telemedicine Market: By End-Use
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