Selbyville, Delaware, Oct. 15, 2020 (GLOBE NEWSWIRE) -- As per credible estimates, U.S. telemedicine market is expected to grow substantially over the forthcoming and amass USD 25.88 Billion by 2027. Benefits of telemedicine such as reduction in cost of care, better patient engagement, as well as scaling and optimization of health programs are fueling the market growth in the United States.
As per the given report, U.S. telemedicine market is scrutinized based on component type, application spectrum, mode of delivery, and end-user scope. Granular details pertaining to competitive landscape of the market, alongside information about each industry players and their business profile is also mentioned.
Also, emergence of advanced healthcare devices, high investments towards IoHT (Internet of Healthcare Things), and increasing prevalence of COVID-19 infection will provide impetus to the U.S. telemedicine industry expansion. Swift approvals by U.S. regulatory agencies are encouraging foreign players to establish base in the nation, hence stimulating market trends. For instance, in July 2020, DreamTech, an electronic component company from South Korea, declared that it received approval for using its electrocardiogram patch Biosensor 1A in telemedicine.
Innovations and technological advancements in electronic healthcare devices are also likely to influence the U.S. telemedicine market outlook. Citing an instance, MolecuLight Inc., introduced i:X Telemedicine Solution in July 2020, which performs imaging for better detection of bacterial wounds. The solution enables wound care specialist to make informed decision during diagnosis.
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Notably, telemedicine has revolutionized the overall healthcare industry in the U.S. The system facilitates patients to have quick access to healthcare providers using various devices. Further, increasing need to maintain social distancing has boosted the need for virtual connection between the patients and the doctors thus, propelling the U.S. telemedicine market growth.
COVID-19 impact
Increasing prevalence of COVID 19 pandemic has created demand for virtual connections. CDC has urged healthcare providers across the country to actively engage with patients in virtual manner. In response to the appeal, several federal health agencies are takins steps for enabling the telemedicine services. The U.S. government extended the services to 62 million beneficiaries in the country. Such initiatives will impel the U.S. telemedicine market remuneration.
Elaborating component terrain
Industry experts cite that software & services segment of U.S. telemedicine market is reckoned to grow substantially over 2020-2027, owing to development of robust, fully-integrated, user-friendly, and low-cost software.
Analyzing application scope
U.S. telemedicine industry share from telestroke application is anticipated to grow modestly over the forecast period. Dearth of treatment facilities in rural areas, ignorance regarding the symptoms of stroke, and limitations of on-site treatment capabilities result in surging stroke-related deaths in the U.S. Potential of telemedicine services in treating stroke patients, in consort with improving patient access and monitoring are fostering the market share.
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Other market segmentations
As per mode of delivery, U.S. telemedicine market is classified into telehealth portals & kiosks, virtual, mobile health apps. While the end-user spectrum of the industry is divided into patients, payers, and providers.
U.S. Telemedicine Market Component Sub-type (Revenue, USD Billion, 2015-2027)
- Hardware
- Telemedicine Carts
- Kiosks
- Mobile Medical Devices
- Digital Cameras
- Telemedicine Kits
- Other Devices
- Software & Services
- Real-Time Interaction Software & Services
- Remote Order Entry Service
- Remote Patient Monitoring Software & Services
- Store-And-Forward Software & Services
- Others
U.S. Telemedicine Market Application Spectrum (Revenue, USD Billion, 2015-2027)
- Teleradiology
- Tele-ICU
- Telepsychiatry
- Telestroke
- Teleconsultation
- Teledermatology
- Others
U.S. Telemedicine Market Mode of Delivery (Revenue, USD Billion, 2015-2027)
- Telehealth Portals & kiosks
- Mobile Health Apps
- Virtual
- Others
U.S. Telemedicine Market End-Use Scope (Revenue, USD Billion, 2015-2027)
- Payers
- Patients
- Providers
U.S. Telemedicine Market Competitive Landscape (Revenue, USD Billion, 2015-2027)
- Medtronic PLC
- Koninklijke Philips N.V.
- GE Healthcare Systems
- Asahi Kasei Corporation
- American Well (Amwell)
- Chiron Health Inc.
- IMEDIPLUS Inc.
- U.S. Medical Supply Inc.
- Zipnosis Inc.
- Medvivo Group Ltd.
- Siemens Healthineers AG
- MEDWEB
- Cerner Corporation Ltd.
- Cisco Systems Inc.
- Iron Bow Technologies LLC
- Teladoc Health Inc
- AMC Health
- VSee Lab Inc.
Table of Contents:
1. Chapter 1. Introduction
1.1. Report Description
1.1.1. Objectives of the Study
1.1.2. Market Scope
1.1.3. Assumptions
1.2. Stakeholders
Chapter 2. Executive Summary
2.1. Market Highlights
3. Chapter 3. Research Methodology
3.1. Overview
3.1.1. Data Mining
3.2. Data Sources
3.2.1. Primary Sources
3.2.2. Secondary Sources
Chapter 4. U.S. Telemedicine Market Insights
4.1. U.S. Telemedicine - Industry snapshot
4.2. U.S. Telemedicine Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Reduction in the overall cost of care
4.2.1.2. Favorable Regulatory Scenario: -
4.2.1.3. Improvement in the overall patient engagement
4.2.1.4. Service consolidation leading to increase in accessibility
4.2.1.5. Scaling and Optimization of Telehealth program
4.2.2. Restraints and Challenges
4.2.2.1. Barriers to widespread telehealth adoption in the U.S.
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers (Moderate)
4.3.2. Threats of New Entrants: (High)
4.3.3. Bargaining Power of Buyers (Moderate)
4.3.4. Threat of Substitute (Moderate)
4.3.5. Rivalry among existing firms (High)
4.4. PEST Analysis
4.5. U.S. Telemedicine Market Industry trends
4.6. COVID-19 Impact Analysis
4.6.1. Current Scenario and Future Prospects
Chapter 5. U.S. Telemedicine Market Assessment by Component (USD Billion, 2015 - 2027)
5.1. Introduction
5.2. Hardware
5.3. Hardware Component Sub Segments
5.3.1. Telemedicine Carts
5.3.2. Kiosks
5.3.3. Digital Cameras
5.3.4. Telemedicine Kits
5.3.5. Mobile Medical Devices
5.3.6. Other Hardware Component
5.4. Software & Services
5.5. Software & Services Component Sub Segments
5.5.1. Remote Patient Monitoring Software & Services
5.5.2. Real-Time Interaction Software & Services
5.5.3. Store-And-Forward Software & Services
5.5.4. Remote Order Entry Service
5.5.5. Other Software & Services
Chapter 6. U.S. Telemedicine Market Assessment by Application (USD Billion, 2015 - 2027)
6.1. Introduction
6.2. Teleradiology
6.3. Telepsychiatry
6.4. Telestroke
6.5. Tele-ICU
6.6. Teledermatology
6.7. Teleconsultation
6.8. Other Applications
Chapter 7. U.S. Telemedicine Market Assessment by Mode of Delivery (USD Billion, 2015 - 2027)
7.1. Introduction
7.2. Mobile Health Apps
7.3. Virtual
7.4. Telehealth Portals & kiosks
7.5. Other Modes of Delivery
Chapter 8. U.S. Telemedicine Market Assessment by End-User (USD Billion, 2015 - 2027)
8.1. Introduction
8.2. Providers
8.3. Payers
8.4. Patients
Chapter 9. Competitive Landscape
Related Report:
Telemedicine Market Size, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Telemedicine Market size is expected to witness 19.3% CAGR from 2020 to 2026, as per new research report. Telemedicine is the use of electronic communication to provide healthcare services to patients located in remote locations. Social distancing is one of the key strategies to minimize the spread of COVID-19 infection. Telemedicine technology can be leveraged by physicians to provide healthcare facilities to the patients, thereby promoting social distancing and lowering the risk of corona virus infection. From a regional frame of reference, the Latin America telemedicine market was valued at more than $1.5 billion in 2019 and is projected to grow at more than 20.5% through the forecast period. Middle East & Africa telemedicine market was valued at more than $1.1 billion 2019 and is estimated to expand at a CAGR of more than 19% over the projected timeframe.
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