According to Nova one advisor, the U.S. Telehealth market size was valued at US$ 23.8 billion in 2021 and is expected to hit US$ 309.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 45.1% from 2022 to 2030.
Key Takeaway
- The services segment dominated the market with a revenue share of over 45.0% in 2021. The software segment is expected to witness the fastest growth over the forecast period.
- The web-based delivery segment accounted for the largest revenue share of over 45.0% in 2021.
- The providers segment held the largest revenue share of over 50.0% in 2021
Growth Factors:
The shortage of healthcare specialists and primary care physicians in the U.S. is one of the major factors expected to accelerate the market growth in the U.S. For instance, according to the Association of American Medical Colleges (AAMC) estimation, there is a shortage of both primary and specialty care physicians between 37,800 and 124,000 physicians by 2034.
Full Report is Ready | Request Sample of This Report@ https://www.novaoneadvisor.com/report/sample/6570
High-scale investment in digital health and virtual care by the government of the U.S. is also anticipated to boost market growth. Besides, remote provision for healthcare services has been established from a long back in the U.S. The National Aeronautics and Space Association (NASA) played a significant role in the development of telemedicine. Several studies stated that in 1960, NASA has established telemedicine in the United States. Now, about 76% of hospitals in the U.S. connect with patients using some form of telemedicine.
In recent years, virtual healthcare plays a vital role in improving health equity by providing timely treatment and clinical assessment, especially to the most vulnerable population. In order to strengthen telehealth services and rural health in the U.S., the Biden-Harris Administration in August 2021 invested over 19 million USD through Health Resources and Services Administration (HRSA) at the U.S. Department of Health and Human Services (HHS).
The COVID-19 pandemic has shown the importance of virtual healthcare services. Before the pandemic, the utilization of virtual healthcare services in the U.S. was nominal. In order to deal with the shortage of physicians during COVID-19, the telehealth market is skyrocketed in the U.S. Telehealth has been considered an emergency tool during the COVID-19 pandemic. Due to several conditions, such as high COVID-19 infection rate, difficulty in accessing medical care, and the national emergency during the coronavirus pandemic, there is an increase in investments by the government organization in the U.S.
Report Scope of the U.S. Telehealth Market
| Report Coverage | Details |
| Market Size in 2021 | USD 23.5 Billion |
| Revenue Projection By 2030 | USD 309.9 Billion |
| Growth Rate | CAGR of 45.1% from 2022 to 2030 |
| Base Year | 2021 |
| Historical data | 2017 - 2020 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Product type, delivery mode, end use |
| Companies Mentioned | Koninklijke Philips N. V.; Siemens Healthineers; Cerner Corporation; GE Healthcare; Medtronic PLC; Teladoc Health Inc.; American Well; Doctor on Demand; U.SMed; MDLive |
For instance, in February 2021, the United States Department of Agriculture (USDA) invested $42 Million in telemedicine infrastructure and distance learning to health outcomes and education. USDA funded 86 projects to rural communities through Distance Learning and Telemedicine (DLT) program to help people by providing rural healthcare education and grant to purchase telemedicine interactive telecommunications distance learning equipment.
Product Type Insights
The services segment dominated the market with a revenue share of over 45.0% in 2021. Rising demand for remote healthcare services, coupled with rapid advancement in digital healthcare infrastructure, is a key factor expected to drive the segment over the coming years. Besides, the rapid increase of coronavirus disease, social distancing practice, and the fear of infection are anticipated to accelerate the segment growth. Remote patient monitoring services offer real-time interaction between patients and physicians, which resulted in affordable clinical outcomes.
Before the COVID-19 pandemic, the remote provision of clinical care has not been well characterized. High access to the devices such as computers, tablets, and smartphones and high access to the internet in developing countries like the U.S. are also expected to favor the growth of telehealth services. For instance, due to the increasing demand and high adoption, there is a 154% increase in telehealth visits in March 2020 than March 2019 as per the report published by the Center for Disease Control and Prevention (CDC) in October 2020.
The software segment is expected to witness the fastest growth over the forecast period. Software is the core component of telehealth services. There are several types of software platforms available for telehealth services, which are used to store, analyze, and share healthcare information. Using telehealth software, patients can access affordable healthcare services in less time. With the growing demand for telehealth services, several software developers are now continuously focusing on the development of advanced software with more features to hold their strong position in the market. For instance, in May 2021, MediTelecare launched MediTely™, a world-class mobile telehealth application for the older population living outside long-term care facilities.
Delivery Mode Insights
The web-based delivery segment accounted for the largest revenue share of over 45.0% in 2021. The growing adoption of web-based delivery mode in mobile health communication and remote patient monitoring to improve the quality of rural healthcare is expected to fuel the segment growth. The growing telehealth industry and the cost-effectiveness of virtual care are also expected to support the web-based delivery segment growth over the coming years. Besides, several large international organizations are now using web-based information and communication technologies (ICTs) platforms to address the growing healthcare challenges in both developed and developing countries.
For instance, the WHO (World Health Organization) has established the U.S. Observatory for eHealth (GOe) to review the status of eHealth solutions, including telemedicine, at the U.S., national, and regional levels. Further, the cloud-based delivery model is anticipated to be the fastest segment over the forecast period. The growing adoption of cloud storage platforms by patients and clinicians owing to their cost-effectiveness, speed, and virtual data storage capabilities is expected to fuel the segment growth over the forecast years.
End-use Insights
The providers segment held the largest revenue share of over 50.0% in 2021 owing to the growing number of telehealth service providers in the U.S. and the increasing awareness among the individuals to adopt telehealth. Healthcare centers have expanded their telehealth infrastructure during the COVID-19 pandemic by investing more in digital health and virtual care business models. Real-time healthcare services, improved data management, and cost-saving healthcare service offered by telehealth providers are expected to boost the segment growth.
The patients segment is expected to register the fastest growth rate during the forecast period owing to the increasing awareness among the patient population and high internet penetration in the U.S. Low cost and better clinical outcome of telehealth services are also the key factors responsible for the growth of this segment over the forecast period. In addition, increasing smartphone users, technology-friendly users, and growing internet connectivity in the U.S. are expected to favor the growth of the patients segment.
Full Report is Ready |Quick Buy This Premium Report From Here@
https://www.novaoneadvisor.com/report/checkout/6570
Some of the prominent players in the U.S. Telehealth market include:
- Koninklijke Philips N.V.
- Siemens Healthineers
- Cerner Corporation
- GE Healthcare
- Medtronic PLC
- Teladoc Health Inc.
- American Well
- Doctor on Demand
- U.SMed
- MDLive
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at U.S. for the period of 2017 to 2030
- By Product Type
- Hardware
- Monitors
- Medical Peripheral Devices
- Blood Pressure Meters
- Blood Glucose Meters
- Weighing Scales
- Pulse Oximeters
- Peak Flow Meters
- ECG Monitors
- Others
- Software
- Standalone Software
- Integrated Software
- Services
- Remote Patient Monitoring
- Real-time Interactions
- Store and Forward
- Others
- Hardware
- By Delivery Mode
- Web-based
- Cloud-based
- On-premises
- By End-use
- Providers
- Payers
- Patients
Click Here to View Full Report Table of Contents
Key Questions Answered in U.S. Telehealth Market Report
- What will be the sales/revenue generated by U.S. Telehealth across all regions during the forecast period?
- What are the opportunities in the U.S. Telehealth market?
- What are the major drivers, restraints, opportunities, and threats in the market?
- Which regional market is set to expand at the fastest CAGR during the forecast period?
- Which application is expected to generate the highest revenue U.S. in 2030?
- Which segment is projected to expand at the highest CAGR during the forecast period?
- What is the market position of different companies operating in the U.S. market?
Full Report is Ready |Quick Buy This Premium Report From Here@https://www.novaoneadvisor.com/report/checkout/6570
You can place an order or ask any questions, please feel free to [email protected]| +1 9197 992 333
About Us
Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.
We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally. We endeavor to give our clients latest insights on upcoming technologies, new developing markets, dynamically changing business conditions and most recent business-driven applications. These insights help our clients to take informed decisions for their business growth.
For Latest Update Follow Us:
https://www.linkedin.com/company/nova-one-advisor
