Meticulous Research®, a premier global market research firm, has unveiled a detailed report titled, "North America Telehealth Market by Component [Hardware (Peripheral Devices, Monitor), Software (Cloud, On-premise), Services (Real-time, Remote Monitoring)], Application (Radiology, Cardiology, Psychiatry), End User (Provider, Payer) – Forecast to 2030." This report provides an extensive analysis of the North American telehealth sector, focusing on current trends, market drivers, and future growth forecasts.
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The report indicates that the North American telehealth market is set to experience a remarkable compound annual growth rate (CAGR) of 22.9% from 2023 through 2030, with an anticipated market value of $273.29 billion by the end of this period. This significant growth is fueled by an array of factors including an aging population, rising incidence of chronic diseases, and supportive government policies aimed at enhancing healthcare access.
Technological advancements, particularly in artificial intelligence (AI), virtual assistants, and telerobotics, are expected to further drive market expansion. These innovations promise to enhance patient care and streamline healthcare delivery, creating ample opportunities for growth in the telehealth sector.
Nevertheless, the market faces several challenges. Issues related to patient privacy and data security, as well as the reluctance of some healthcare providers to transition from traditional methods, may impact the pace of telehealth adoption. Misdiagnosis risks associated with remote consultations also present potential obstacles.
Leading Industry Players
The North American telehealth market is characterized by the presence of several key players who are at the forefront of innovation. These include Aerotel Medical Systems (1998) Ltd. (Israel), Cerner Corporation (U.S.), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), AMD Global Telemedicine (U.S.), American Well Corporation (U.S.), Cisco Systems, Inc. (U.S.), Doctor On Demand, Inc. (U.S.), MDlive Inc. (U.S.), Siemens Healthineers AG (Germany), Teladoc Health, Inc. (U.S.), and Zipnosis, Inc. (U.S.).
These companies are instrumental in shaping the telehealth landscape through their innovative solutions and strategic initiatives. Their efforts are critical in meeting the increasing demand for telehealth services and driving the market forward.
Segment Analysis: Services as a Market Leader
The report categorizes the telehealth market into services, hardware, and software components. Among these, the services segment is expected to dominate the market in 2023. This segment includes real-time teleconsultations, remote patient monitoring, and asynchronous (store-and-forward) services, which are increasingly utilized due to the growing elderly population and the need for effective chronic disease management.
Hardware components, such as medical peripheral devices (including blood glucose monitors, blood pressure monitors, and ECG monitors), as well as telemedicine kiosks, are also essential for the effective delivery of telehealth services. These devices facilitate remote patient monitoring and data collection, enhancing the overall efficiency of telehealth solutions.
Application Trends: Psychiatry Leads
In terms of applications, the psychiatry segment is forecasted to capture the largest market share in 2023. The rising prevalence of mental health conditions and the shortage of mental health professionals are driving the demand for telepsychiatry services. Remote consultations and therapy sessions offer patients a convenient and accessible means of receiving mental health care.
Data from the National Alliance on Mental Illness reveals that 22.8% of U.S. adults experienced mental illness in 2021, an increase from 19.8% in 2019. This growing need for mental health services is expected to drive continued growth in the telepsychiatry segment.
End User Dynamics: Providers at the Forefront
The telehealth market is also segmented by end users, which include healthcare providers, patients, payers, and others. Healthcare providers are anticipated to account for the largest share of the market in 2023. This is driven by the increasing demand for convenient healthcare services and the need to address the shortage of medical professionals.
The Association of American Medical Colleges (AAMC) projects a shortage of between 37,800 and 124,000 physicians in the U.S. by 2034. This anticipated shortage is likely to drive healthcare providers to adopt telehealth solutions to meet patient needs more effectively.
Geographic Insights: U.S. Market Dominance
The report provides a detailed geographic analysis of the telehealth market, focusing on the U.S. and Canada. The U.S. is expected to hold the largest market share in 2023, driven by factors such as increasing adoption of telehealth services, a growing elderly population, and significant healthcare expenditures.
The U.S. Census Bureau projects that the elderly population will increase from 56.1 million in 2020 to over 80 million by 2040. This demographic shift, combined with the rising prevalence of chronic diseases, is expected to fuel the demand for telehealth services, reinforcing the U.S.’s dominant position in the North American market.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/north-america-telehealth-market-4832
Key questions answered in the report-
- Which are the high-growth market segments in terms of component, application, end user, and country?
- What was the historical market for telehealth across North America?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, opportunities, and challenges in the North America telehealth market?
- Who are the major players in the telehealth market?
- How is the competitive landscape, and who are the market leaders in the North America telehealth market?
- What are the recent developments in the North America telehealth market?
- What are the different strategies adopted by the major players in the North America telehealth market?
- What is the geographical trend and high-growth country?
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