Meticulous Research, a premier global market research company, has unveiled a comprehensive 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.”
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According to the latest findings from Meticulous Research®, the North American telehealth market is poised to experience a CAGR of 22.9% from 2023, ultimately reaching approximately $273.29 billion by 2030. This substantial growth is propelled by various factors, including an aging population, an increase in chronic disease prevalence, favorable government policies, a shortage of healthcare professionals, and rising awareness of telehealth’s advantages. Additionally, innovations in artificial intelligence, the emergence of virtual assistants, and advancements in telerobotics are expected to open up significant growth avenues in the near future.
However, issues related to patient privacy and confidentiality may slightly hinder market expansion. Moreover, resistance to shifting from traditional systems and the potential for misdiagnosis could pose challenges for market participants.
Key Players
Key players within the North American telehealth landscape 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.).
North America Telehealth Market: Future Outlook
The North American telehealth market is categorized by various products, which include services (real-time [synchronous], store-and-forward [asynchronous], remote patient monitoring), hardware (medical peripheral devices such as blood glucose monitors, blood pressure monitors, weighing scales, pulse oximeters, peak flow meters, ECG monitors, and other devices), software (web and cloud-based, on-premise), application (psychiatry, radiology, cardiology, primary care, dermatology, remote ICU, and other applications), and end user (healthcare providers, patients, healthcare payers, etc.). The analysis also covers competitive landscape evaluations and market share analysis at the country level.
Among these categories, the services segment is anticipated to dominate the North American telehealth market in 2023. This is primarily due to the increasing demand for telehealth services focused on teleconsultation and telemonitoring, spurred by the growing geriatric demographic. Additionally, efforts to lower healthcare costs and enhance healthcare outcomes are integral to this market segment’s growth.
In terms of applications, the psychiatry segment is expected to capture the largest share in 2023. The heightened demand for mental health consultations and treatments, along with a shortage of psychiatric care providers, has led to a significant rise in the adoption of telepsychiatry services. Data from the National Alliance on Mental Illness indicates that 22.8% of U.S. adults experienced mental health issues in 2021, up from 19.8% in 2019. This trend underscores the growth potential for the psychiatry market.
Regarding end users, the healthcare providers segment is projected to hold the largest share of the North American telehealth market in 2023. This segment’s growth is driven by the increasing demand for accessible care, particularly in light of the physician shortage. According to the report Complexities of Physician Supply and Demand: Projections From 2019 to 2034, the U.S. is expected to face a shortage of between 37,800 and 124,000 physicians within the next 12 years, leading to greater adoption of telehealth solutions.
Geographic Review
This report offers an in-depth analysis of key geographic regions, particularly focusing on North America (U.S. and Canada). In 2023, the U.S. is anticipated to command the largest share of the North American telehealth market. Factors contributing to this include the increasing adoption of telehealth services, an expanding geriatric population, rising healthcare expenditures, an uptick in chronic conditions, and the presence of major industry players. As reported by the U.S. Census Bureau and Population Estimates and Projections, the U.S. geriatric population is projected to surpass 80 million by 2040, increasing from 56.1 million in 2020. This growing senior demographic is associated with a rise in chronic diseases that require timely treatment, further accelerating the adoption of telehealth solutions.
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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