U.S. Telehealth Industry Overview
The U.S. Telehealth Market size is expected to reach USD 307.7 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 44.4% from 2022 to 2028. The increasing adoption of digital health services, favorable consumer base, and substantial investment are the major factors contributing to the market growth in the U.S. Besides, growing demand for remote patient monitoring, coupled with the advancement of digital communication technology to support and improve healthcare services, is anticipated to accelerate the market growth over the forecast years. The shortage of physicians and clinicians in the U.S. is also expected to propel the telehealth industry growth. For instance, according to the Association of American Medical Colleges report published in June 2021, the estimated shortage of physicians in the U.S. could be between 37,800 and 124,000 by 2034, in both specialty and primary care.
Increasing remote patient visits using digital healthcare platforms due to social distancing practice during the COVID-19 pandemic in the U.S. are expected to boost the market growth over the forecast years. For instance, according to the Centers for Disease Control and Prevention (CDC), there is a 154% increase in telehealth visits in the U.S. during March 2020 as compared to the previous year i.e. March 2019. Remote digital healthcare services offered multiple benefits during the pandemic by reducing disease exposure for patients and staff. Growing access to the Internet by the U.S. population and increasing use of devices such as computers, tablets, and smartphones are also anticipated to provide potential industry growth opportunities.
The services segment held the largest revenue share in 2021. The growing demand for remote patient monitoring services that offer real-time interactions of the patients with the physicians is anticipated to drive the services segment in the U.S. Remote patient monitoring services have become smarter and affordable with improved clinical outcomes. These types of services attract the service providers to invest more in the telehealth market. Healthcare organizations in the U.S. are constantly changing their infrastructure to catch up to this revolution in healthcare. To integrate remote healthcare services, the healthcare organizations in the U.S. are rapidly upgrading themselves with the six most essential components such as IT infrastructures, hardware, software, Internet of things (IoT), scalable design, data, and patient security. For instance, in June 2021, Persistent Systems collaborated and invested in IBM to improve its digital transformation, core IT modernization facilities, and hybrid cloud platform for the customers.
U.S. Telehealth Market Segmentation
Grand View Research, Inc. has segmented the U.S. telehealth market based on product type, delivery mode, and end use:
Based on the Product Type Insights, the market is segmented into Hardware, Software and Services.
- 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.
- 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.
Based on the Delivery Mode Insights, the market is segmented into Web-based, Cloud-based and On-premises
- 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 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.
Based on the End-Use Insights, the market is segmented into Providers, Payers and Patients.
- 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.
- 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.
Key Companies Profile
The key market players are rapidly focusing on the expansion of their digital healthcare services through collaborations, acquisitions, and investments.
Some prominent players in the global 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
- GlobalMed
- MDLive
Order a free sample PDF of the U.S. Telehealth Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
