Meticulous Research, a renowned global market research firm, released a report named, ‘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.’
Meticulous Research® predicts that the telehealth market in North America will experience a significant growth rate of 22.9% from 2023, reaching a valuation of $273.29 billion by 2030. This surge is attributed to several factors including the rising elderly population, increasing prevalence of chronic illnesses, supportive government policies, shortages in healthcare professionals, and heightened awareness of telehealth benefits. Moreover, advancements like artificial intelligence, virtual assistants, and the emergence of telerobots are anticipated to offer substantial growth prospects in the near future.
However, challenges related to patient privacy and confidentiality could impede the market's expansion somewhat. Likewise, resistance to transition from traditional systems and instances of misdiagnosis may present obstacles for stakeholders in this sector.
Key Players
Major participants in the North American telehealth market 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 based on product {services [real-time (synchronous), store-and-forward (asynchronous), remote patient monitoring], hardware [medical peripheral devices (blood glucose monitors, blood pressure monitors, weighing scales, pulse oximeters, peak flow meters, ECG monitors, other medical peripheral devices), monitors, telemedicine kiosks, telemedicine carts], software [web & cloud-based software, on-premise software], application [psychiatry, radiology, cardiology, primary care, dermatology, remote ICU, and other applications], end user [healthcare providers, patients, healthcare payers, and other end users}, and country. Additionally, the report examines industry rivals and assesses their market presence at a country level.
Among all components, in 2023, it is projected that the services segment will dominate the North American telehealth market. This is primarily driven by the increasing utilization of telehealth services for teleconsultation and telemonitoring, particularly in response to the rising elderly population. Additionally, there is a demand for cost reduction in healthcare and enhanced healthcare outcomes, which further contributes to the segment's market share.
Among all applications, in 2023, it is anticipated that the psychiatry segment will hold the largest share of the North American telehealth market. This is driven by the increasing demand to provide consultation or treatment for a range of mental health conditions across various age groups, coupled with a shortage of primary psychiatric care. As per data from the National Alliance on Mental Illness, the prevalence of mental illness among U.S. adults rose to 22.8% in 2021 from 19.8% in 2019. Consequently, the escalating trend of mental health issues contributes to the expansion of the psychiatry market.
Among all end users, in 2023, it is predicted that the healthcare providers segment will hold the dominant share of the North American telehealth market. This substantial market share is driven by increased demand for convenient healthcare services, compounded by the scarcity of medical professionals. According to projections from the Complexities of Physician Supply and Demand: Projections From 2019 to 2034, the U.S. is anticipated to face a shortage of between 37,800 and 124,000 physicians within the next 12 years. This projected shortage is expected to boost the adoption of telehealth solutions.
Geographic Review
This research report delves into key geographical regions, offering a thorough examination of North America, specifically focusing on the U.S. and Canada. In 2023, it is projected that the U.S. will hold the majority share of the North American telehealth market. Several factors contribute to this, including the growing trend of telehealth service adoption, an aging population, escalating healthcare spending, a rise in chronic conditions, and the presence of prominent industry players. According to data from the U.S. Census Bureau and Population Estimates and Projections, the country's elderly population is expected to surpass 80 million by 2040, up from 56.1 million in 2020. This aging demographic is driving an increase in chronic diseases requiring prompt treatment, thereby fostering the adoption of telehealth services.
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Key questions answered in the report-
- What are the segments within the market that are experiencing significant growth in terms of component, application, end user, and country?
- What were the past market trends and figures for telehealth throughout North America?
- What are the projected market outlook and estimations for the timeframe spanning from 2023 to 2030?
- What are the primary factors motivating growth, hindering progress, presenting potential avenues, and posing obstacles within the telehealth market of North America?
- Who are the key participants in the telehealth market?
- What does the competitive scenario look like, and which companies are leading the telehealth market in North America?
- What are the latest advancements or updates within the telehealth market of North America?
- How do the key players in the North American telehealth market approach their strategies?
- What are the regional patterns and which countries are experiencing significant growth within the telehealth market?
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