North American Telehealth Market will reach $9,496.6 Million by 2024, AMD Global Telemedicine, Inc., American Well, Care Innovations, Cerner Corporation, Cisco Systems, Inc., Doctor On Demand, Honeywell Life Care Solutions, Intouch Health, Medtronic PLC,
the North American telehealth market is expected to grow at a CAGR of 24.3% from 2018 to 2024 to reach $9,496.6 million by 2024, driven by factors such as shortage of healthcare professionals, improving health IT infrastructure, favorable government initiatives & reforms/policies supporting digital health, technological advancement in mobile health technology, increasing awareness about benefits of telemedicine, and growing focus on value-based care and population health management.
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The North American telehealth market study presents historical market data in terms of value (2016 and 2017), estimated current data (2018) and forecasts for 2024 – by component (services, software, and hardware), deployment model (web & cloud-based, and on-premise), application (radiology, cardiac monitoring, primary/urgent care, neurophysiological monitoring, remote ICU, mental health, and other), end user (healthcare providers, payers, patients and others). The study also evaluates industry competitors and analyzes the market at country level.
Telehealth services are being widely adopted across the North American region as they can ease shortage of healthcare professionals and efficiently improve access to healthcare for people living in remote/rural areas. Telehealth services held a significant share in 2017; however, software market is set to register the highest CAGR during the forecast period.
In 2017, web & cloud-based telehealth solutions captured a major share owing to factors such as storage flexibility, accessibility, cost-effectiveness, easy scalability, and automated software upgradations.
Radiology and cardiology are by far the two leading applications of telehealth. Teleradiology captured a major share in 2017; however, adoption of telehealth for mental and behavioral health applications is growing rapidly. This is supported by significant rise in mental health issues coupled with the shortage of behavioral health providers that offers opportunities for telehealth market to meet the exploding demand for mental health services.
Healthcare providers contribute majorly to the telehealth market revenues. Providers are increasingly adopting telehealth to address shortage of doctors especially in specialty care, meet healthcare needs of growing geriatric population and rising burden of chronic diseases, reduce healthcare costs and provide value-based care, and reach patients in underserved/rural areas where access to healthcare is limited.
This research report analyzes North American region including the U.S., and Canada. The U.S. commanded the largest share in 2017 owing to well-established digital communication infrastructure, shift from fee-for-service to value-based models, improving reimbursement policies and coverage of telehealth across states, growing need to address shortage of physicians especially in rural /underserved areas, and the presence of large number of telehealth solutions providers in the region.
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Scope of the report
Market by Component
• Remote Monitoring
• Real-time Interactions
• Store-and-forward Consultations
• Integrated Software
• Standalone Software
• Medical Peripheral Devices
• Blood Pressure Monitors
• Blood Glucose Monitors
• Weighing Scales
• Pulse Oximeters
• Peak Flow Meters
• ECG Monitors
• Other Devices
Market by Deployment Model
• Web & Cloud-based
Market by Application Radiology
• Cardiac Monitoring
• Primary/Urgent Care
• Neurophysiological Monitoring
• Remote ICU
• Mental Health
Market by End User
• Healthcare Providers
• Healthcare Payers
Market by Geography
• North America
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+91 744-7780008 (Asia-Pacific)
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