What's driving the U.S. Telemedicine Market trends? Cisco Systems, Philips, Cerner Corporation, McKesson Corporation, Honeywell International, Allscripts Healthcare Solutions, AMD U.S., BioTelemetry, InTouch Technologies, American Well, Specialist Telemed

Market Study Report LLC has added a new report on U.S. Telemedicine market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of U.S. Telemedicine market in tandem with its competitive terrain.

U.S. Telemedicine Market is expected to exceed USD 64.0 billion by 2025. Technological advancements related to mobile phones and internet penetration coupled with increasing demand for cost-saving in healthcare delivery are the major factors driving the U.S. telemedicine market.

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The major players include McKesson Corporation, Cisco Systems, Honeywell International, Philips and Cerner Corporation. Other business participants include Allscripts Healthcare Solutions, AMD U.S., BioTelemetry, InTouch Technologies, American Well, Specialist Telemed, SOC Telemed, InSight, Eagle Telemedicine and Blue-Sky Telehealth.

Some major findings of the U.S. telemedicine market report include:

-> Increasing prevalence of chronic diseases is one of the major factors boosting adoption of telemedicine services and offer better home supervision.

-> Rising usage of smartphones in the U.S. is leading to the growth of telemedicine practice.
-> Mobile phones combined with attachable scanners or wearable devices are the most significant tools for self-diagnosis.

-> Various novel apps in smart phones can assist patients in scheduling doctors visits, and thereby manage their health and save money on treatments, thus boosting market growth.

-> Various healthcare facilities have implemented telemedicine services to enhance their operational capability, thus augmenting business growth.

Increasing prevalence of chronic diseases is one of the pivotal factors that has created the need to adopt telemedicine services and provide greater home supervision. Growing number of patients suffering from chronic diseases such as cancer, diabetes and cardiovascular disease will drive the demand for telemedicine services. Rising adoption of unhealthy lifestyle and habits such as alcohol consumption and tobacco smoking is one of the major reasons for high prevalence of chronic conditions in the U.S. As per 2017 CDC data, nearly 14 out of every 100 people in the U.S. aged more than 18 years smoked cigarettes. Hence, the aforementioned factors will significantly foster the U.S. telemedicine market growth.

Technological advancements associated with telemedicine devices is another major growth fostering factor. Mobile phones combined with wearable devices or attachable scanners are becoming one of the most important tools for self-diagnosis. Smartphones can now easily diagnose mental conditions such as Alzheimers and respiratory diseases with simple tests. An enhanced lens attached to a smartphones camera has the capability to diagnose skin and oral conditions. Similarly, scanners attached to smartphones can diagnose blood samples for malaria, chronic condition, thyroid problems, and others.

However, dearth of reimbursement policies coupled with stringent regulatory scenario in the U.S. will limit the industry growth. Furthermore, security and privacy concerns related to telemedicine services is another major growth limiting factor. Tele-consulting segment is estimated to witness lucrative growth of 18.2% across the forecast timeframe. Tele-consulting provides consultation services for large number of therapeutic indications, wide array of imaging modalities and several different reading methodologies. Tele-consulting enables patients that are residing in remote areas to avail healthcare services without any delays and at much lower cost, thus boosting service demand.

Telehospital segment accounted for USD 12.7 billion in 2018. High growth is attributable to increasing government grants and funding for telehospital medicine, growing need for efficient healthcare quality services at low cost and rising number of smart phone users. Various government initiatives will further lead to segmental growth. For instance, the U.S. Department of Health and Human Services (DHHS) authorized USD 25.9 billion under the HITECH act to expand and promote adoption of healthcare IT in the U.S., thereby positively impacting the industry growth.

Neurology segment is expected to witness significant growth of 19.3% during the projected timeframe. High growth rate is attributed to convenient and easy follow-up of patients suffering from neurological disorders. High pervasiveness of neurological disorders coupled with increasing need for efficient management of neurological disorders will boost application of telemedicine services in neurology.

Services segment accounted for largest revenue share of 53.0% in 2018. High growth is attributed to rising demand for telemedicine services across the U.S. Moreover, growing applications of telemedicine in healthcare systems coupled with increasing prevalence of chronic disorders will further augment business growth.

Web/mobile based telemedicine segment held significant revenue share of USD 11.8 billion in 2018. Advantages associated with web/mobile based telemedicine platforms such as easy integration and user-friendly customization will ensure high adoption rate in the future. Web-based service models can be easily integrated with internal network for sharing patients health information, that is of prime importance in telemedicine. Such standardized communication platform guarantees advantages such as usability and accessibility to both providers and customers, thus augmenting the industry growth.

The U.S. telemedicine market is fragmented in nature, with large corporations, local small players as well as start-ups joining the industry competition. The key industry participants hold maximum market share owing to strong financial revenue, brand recognition and premium after sales service.

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These companies implement various strategies in order to stay ahead in the competitive market. Major strategies adopted by the players in the market include new product launch, expansion strategy, acquisition strategy, among others. For instance, in December 2017, Philips acquired VitalHealth. The acquisition helped Philips in strengthening its remote patient monitoring platform by catering to chronic disease populations, congestive heart failure, Alzheimers disease, etc.

Report Content

Chapter 1. Methodology

1.1. Methodology

1.2. Market definition

1.3. Forecast parameters

Chapter 2. Executive Summary

2.1. U.S. telemedicine industry 360 degree synopsis, 2014 - 2025

2.1.1. Business trends

Chapter 3. U.S. Telemedicine Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2014 - 2025

3.3. Industry impact forces

Chapter 4. U.S. Telemedicine Market, By Service

4.1. Key segment trends

4.2. Tele-consulting

Chapter 5. U.S. Telemedicine Market, By Type

5.1. Key segment trends

5.2. Telehospital

Chapter 6. U.S. Telemedicine Market, By Specialty

6.1. Key segment trends

6.2. Cardiology

Chapter 7. U.S. Telemedicine Market, By Component

7.1. Key segment trends

7.2. Hardware

Chapter 8. U.S. Telemedicine Market, By Delivery Mode

8.1. Key segment trends

8.2. Web/Mobile

Chapter 9. Company Profiles

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