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U.S. Telemedicine Market Study Report 2021 | McKesson Corporation, Cisco Systems, Honeywell International, Philips and Cerner Corporation
An increasing number of patients suffering from a variety of chronic diseases such as diabetes, cancer and heart disorders are expected to impel the need for telemedicine services across the United States.
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Additionally, growing adoption of unhealthy habits like alcohol consumption and tobacco smoking and a lifestyle that is becoming increasingly sedentary, are among some of the most prominent factors that are contributing towards the growing prevalence of various chronic diseases. In fact, according to 2017 CDC data, approximately 14 out of 100 people across the United States above the age of 18 smoked cigarettes.
The tele-consulting service segment is projected to hold a valuation of $28.1 billion by 2025. The tele-consulting segment is expected to witness an exponential growth over the forthcoming years due to the rapidly growing telecommunication infrastructure. Tele-consulting offers various consultation services for a wide spectrum of imaging modalities, a plethora of therapeutic indications and numerous different reading methodologies.
Growing applications of tele-consulting would exponentially impact on the telemedicine market growth during the analysis timespan, boosting industry expansion in the process.
In terms of component, the hardware subsegment is expected to witness exponential growth over the forecast timespan, recording a CAGR of 18.7%. There is an increase in the usage of telemedicine devices such as smartphones and tablets among others; which is a crucial factor that should significantly drive the segment growth over the forthcoming years. Additionally, numerous advancements in technology across the healthcare sector is also one of the major factors stimulating the hardware segment growth.
Telehome segment primarily caters to patients that are suffering from chronic diseases and are advised to not travel frequently. The telehome segment is slated to experience exponential growth of 18.9% over the forthcoming years. Implementation of telehome services is expected to rise owing to the advantages that it offers.
Telehome services provide opportunities to enhance patient care alongside substantial cost savings for patients choosing treatment at home, thereby driving the demand for telehome services, which should further drive the growth of U.S. telemedicine industry.
Web/Mobile delivery segment accounted for a significant chunk of the U.S. telemedicine market, holding maximum revenue of over $11.9 billion in 2018. The Web based telemedicine delivery platform is now a standardized infrastructure that is used to provide access to sophisticated telemedicine applications. The web segment can be beneficial for the organizations having issues with offering healthcare services to patients living in remote areas. Additionally, increasing adoption of the web segment across the United States should drive the growth of segment which should further establish a distinguished U.S. telemedicine market growth trends during the forecast timespan.
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Some of the most prominent players responsible for the growth of the U.S. telemedicine market are American Well, Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, Cerner Corporation, Cisco Systems, BioTelemetry, Honeywell International Inc, InTouch Technologies, Eagle Telemedicine, SOC Telemed, Specialist Telemed and InSight.
Acquisitions, new product launch, mergers and regional expansions are the primary business strategies implemented by market participant firms.
According to the latest research report by Global Market Insights Inc., the U.S. telemedicine market is projected to surpass a valuation of $64 billion by 2025.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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