U.S. Telemedicine Market Size Worth Around USD 25.88 Billion By 2027, at 15.8% CAGR

According to the research report, the U.S. Telemedicine Market size was valued at USD 6.61 billion in 2019 and is anticipated to reach USD 25.88 Billion By 2027, growing at a CAGR of 15.8%.

The market is projected to witness significant growth over the forecast period. In the recent past telemedicine had been witnessing steady growth over the last few years due to a variety of reasons. The sudden advent of healthcare devices, rapid investments in the IoHT, and the recent corona pandemic is all set to propel the market in a direction of high growth. Prior the pandemic, telemedicine was referred to as a suitable service but now is being referred to as absolute necessity considering the advantages that the technique has to offer especially in the times of the pandemic and this factor is propelling rapid growth of the U.S. telemedicine industry.

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Top Market Players Are:

Some of the major market participants include Koninklijke Philips, Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers Ag, Cisco Systems, Asahi Kasei Corporation, Iron Bow Technologies, American Well, Teladoc Health, Medvivo Group, AMC Health, Chiron Health, Zipnosis, VSEE, IMEDIPLUS, MEDWEB, U.S.MED. among others.

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Companies in the U.S. telemedicine industry have streamlined their overall provider onboarding processes in order to gain expansion of their physician capacity. One such company to do so is TelaDoc. The move was aimed to add a significant number of physicians and doctors onboard. This was done in keeping in mind the perception that more the number of doctors better for the patient to access healthcare for treating multiple conditions on a single platform. As number of doctors join on the overall telemedicine platform, it will prompt more and more citizens of the U.S. to opt for the same.

The accelerated approvals by the U.S. regulatory agencies is benefitting foreign market participants as well. For example, DreamTech an electronic component company based in South Korea, announced in July 2020, that it has received approval for using its electrocardiogram (ECG) patch Biosensor 1A for usage in telemedicine purposes. The product was developed in partnership with the U.S. based LifeSignals Inc. The sensor is aimed at addressing the understaffing issues caused due to the corona pandemic in hospitals across the nation.

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Novel product development is a key industry scenario in the U.S. telemedicine industry. In July 2020, MolecuLight Inc., announced the launch of i:X Telemedicine Solution, that enables to perform imaging for the accurate determination of wounds that contain bacteria. The solution essentially connects the patient and the wound care specialist and provides the latter with accurate, objective information on the status of the bacteria in the wound thus facilitating informed decision-making pertaining to diagnosis. Such trends are benefitting the market growth.

Telemedicine has revolutionized the overall healthcare industry in the U.S. The system essential allows immediate access to healthcare providers to patients by using various devices. While the adoption in the U.S. was growing steadily in the past few years, the recent corona pandemic has certainly accelerated the adoption rate. The rising need to maintain social distancing has led to a rise in need for virtual connection between the patients and the doctors thus leading to market growth.

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In response to the rising number of COVID 19 cases, the U.S. agency, CDC has urged and appealed to healthcare providers across the country to actively engage with patients in a virtual manner. In lieu of this appeal, several federal health agencies took concrete steps for facilitation of telemedicine services through their establishments. The U.S. government also expanded the services to more than 62 million beneficiaries in the country.

Polaris Market Research has segmented the U.S. Telemedicine Market report on the basis of component, application, mode of delivery, and end-user

Telemedicine Component Outlook (Revenue, USD Billion, 2015 - 2027)

Hardware
Telemedicine Carts
Kiosks
Digital Cameras
Telemedicine Kits
Mobile Medical Devices
Other Devices
Software & Services
Remote Patient Monitoring Software & Services
Real-Time Interaction Software & Services
Store-And-Forward Software & Services
Remote Order Entry Service
Others

Telemedicine Application Outlook (Revenue, USD Billion, 2015 - 2027)

Teleradiology
Telepsychiatry
Telestroke
Tele-ICU
Teledermatology
Teleconsultation
Other Applications

Telemedicine Mode of Delivery Outlook (Revenue, USD Billion, 2015 - 2027)

Mobile Health Apps
Virtual
Telehealth Portals & kiosks
Others

Telemedicine Diagnostics End User Outlook (Revenue, USD Billion, 2015 - 2027)

Providers
Payers
Patients

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