North America Telemedicine Market is expected to touch $21.77 Bn by 2020 | Market Data Forecast

The North America telemedicine market is estimated to grow from $8.94 billion in 2015 to $21.77 billion in 2020, with a compound annual growth rate (CAGR) of 19.50% over the next five years. Though it is a small sector in the healthcare market presently, it is one of the fastest growing sectors in the overall healthcare market. The recent healthcare reforms have transformed the telemedicine market and have been influential in expanding the reach of such applications.

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The overall healthcare cost is rising due to the increase in the number of elderly patients who need maximum healthcare; Telemedicine helps in improving individual health with the assistance of electronic media. With healthcare experts spread across the world, the teleconsultation–referrals–second opinion chain has increased significantly to various parts of the globe. Obstacles such as distance barriers and a shortage of healthcare professionals can be bypassed with the use of tele medicine.

Increasing population, growing number of chronic diseases and rising cost of healthcare services are some of the crucial drivers for the growth of the North America telemedicine market. In addition, increased use of technology in healthcare conveyance and a shortage of physicians in rural areas is foreseen to offer new prospect for growth of telemedicine market. On the other hand, restrictive licensure laws adopted by the United States with respect to the telemedicine care market, dearth of consumer awareness about new-fangled technology and its uses are some of the main constraints hindering the growth of the North America telemedicine market.

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The North America market for telemedicine is segmented on the basis of Technology (Hardware, Software, Telecommunications), Service (Remote Patient Monitoring, Store-and-Forward, Real-Time Interactive), Applications (Tele-Cardiology, Tele-Pathology, Tele-Radiology, Tele-Dermatology, Tele-Neurology, Emergency Care, Home Health), Delivery mode (Web-based, Cloud-based) and End User (Tele Hospitals, Tele Homes).

Medical consultation services will be the most frequently used form of telemedicine by the healthcare professionals for expanding the outreach of their medical advice. The tele-monitoring segment will also enjoy an upward trend due to the growing diabetic and disabled population. On the basis of geography, the North America telemedicine market is analysed under USA and Canada regions. North America accounts for the major chunk of the global telemedicine market. This is owed to high acceptance for technology in this part of the world.

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Telemedicine players are focussing their attention on improving their technology offerings in terms of hardware, network, and software (i.e., enabling technologies). Healthcare companies are assessing the return on investment (ROI) and clinical results of the telemedicine technology. Tier I players are estimating opportunities in telemedicine in the form of consolidation. Insurance companies are taking a realistic look at the capability of the telemedicine market to support e-healthcare and considerably improve the bottom line. Some of the major companies operating in the North America telemedicine market in are AMD Global Telemedicine, CISCO Systems, Inc., Medtronic, Inc., GE Healthcare (U.K.), Aerotel Medical Systems, Philips healthcare, Honeywell Lifesciences, Cerner Corporation, CardioComm, McKesson Corp. Other players in the North America telemedicine market are 3M, Robert Bosch Healthcare, Apollo Hospitals (India), Neosoft (China), Polycom Corp., F. Hoffmann-La Roche Ltd., SnapMD (U.S.), InTouch Technologies, Inc., OBS Medical Ltd., Siemens Healthcare, LifeWatch AG, Agfa HealthCare NV, Biotelemetry, Inc., Allscripts Healthcare Solutions.

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