Telemedicine Market in the U.S. to cross USD 89.6 Bn by 2027: Global Market Insights Inc.

Telehospital segment in the U.S. telemedicine market is estimated to attain a CAGR of more than 17.3% through 2027 owing to the increasing government initiatives promote patients to opt for physician consultation through virtual channels

SELBYVILLE, Del., Oct. 18, 2021 /PRNewswire/ -- The U.S. telemedicine market size is anticipated to record a valuation of USD 89.6 billion by 2027, according to the most recent study by Global Market Insights Inc. The increasing demand for telemedicine platforms has increased the venture capital investment greatly. Furthermore, investors are showing great interest in funding telemedicine platforms and start-ups owing to massive growth opportunities and high return-on-investment.

Tele-education/training segment was valued at USD 3.43 billion in 2020. Tele-education is employed to deliver education to remote or rural healthcare professionals. The service eradicates distance barriers and improves medical education/training services, especially in remote communities. Also, tele-education services can help assist emergency medical care, thus enhancing the overall treatment outcome.

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Telehospital segment is projected to witness 17.3% growth rate till 2027 led by the rising government initiatives promote patients to opt for physician consultation through virtual channels. The rising need for cost-efficient healthcare treatments, growing demand for remote patient services and rising governmental support will boost the telehospital market in the coming years.

Cardiology segment in the U.S. telemedicine market crossed USD 4.94 billion in 2020. The American Heart Association's Heart & Stroke Statistics states that approx. 356,000 out-of-hospital cardiac arrests (OHCA) are reported annually in the U.S. Cardiac disorder patients require regular health check-ups and follow-ups to track their health status. Telemedicine services minimize the financial burden on the patient and reduce hospital visits.

The hardware segment captured 15.1% of the U.S. telemedicine market share in 2020. The high growth rate is attributed to the growing use of devices such as telemedicine carts, digital cameras, laptops, consoles, and others. The segment growth is credited to the increasing demand for telemedicine services amid COVID-19. Increasing demand for telemedicine services led to high consumption of telemedicine hardware, thus fostering market demand for the hardware segment.

Web/Mobile segment accounted for USD 18.92 billion in 2020. Web-based delivery platform provides easy and fast access to various telemedicine services. It benefits the patients living in remote areas. Moreover, the rising adoption of telemedicine solutions throughout the U.S. will further drive the industry growth.

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Few notable companies operating in the U.S. telemedicine market include McKesson Corporation, Cisco Systems, Honeywell International, Philips and Cerner Corporation. Other players such as Allscripts Healthcare Solutions, AMD U.S., BioTelemetry, InTouch Technologies, American Well, Specialist Telemed, SOC Telemed, InSight, Eagle Telemedicine, Teladoc Health and Blue Sky. The leaders are focusing on various strategies such as mergers, acquisitions, new service launches among others.

Table of Contents (ToC) of the report:

Chapter 3 U.S. Telemedicine Market Insights

3.1  Industry segmentation

3.2  Industry landscape, 2016 – 2027

3.3  Industry impact forces

3.3.1  Growth drivers

3.3.2  Industry pitfalls & challenges

3.4  Growth potential analysis

3.4.1  By service

3.4.2  By type

3.4.3  By specialty

3.4.4  By component

3.4.5  By delivery mode

3.5  Reimbursement scenario in U.S.

3.6  Penetration/adoption in U.S. hospitals

3.7  Telemedicine modalities

3.8  Government initiatives

3.9  Telemedicine future trends

3.10  COVID-19 impact analysis

3.11  Porter's analysis

3.12  Competitive landscape, 2020

3.13  PESTEL analysis

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