U.S. Telehealth Market Size to Reach Revenues around USD 43 Billion by 2026 - Arizton
CHICAGO, May 3, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this U.S. telehealth market report.
The U.S. telehealth market is expected to grow at a CAGR of over 28% during the period 2020−2026.
Key Highlights Offered in the Report:
- During the COVID-19 pandemic the adoption of teleconsultation among the physicians increased drastically. There were many relaxations on the reimbursement and other regulatory guidelines in the country which increased the usage of telehealth among the patients in the country.
- Chronic care in the application segment dominated the market, expected to grow at an incremental growth of more than USD 13 billion during the forecast period.
- Healthcare providers in the end-user section dominated the market. Due to the increased adoption of telehealth among the patients, the healthcare providers also increased the usage of telehealth especially in the disease management, post-acute care management programs.
- Web/App based telehealth dominated the mode of delivery segment. Due to the increased usage of mobile phones, broadband internet connections the web/app-based telehealth dominated in the market and it is expected to grow at an absolute growth of more than 380% in the market.
- The services in the components segment dominated the market. This is due to the adoption of end-to-end telehealth solutions offered by telehealth companies to healthcare providers such as hospitals, clinics, and home care settings and it is expected to grow at an absolute growth of around 450%.
- Realtime virtual health dominated the market based on modality. This was widely used in pharmacies, employer sites, and emergency rooms in hospitals, colleges, and grocery stores, which increased its usage and is expected to grow at an absolute growth of more than 450%.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by modality, component, end-user, application, and geography
- Competitive Landscape – 10 key vendors and 44 other vendors
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U.S. Telehealth Market – Segmentation
- The US telehealth services market is growing at a fast CAGR of over 32% due to the shift in focus to patient-centric, value-based care from conventional hospital-centric and fee-per-service models. The growing geriatric population is driving the connected medical devices market.
- In 2020, the web/app-based telehealth segment constituted over 77% of the U.S. telehealth market share. As the web-based delivery model requires minimal software and hardware components for delivering telehealth solutions, the demand is relatively high since they reduce upfront installation costs.
- The US telehealth services market is growing at a fast CAGR of over 32% due to the shift in focus to patient-centric, value-based care from conventional hospital-centric and fee-per-service models. The growing geriatric population is driving the connected medical devices market.
U.S. Telehealth Market by Modality
- Real-time Virtual Health
- Remote Patient Monitoring
- Store and Forward
U.S. Telehealth Market by Component
- Service
- Hardware
- Software
U.S. Telehealth Market by Application
- Chronic Care
- Radiology
- Mental Health
- OB/GYN
- Urgent Care
- Others
U.S. Telehealth Market by Delivery Mode
- Web/App-based
- Cloud-based
- On-premise
U.S. Telehealth Market by End-user
- Healthcare Providers
- Patients & Individuals
- Employers & Government Organizations
- Payers
U.S. Telehealth Market – Dynamics
Recognizing the significant benefits of telehealth services, the Centers for Medicare & Medicaid Services (CMS) has expanded the reimbursement options for telehealth services. As the country's single largest healthcare payor, the CMS' policies on telehealth reimbursement are likely to go a long way in setting the standards across all types of healthcare facilities in the US. Identifying the benefits of remote patient monitoring (RPM), CMS has been offering reimbursement for RPM services since 2018. Such initiatives are expected to strengthen popular Medicare private health insurance plans, expand telehealth access for patients, and improve coordination among all the healthcare channel participants. In 2019, the CMS further finalized policies that increased plan choices and benefits, including enabling Medicare Advantage plans to avail additional telehealth benefits. The extended CMS policy represents a historic step in bringing innovative technology such as RPM to Medicare beneficiaries. This is likely to propel the future growth of the telehealth market in the US.
Key Drivers and Trends fueling Market Growth:
- Strategic Acquisitions & Collaborations
- Emergence of Telehealth Robots & Robotic Platforms
- Increasing Demand for Tele-ICUs
- Growing Target Pool of Patients Requiring Telehealth Services
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Major Vendors
- AMD Global Telemedicine
- American Well
- BioTelemetry
- GlobalMedia Group
- InTouch Health
- Koninklijke Philips
- Medtronic
- Resideo Life Care Solutions
- Teladoc Health
- Vivify Health
Other Prominent Vendors
- AirStrip Technologies
- A&D Company
- Abbott
- AgaMatrix
- AliveCor
- AT&T
- athenahealth
- BIOTRONIK
- Boston Scientific
- Biotricity
- CHI Health
- Doctor on Demand
- edgeMED Healthcare
- eVisit
- GE Healthcare
- Genome Medical
- Graham Healthcare Group
- Harris Computer
- HealthTap
- INOVA
- iHealth Labs
- Integrity Urgent Care
- iSelectMD
- MedArrive
- Masimo
- MDLIVE
- Medici
- MeMD
- MedXCom
- Mercy Virtual
- NextGen Healthcare
- Nines
- Omron Healthcare
- PlushCare
- 98point6
- SOC Telemed
- Spacelabs Healthcare
- THA Group
- TytoCare
- Vidyo
- Vsee
- virtuwell
- Vida Health
- ZIPNOSIS
Explore our healthcare and lifesciences profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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SOURCE Arizton Advisory & Intelligence
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