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Telehealth Market in the US - Industry Outlook and Forecast 2018-2023

SKU : ARZ180605
  • Published on : July 2018

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This market research report on US telehealth market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by modality (mHealth, remote patient monitoring, and virtual health), by component (services, hardware, and software), and by end-users (healthcare providers, patient and individuals, employer and government organizations, and payers).

Key highlights of US telehealth market:

  • In the current healthcare industry, the global telehealth services are the most disruptive innovation and it is rapidly influencing the healthcare delivery model.
  • Telehealth is a proven way of better communication and providing care to patients in an efficient and cost-effective manner. It helps to achieve better healthcare outcomes at low costs.
  • The growth of telemedicine technology such as mHealth is gaining popularity with usage of smartphones and internet connectivity. These mobile applications allow providers to effectively rationalize communication between providers, patients, and their caregivers.
  • The demand for robotic platforms is increasing, vendors are investing significant amount on R&D activities to launch more sophisticated robotic platforms for healthcare services.

US Telehealth Market – Overview

The introduction of remote healthcare services to offer accessible and affordable medical assistance to all patients across the world is one of the primary factors attributing to the growth of the US telehealth market. Telehealth and telemedicine are interchangeably used in the healthcare industry and these services help in offering communication, diagnosis, treatment and patient monitoring in the US market. The use of these medical services will allow healthcare specialists and care providers to use innovative technologies, such as mobile phone applications, website monitoring applications, wearable devices, and video conferencing to remotely connect to patients in the US telemedicine market. The focus on integrating telecommunication services will help to reduce the cost of healthcare services and improve patient care systems across the US market. The introduction of low-powered network systems and medical sensors that are merged with a wireless network will revolutionize the US telemedicine market over the next few years. Real-time tracking and monitoring will allow doctors to use blood pressure monitoring, glucose monitoring, and other vital signs monitoring services remotely in the US market. The increasing awareness for self-management of diseases will promote the adoption of these innovative services in the US telehealth market. Furthermore, the introduction of remote patient monitoring devices, smart gadgets, and virtual visits will boost revenues in the US telehealth market during the forecast period.

The launch of telemedicine services helps minimize unnecessary hospital visits, long patient wait time, and physical discomfort caused to patients thereby, augmenting the demand in the US market. The growing demand for mHealth and virtual visits that offer continuous monitoring of health conditions with predictive analysis that aids in the detection of adverse health effects will transform the healthcare industry in the US market. The US telehealth market is expected to reach revenues of over $ 13 billion by 2023, growing at a CAGR of approximately 27% during 2017-2023.

US Telehealth Market at a Glance

US Telehealth Market Size, Share, Growth and Industry Anlaysis 2023

 

US Telehealth Market – Dynamics

The increasing availability of mobile health apps compatible with wearable medical devices will contribute to the growth of the US telehealth market. The extensive use of smartphones and internet connectivity is boosting the awareness about wearable devices and medical sensors in the US market. These devices are designed to enhance remote patient monitoring and telemedicine services in the market. Service providers are offering a varied range of mobile applications that support continuous monitoring of a patient’s condition along with the ability to personalize care for each patient to attract new consumers in the US telehealth market. With the use of wearable wireless sensors, people can monitor their vitals like blood oxygen, glucose levels, BP, and heart rhythm  seamlessly. Additionally, these devices and apps can store large volumes of health-related data that is transmitted to physicians for evaluation and monitoring of patients on a regular basis. Such innovations will transform the healthcare industry and boost demand in the US telehealth market. For instance, Fitbit and Garmin are two most popular wearable medical devices available in the US market.

US Telehealth Market – Segmentation

This market research report includes a detailed segmentation of the market by modality, component, and geography.

Segmentation of US Telehealth Market

US Telehealth Market segments and share by components, modality & endusers

 

US Telehealth Market – By Modality

Penetration of smart gadgets to boost demand for  the telemedicine technologies such as mHealth services in the US telehealth market during the forecast period

The US telehealth market by modality is segmented into mHealth, remote patient monitoring, and virtual health. mHealth occupied more than half of the market share in 2017, growing at a CAGR of around 33% during the forecast period. The growing preference of home care and self-care medical devices is one of the primary factors attributing to the growth of the mHealth segment in the US market. The increasing penetration of smart gadgets and next-generation connected devices such as smart glucose monitors, ECG trackers, and heart rate trackers will boost the demand for the telemedicine technologies in the US market. The increasing focus on disease management, fitness, continuous health monitoring, and wellness is promoting the use of sophisticated mHealth applications in the US market. Leading medical companies are combining personal devices with advanced technology for personalized care management to offer superior patient care and gain larger market share in the US  telehealth market. Moreover, the establishment of value-based reimbursement reforms is helping in reducing cost and improving healthcare outcomes and promoting the use of mHealth applications in the US market. The launch of health call centers, emergency toll-free telephone services, disaster management, patient records, and health surveys will augment the evolution of the mHealth segment in the US telehealth market during the forecast period.

US Telehealth Market – By Component

Technological innovations to transform the services segment in the US telehealth market during the forecast period

The component segment in the US telehealth market is classified into services, hardware, and software. The services segment dominated the largest market share in 2017, growing at a CAGR of over 31% during the forecast period. The service providers conduct and process virtual visits, online consultations of patients, and monitor patients in real time in this segment in the US telehealth market. The recent shift towards patient-centric value-based care systems is one of the major factors attributing to the adoption of telehealth services in the US market. The rising prevalence and incidence of chronic conditions such as diabetes, hypertension, cardiovascular diseases, COPD, and asthma will drive the demand for these services in the US telemedicine market. The use of these services will help patients to cut down costs and reduce the burden of hospital visits in the US market. The service providers in the US market are investing in the advancement of healthcare technology and the availability of effective treatment options to gain a larger share and offer better patient care in the US market. Hospitals and clinics are offering these services for remote patient monitoring as an early symptom management tool and to manage high-risk chronically ill patients. The changes in the regulating reimbursement policies and clarity on data protection laws will boost the adoption of these services in the US telehealth market.

US Telehealth Market – By End-Users

Adoption of tele-ICUs by various healthcare providers will revolutionize the US telehealth market during the forecast period

The US telehealth market by end-users is divided into healthcare providers, patient and individuals, employer and government organizations, and payers. The healthcare providers occupied the majority of the market share in 2017 growing at a CAGR of approximately 25% during the forecast period. The use of healthcare delivery system that enables healthcare providers to connect with consulting practitioners and patients across vast distances remotely is propelling the growth of this segment in the US market. The ability to perform high-tech monitoring without requiring patients to leave their homes, virtual consultations with distant specialists, cost-effective, and more convenient care option for patients are some of the benefits offered by these services, thereby encouraging healthcare providers to adopt these services in the US telehealth market. Various hospitals are offering telemedicine services for diagnosis, intervention, and treatment of a broad range of diseases in the US market. The increasing adoption of tele-ICUs, telestroke, cybersurgery, telepharmacy, virtual visits, and other such platforms will revolutionize the US telehealth market over the next few years.

Key Vendor Analysis

The US telehealth market is highly dynamic and fragmented with the presence of several medical device manufacturers, software or app providers, and healthcare service providers. The rapid technological advancement is encouraging vendors to introduce platforms with innovative and advanced features to meet the growing customer demands in the US market. The leading healthcare companies are investing in R&D to integrate hardware and software to improvise remote healthcare services to end-users and gain a larger US market share. Top service providers are offering wearable and connected medical devices compatible with telemedicine platforms to sustain the competition in the US market. The players are leveraging strategic marketing and distribution policies to attract new consumers to the US telehealth market.

The major vendors in the US market are:

  • AMD Global Telemedicine
  • American Well
  • BioTelemetry
  • GlobalMedia Group
  • Honeywell Life Care Solutions
  • Medtronic
  • Philips Healthcare
  • Teladoc

The other prominent players in the US telehealth market are A&D Company, Abbott, AgaMatrix, AirStrip Technologies, AliveCor, AT & T, Athenahealth, Biotricity, BIOTRONIK, Boston Scientific, Carena, Celtic Healthcare, CHI Health, edgeMED Healthcare, eVisit, GE Healthcare, iHealth Lab, IMDSOFT, INOVA, Integrity Urgent Care, InTouch health, iSelectMD, Jawbone, Masimo, MDLIVE, MedSpring, MeMD, Mercy Virtual, meVisit, OMRON Healthcare, PlushCare, Qualcomm Life, Ringadoc/MedXCom, Spacelabs Healthcare, Specialists on Call, THA Group, Vidyo, Virtuwell, VSee, and Zipnosis

Key market insights include

  1. The analysis of US telehealth market provides market size and growth rate for the forecast period 2018-2023.
  2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the US telehealth market.
  3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
  4. It offers a complete overview of market segments and the regional outlook of US telehealth market.
  5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.

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