Virtual Visits Promotes Enhanced Services in the US Telehealth Market
Arizton’s recent market research report on the US telehealth market identifies Medtronic, Honeywell Life Care Solutions, Teladoc, American Well, BioTelemetry, GlobalMedia Group, AMD Global Telemedicine, and Philips Healthcare as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of the US telemedicine market 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).
The US telemedicine market is estimated to reach values of more than $13 billion by 2023, growing at a CAGR of approximately 27% during 2018-2023.
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The US telemedicine market is divided into three major segments that consist of modality, component, and geography.
Virtual visits segment to grow at an impressive CAGR in the US telemedicine market during forecast period
The US telemedicine market by modality is categorized into mHealth, remote patient monitoring, and virtual health.
The virtual visit segment dominated a significant market share in 2017, growing at a CAGR of around 21% during the forecast period.
Audio visits, chat consultations, and video visits form the major sub-segments that contribute to the growth of the virtual visits segment in the US market. Factors such as payment models, reimbursement policies, and security concerns are impacting the growth of this segment in the US market. The demand for virtual visits is driven by the growing requirement for enhanced healthcare services at the patient’s doorstep while curtailing costs in the US market. Virtual visit services leverage laptops, tablets, smartphones, and desktops to provide services to the patient convenience and access to doctors at any hour of the day in the US market. The implementation of interactive-audio consulting services and assistance through email or online chats and text through telecommunication devices will revolutionize this segment in the US telemedicine market. The leading insurance service providers are expanding their coverages to include these services in the US market to reach a maximum number of consumers.
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Patients & individuals segment to grow at the fastest CAGR in the US telemedicine market during forecast period
The end-user segment in the US telemedicine market is segmented into healthcare providers, patient and individuals, employer and government organizations, and payers.
Patients and individuals were the second largest contributor in 2017, growing at a CAGR of around 33% during the forecast period.
The growing demand for convenient and cost saving self-care and home healthcare treatment options is one of the primary factors boosting the demand for telehealth services in this end-user segment in the US market. The introduction of direct-to-consumer (DTC) telehealth services that offer real-time services that are easily accessible and cost-efficient without comprising on patient care and satisfaction will result in the evolution of the US market over the next few years. The leading players are investing in the development of integrated DTC patient portals to attract new consumers and gain a larger the US telemedicine market share. The government agencies in major states such as Florida, Texas, North Carolina, Georgia, and South Carolina are easing their restriction on out-of-state providers who offered Doctor on Demand services to many victims in the region. Such initiatives will propel the development of the US telemedicine market.
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Hardware segment to grow at a significant CAGR in the US telemedicine market during forecast period
The US telemedicine market by components is divided into services, hardware, and software. Hardware segment occupied a considerable market share in 2017, growing at a CAGR of around 24% during the forecast period. The growing prevalence of chronic diseases is propelling the demand for wearable devices, connected medical devices, and remote patient monitoring systems in the US market. The introduction of mobile sensors, wearable physiological monitors, health and wellness activity trackers, and telehealth-based tablets will augment the growth of this segment in the US market during the forecast period. These devices are designed to provide continuous monitoring, collect detailed real-time longitudinal data, and help in educating and empowering individuals to take control of their health. Such benefits will boost the demand for these products in the US telemedicine market. The launch of connectivity features of medical imaging equipment is offering new revenue streams for equipment manufacturers, service providers, and hospitals in the US market.
The other prominent players in the US telemedicine market include 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.
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The complete overview of the latest market research report on US telehealth market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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