U.S. Telemedicine Market

U.S. Telemedicine Market Size (2024 to 2029)

The U.S. Telemedicine Market size is predicted to grow at a 14% CAGR from 2024 to 2029 and be worth USD 25.04 billion by 2029. At a global level, the United States is the dominating country in the market. Teledoc Health, Doctor of Demand, and MD LIVE are the top 3 companies in the United States Telemedicine Market.

The Journal of the American Medical Association stated the principal aim of telemedicine is to offer better healthcare and specialty services in the rural places of the United States. As a result, the telemedicine visits in the United States increased at a CAGR of 261% from 2015 to 2017, which was remarkable and has given colossal scope and encouragement to many companies to operate.

In the U.S., telecommunications has been an enjoyable part of the medical sector as it evaluates diagnosis and treatment procedures for the patients without traveling to the hospitals. In addition, it provides care and support for the patients by monitoring frequently and prescribing drugs. The new telemedicine services include wireless communications systems, which improve the safety of the patients and practitioners.

COVID-19 Impact on the U.S. Telemedicine Market

Virtual healthcare interactions are growing beyond expectations due to COVID-19. The number of virtual care cases is to reach 200 million by the end of 2020 in the U.S. New York, and New Jersey are severely affected by COVID-19, and the doctors are offering virtual care appointments for the patients. These are likely to seek more technicians to provide quality services for the patients online.

The U.S. Food and Drug Administration has instructed that veterinarians can use telemedicine to combat coronavirus spread. However, it is also essential to take care of the animals in the pandemic situation, so the FDA has recognized this role and taken this initial step forward.

The Health and Human Services (HHS) has changed its policies by allowing patients to use video platforms for medicare. In addition, the government has decided to provide new flexibilities for both patients and doctors during these conditions.   As public health professionals recommend social distancing to contain COVID-19, telehealth services play a vital role in lowering the spread of this disease. As a result, many health insurance issuers take significant steps to promote telehealth services without cost-sharing. In addition, HHS released a notification for health providers to strictly maintain the patient's privacy.  These regulations are to leverage the demand for telehealth in many countries.

MARKET DRIVERS

Growing spending on healthcare is also one of the factors leveraging the market's demand. However, increasing disposable income in urban areas and raising awareness of the new applications are outshining the market's need. In addition, the rising adoption of the latest technologies and the launch of innovative techniques in telemedicine drive the market in this region.

Increasing the utilization of smartphones and laptops with awareness of the internet of things is a crucial driving factor for the U.S. telemedicine market to grow. In addition, the rise in the incidences of cancer diseases is adding fuel to the market's demand.

The rise in support from the I.T. sector for the medical industry significantly influences the market's demand. In addition, increasing investments in healthcare centers will surge growth opportunities for the market.

MAJOR CHALLENGES

The lack of skilled persons in monitoring the condition of the patients through systems has a hurdle to the market growth. Rapid changes in the software are also hindering the need of the market. Increasing concern for privacy and safety among people is slowly hampering the development of the telemedicine market in the U.S. 

KEY MARKET PARTICIPANTS

AMD Global Telemedicine, Inc., American Well, Cisco Systems, Inc., Cerner Corporation, Doctor On Demand, MDLIVE Inc., Honeywell Life Care Solutions, Intouch Health, Medtronic PLC, McKesson Corporation, Siemens Healthineers, Philips Healthcare, Sherpaa Health, SnapMD, Inc. Iris Telehealth, and Teladoc, Inc. are currently dominating the telemedicine market in the United States

Medtronic PLC, one of the leading companies in this market, introduced a division called Medtronic Care Management Services in favor of the United States Department of Veteran Affairs with home telehealth devices and services in 2022.

SEGMENTS COVERED IN THIS REPORT

U.S. Telemedicine Market Analysis By Type

• Technology
  • Hardware
  • Software
  • Telecommunications
• Service
  • Remote Patient Monitoring
  • Store-and-Forward
  • Real-Time Interactive

U.S. Telemedicine Market Analysis By Application

• Tele-Cardiology
• Tele-Radiology
• Tele-Pathology
• Tele-Dermatology
• Tele-Neurology
• Emergency Care
• Home Health
• Others

U.S. Telemedicine Market Analysis By Delivery Mode

• Web-based
• Cloud-based
• Others

U.S. Telemedicine Market Analysis By End-User

• Tele-Hospitals
• Tele-Homes