Pune, India, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The U.S. telemedicine market size was valued at USD 38.04 Billion in 2022 and is projected to grow at a CAGR of 15.1% during the forecast period. Healthcare providers utilize telemedicine to provide care from a distance by identifying disease symptoms and ensuring the situation is controlled.
The rising demand for virtual care in the U.S. to manage chronic diseases is estimated to drive market growth during the forecast period. The COVID-19 pandemic positively impacted the U.S. telemedicine market growth. The growth was attributed to the increased use of telemedicine services among patients in the U.S.
Fortune Business Insights™ mentioned this in a report titled, “U.S. Telemedicine Market, 2023-2030.”
Key Industry Development
February 2023 – Midi Health and Lifepoint Health partnered to increase virtual specialty care access for older women using telehealth tools. With this partnership, Lifepoint and Midi Health will fill a significant gap in care for women experiencing perimenopause and menopause symptoms by leveraging telemedicine to serve patients across the U.S.
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Key Takeaways:
- The increasing demand for convenient and affordable healthcare is driving the growth of the U.S. telemedicine market.
- Rising adoption of telemedicine by healthcare providers, and the technological advancements in telemedicine.
- The key players in the U.S. telemedicine market are Teladoc Health, Inc., Amwell, Inc., MDLIVE, Inc., Hims & Hers Health, Inc., and Healthpeak.
- These companies are investing in research and development, new product development, and partnerships to maintain their competitive edge in the market.
- The U.S. telemedicine market is facing some challenges, such as the lack of awareness about telemedicine, the need for more training for healthcare providers, and the need for better reimbursement policies.
Discover the Leading Players Featured in the Report:
Major players in the U.S. telemedicine market are American Well (U.S.), MDLIVE Inc. (U.S), Teladoc Health Inc. (U.S.), Doctor on Demand Inc. (U.S.), MeMD (U.S.), Encounter Telehealth (U.S.), Global Med (U.S.), SnapMD (U.S.).
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 15.1% |
| Base Year | 2022 |
| Market Size in 2022 | USD 38.04 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 80 |
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Drivers & Restraints
Economic Benefits of Telemedicine Services to Aid Market Growth
The economic benefits of using telemedicine products and services for healthcare management is the key factor driving the U.S. telemedicine market growth during the forecast period. Telemedicine has demonstrated a considerable impact in decreasing potentially avoidable admissions to the emergency department and reducing unnecessary hospital admissions and readmissions.
However, the technological and infrastructural issues in rural areas hinder market growth during the forecast period.
Report Scope & Segmentation:
By Type
- Products
- Services
By Application
- Teleradiology
- Tele-pathology
- Tele-dermatology
- Telepsychiatry
- Tele-cardiology
- Others
By Modality
- Store-and-forward
- Real-time
- Others
By End User
- Healthcare Facilities
- Homecare
- Others
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Services Segment Growth Augments by the Growing Trend for Outsourcing Services in the U.S.
By type, the market is divided into products and services. The services segment dominated the market in 2022 owing to the increasing trend of outsourcing services, such as teleradiology, and rising government reforms for reimbursement.
Advancements in Cloud-based Technology Propel Teleradiology Segment Growth
Based on application, the market is classified into teleradiology, telepathology, telecardiology, telepsychiatry, teledermatology, and others. The teleradiology segment held the largest U.S. telemedicine market share in 2022. The growth is attributed to the advancements in cloud-based technology and the increasing usage of teleradiology services.
Store-and-Forward Segment Growth Drives Rising Telemedicine Adoption in Store-and-Forward Services
The market is segmented by modality into real time, store-and-forward, and others. The store-and-forward segment dominated the market in 2022 due to the increasing adoption of telemedicine in the fields, such as dermatology, radiology, and pathology.
Growing Virtual Consultation Service Providers Drive Healthcare Facilities Segment Growth
By end user, the market is divided into healthcare facilities, home care, and others. The healthcare facilities segment held the largest market share in 2022. The growth is attributed to the growing number of virtual consultation service providers and the increasing use of telecommunication tools to train doctors in medical colleges.
Report Coverage
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
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Competitive Landscape
Growing Key Players Focus on Strategic Collaborations to Drive Market Growth
The market consists of key players, such as Teladoc Health Inc., Ping An Good Doctor, American Well, and GlobalMed. The increasing focus of these key players on strategic collaborations to expand their market presence and maintain market position is estimated to boost market growth during the forecast period. The other key players in the market with a significant presence include Doctor on Demand Inc., Encounter Telehealth, MDLIVE Inc., MeMD, and others.
FAQ’s
How Big Is The U.S. Telemedicine Market?
U.S. Telemedicine Market size Is USD 38.04 billion in 2022
How Fast the U.S. Telemedicine Market Growing?
The U.S. Telemedicine Market will exhibit a CAGR of 15.1% during the forecast period, 2023-2030
Related Reports:
Telemedicine Market Share, Trends, and Forecast To 2030
Emergency Telemedicine Services Market Size, Share, Trends, Growth | Global Forecast Report 2030
Telehealth Market Size, Share| Global Forecast Report 2030
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