North America Telehealth Market to be Worth $273.29 Billion by 2030 - Exclusive Report by Meticulous Research®

North America Telehealth Market by Component [Hardware (Peripheral Devices, Monitor), Software (Cloud, On-premise), Services (Real-time, Remote Monitoring)], Application (Radiology, Cardiology, Psychiatry), End User (Provider, Payer) - Forecast to 2030

Redding, California, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to a new market research report, North America Telehealth Market by Component [Hardware (Peripheral Devices, Monitor), Software (Cloud, On-premise), Services (Real-time, Remote Monitoring)], Application (Radiology, Cardiology, Psychiatry), and End User (Provider, Payer) - Forecast to 2030,’ published by Meticulous Research®, the North America telehealth market is expected to register a CAGR of 22.8% from 2023 to reach $273.29 billion by 2030.

Telehealth, also known as telemedicine, is a system of delivering healthcare services remotely, such as medical examination and consultation. Telemedicine enables healthcare professionals to evaluate, diagnose, and treat patients without needing an in-person visit. Telehealth services allow patients to communicate with healthcare professionals remotely using their personal devices or by visiting a dedicated telehealth kiosk. Telehealth provides great convenience for consumers and increases access to healthcare, especially in rural areas.

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The North America telehealth market is driven by the declining number of physicians, the rising geriatric population, the increasing prevalence of chronic diseases, and increasing awareness about the benefits & convenience of telehealth. Furthermore, the use of AI & virtual assistants and the advent of telerobots offer significant growth opportunities for players in this market. However, data security and confidentiality concerns are expected to restrain the market growth to some extent.

Closure of Hospitals with Declining Number of Physicians Supported the Growth of North America Telehealth Market

As per the American Health Association (AHA) data, nearly 136 rural hospitals were shut down between 2010 and 2021, with 19 closures in 2020 alone. This was due to low reimbursement, staffing shortages, low patient volume and regulatory barriers, as well as the continued financial challenges associated with the COVID-19 pandemic. Moreover, labor, drugs, supplies and equipment expenses have also increased drastically, posing difficulties in maintaining access to care for people in rural communities.

According to the Association of American Medical Colleges data, the U.S. population is projected to grow by 10.6% in 2019–2034, from about 328 million to 363 million, with a 42.4% increase in the population aged 65 and above. More than two of every five active physicians in the U.S. will be 65 or older within the next decade. Their retirement decisions will dramatically affect the magnitude of national workforce shortages. Also, data published in 2020 showed that the U.S. could see a shortage of 54,100 to 139,000 physicians by 2033. This decline in the number of physicians is expected to increase the need and demand for telehealth, driving the market.

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The report also includes an extensive assessment of the component, application, end user, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the years (2020–2023). The telehealth market has witnessed numerous organic and inorganic strategic developments in recent years.

Based on component, the North America telehealth market is segmented into services, hardware, and software. The growing need for specialized care, increased healthcare efficiency, and the need to curtail healthcare costs support the largest share of the services market. As per the data from the World Health Organization, in June 2022, the healthcare prices forced 38% of American adults (representing an estimated 98 million people) to either delay or skip treatment, cut back on driving, utilities, and food, or borrow money to pay medical bills. The inflation reached 9.1%, a new 40-year high. The need to reduce healthcare costs supported the adoption of telehealth services.

Based on application, the market has been segmented into psychiatry, radiology, cardiology, primary care, dermatology, remote ICU, and other applications. The growing prevalence of anxiety, stress, and mental conditions and the need for timely treatment for mental health concerns due to the shortage of primary psychiatric care are driving the growth of this segment. According to the Substance Abuse and Mental Health Services Administration data, governments are also funding various initiatives for providing mental health services. For instance, in 2020, the U.S. government provided $530 million for Mental Health Programs of Regional and National Significance, which increased to $753 million in 2022. The increasing funding by governments toward the setup of mental health services boosts the adoption of telehealth.

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Based on payer, in 2023, the healthcare providers segment is expected to account for the largest share of the North America telehealth market. Advanced healthcare system, well-established telehealth infrastructure in hospitals and increased adoption by healthcare providers owing to the benefit that telehealth supported the largest share. As these solutions offer quick & seamless workflow to keep patient records, real-time monitoring, remote patient treatment, and improved decision-making power for healthcare providers help to increase the adoption of telehealth.

Based on geography, the U.S. is expected to be the largest market in the North America telehealth market in 2023. The country’s largest share is attributed to factors such as a shortage of physicians, prevalence of chronic conditions, presence of key players, closure of rural hospitals, and favorable government reforms in the region. According to the U.S. Census Bureau and Population Estimates and Projections, the country’s geriatric population is projected to reach over 80 million in 2040 from 56.1 million in 2020. This population group is particularly prone to several infectious and chronic diseases due to their weakened immune systems, leading to the increased need for quick & remote monitoring, driving the adoption of telehealth.

Some of the key players operating in this market are Aerotel Medical Systems (1998) Ltd. (Israel), Cerner Corporation (U.S.), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), AMD Global Telemedicine (U.S.), American Well Corporation (U.S.), Cisco Systems, Inc. (U.S.), Doctor On Demand, Inc. (U.S.), MDlive Inc. (U.S.), Siemens Healthineers AG (Germany), Teladoc Health, Inc. (U.S.), and Zipnosis, Inc. (U.S.).

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Scope of the Report:

North America Telehealth Market - by Component

  • Services
    • Real-time
    • Store & Forward
    • Remote Monitoring
  • Software
    • Cloud/Web-based
    • On-premise
  • Hardware
    • Medical Peripheral Devices
    • Blood Pressure Monitors
    • Blood Glucose Monitors
    • Pulse Oximeters
    • Weighing Scales
    • Peak Flow Meters
    • ECG Monitors
    • Other Devices
    • Telemedicine Carts
    • Monitors
    • Telemedicine Kiosks

North America Telehealth Market - by Application

  • Psychiatry
  • Radiology
  • Cardiology
  • Primary care
  • Dermatology
  • Remote ICU
  • Other Applications

North America Telehealth Market - by End User

  • Healthcare Providers
  • Healthcare Payers
  • Consumers
  • Other End Users

North America Telehealth Market - by Country

  • U.S.
  • Canada

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About Meticulous Research®

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