Industry Trends

North America Telemedicine Market growth was valued at USD 25.8 billion in 2019 and is expected to witness 19.0% CAGR from 2020 to 2026.

Telemedicine offers advantage of remote monitoring of patients with electronic communication. Integration of modern technology has enabled tele-consulting with video-conferencing tools. This helps healthcare professional in real time monitoring of patients with certain health conditions. 
 

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The recent incidence of COVID-19 has resulted into travel restrictions due to lockdowns and government regulations. This has offered significant demand for telemedicine services during pandemic. With increasing awareness, people are shifting towards telemedicine platforms for routine health check-ups and appointments to minimize the risk of COVID-19 infection. These platforms are providing routine care and consultations along with information regarding corona care amid pandemic situation. This will further boost its adoption and propel the regional industry growth.

Rising prevalence of chronic diseases in the region will create the demand for remote monitoring and home healthcare services. According to the Center For Disease Control and Prevention, chronic diseases are among the leading causes of disability and death in the U.S. Such conditions need timely check-ups and continued monitoring that will act as an opportunity for telemedicine. Moreover, adoption of internet-based services with escalating internet consumption among the population will positively impact the North America telemedicine market.

 North America Market, By Service

Based on service, the market is segmented into into tele-consulting, tele-monitoring, tele-education/training and others. The tele-consulting segment accounted for over 44% market share in 2019 and is expected to foresee significant growth during the forecast timeframe. Tele-consultations allow effective examination of patients in remote settings providing better access to treatment with the advantage of cost. Advancements in technology, including video consulting with HIPAA compliant tools has further improved monitoring ability. The extensive applications of tele-consulting in gynecology, cardiology and dermatology will propel the segment growth in forthcoming years.

North America Market, By Type

Based on type, the market is segmented into telehospital and telehome. The telehospital segment dominated the market with majority of share in 2019 and is projected to grow at 18.8% during the forecast period. The high growth can be attributed to its broader access to overall population in the region. Telehospitalists are helping to enhance efficacy in resource limited healthcare facilities. Thus, the expansion and increasing accessibility of telehospitals will boost the segment growth.
 

North America Market, By Specialty

Based on speciality, the market is classified into dermatology, mental health, cardiology, neurology, orthopaedics, gynecology and others. The dermatology segment was valued at more than USD 6.5 billion in 2019. Increasing focus on facial appearances and number of cosmetic surgeries will drive the demand for online consultation. Furthermore, growing prevalence of dermal conditions with changing lifestyle and environmental factors will drive the regional demand for tele-consultations that will augment the segment expansion during the forecast period.
 

North America Market, By Deliver Mode

By delivery mode, the market is segmented as web/mobile and call centers. The call centers segment constituted over 35% market share in 2019 and is projected to foresee similar trend in coming years. Effective patient engagement with healthcare professionals through direct contact will stimulate growth opportunities. Call centers allow providers to extend patient care continuum and reduce hospital readmission rates that will further impel the segmental revenue during forecast period.

North America Market, By Country

U.S. telemedicine market is poised to exceed USD 80 billion by 2026. The market growth is primarily attributed to adoption of high-end technology services and products in the region. Further, increasing use of smartphones and internet consumption will stimulate growth potential of the industry. Additionally, rise in number of chronic diseases with growing geriatric population drives the demand for telehome services. This will result into preference for telemedicine services in the region propelling the market growth in the future.
 

Competitive Market Share

Some of the major industry players involved in North America telemedicine market include Honeywell International, BioTelemetry, Allscripts Healthcare Solutions and Teladoc among others. Market players are focusing on technological development, new product launch and strategic collaborations to sustain competitive advantage. For instance, in November 2019, American Well has acquired Aligned Telehealth to expand its behavioural health virtual care service portfolio. This acquisition has enhanced growth potential of the company.
 

Industry Background

Telemedicine has streamlined treatment flow for both patient as well as healthcare professionals broadening access to health facilities. At the beginning, during early 1970’s it was developed with professional and patient restricted with one location. Consulting was provided with another expensive and complex video conferencing equipment. Advent of smartphones and internet has enabled online monitoring and examination providing primary and urgent care. Such integration of new technologies will increase efficiency with less cost resulting into unprecedented industry growth.