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North America Telemedicine Market Size to Outpace USD 98 Bn By 2026
Published Date: 2020-09-28
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According to the Graphical Research new growth forecast report titled North America Telemedicine Market Value is set to exceed USD 98 billion by 2026. Applications of telemedicine in cardiovascular and orthopedic diseases along with several other chronic conditions will create its demand in the region for disease monitoring. According to National Health Council, about 133 million American population suffers through chronic conditions and the number is expected to reach at 157 million by the end of 2020. Technological development in these platforms ease the flow of treatment and real time monitoring of patient in remote settings. Thus, with growing disease burden, the market will foresee tremendous growth opportunities.
Rising government initiatives and findings will also propel the telemedicine market growth in the region. For instance, The Office for the Advancements of Telehealth is involved in the promotion of telehealth technologies for information services, education and healthcare delivery in the U.S. Further, due to occurrence of COVID-19 the government is focusing on providing virtual care. Such efforts by government along with industry players will influence telemedicine services demand in the American countries.
However, security and privacy issues associated with telemedicine platforms will limit its adoption that could impede the market growth to some extent in coming years.
The tele-monitoring segment held approximately 24% market share in 2019 and will exhibit significant growth during the projection period. Tele-monitoring help healthcare specialists in remote monitoring of patients to provide urgent care. Its applications in monitoring heart conditions among cardiac patients further boost growth potential with substantial increase in number of cardiovascular diseases. Moreover, rising adoption of tele-monitoring among population with developmental disabilities in home settings will stimulate segmental growth in forthcoming years.
The telehome segment was valued over USD 9.0 billion in 2019 and considered to be fastest growing segment over forecast period. The segment growth can be attributed to increased geriatric population requiring in-home treatment services. It minimizes number of hospital visits offering ease in treatment procedure for the elder age group. Thus, preference for home healthcare services within geriatric population with chronic diseases will augment the segmental growth.
The mental health segment accounted for more than 18% market share in 2019 and will continue to witness robust growth during projected timeline. Telepsychiatry provides range of services including psychiatric evaluations, medication management of patient, therapy and patient education to improve mental health of person. It helps to alleviate shortage of healthcare professionals in this field making services accessible to wide population. Therefore, improved patient health and accessibility to treatment will spur its demand in coming future.
The web/mobile segment constituted about 60% market share in 2019 and is projected to witness similar growth in foreseeable future. Introduction of variety of platforms and smartphone applications for remote monitoring and consulting will positively influence the revenue growth of the segment. Moreover, recent incidence of COVID-19 has shifted population focus on online platforms providing homecare services. The segment is further subclassified into telephonic and visualized. Visualized tele services enhanced the ability of professionals to diagnose and examine patients more thoroughly. Owing to aforementioned factors the segment will witness lucrative growth.
Canada telemedicine market is estimated to grow at 20.3% CAGR during analysis timeframe. The market growth is attributed to government initiatives and efforts to improve healthcare access in the country. For instance, the government of Canada announced USD 240.5 million investment for the development and expansion of mental health tools and virtual care during COVID-19 pandemic. Furthermore, growing awareness, geriatric population, chronic diseases and demand for advanced technologies will boost the local industry growth.
Major market players in market are Honeywell International, Teladoc, Allscripts Healthcare Solutions and BioTelemetry among others. The market players are focusing on adoption of inorganic growth strategies such as merger, collaboration and partnerships to enhance their product offerings. This will propel the local market growth. For instance, in August 2020, Teladoc and Livongo entered into merger agreement to strengthen their virtual care offerings and provide quality services to healthcare professionals across the globe. This will result into significant revenue growth of the company in the upcoming years.
The market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
Market Share, By Service, 2015-2026 (USD Million)
Market Size, By Type, 2015-2026 (USD Million)
Market Growth, By Specialty, 2015-2026 (USD Million)
- Mental Health
Market Forecast, By Delivery Mode, 2015-2026 (USD Million)
- Call Centers
The above information is provided for the following region and countries:
- North America