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(Medical-NewsWire.com, January 17, 2020 ) According to this latest publication from Meticulous Research®, the North America telehealth market is expected to grow at a CAGR of 24.3% from 2018 to 2024 to reach $9,496.6 million by 2024, driven by factors such as shortage of healthcare professionals, improving health IT infrastructure, favorable government initiatives & reforms/policies supporting digital health, technological advancement in mobile health technology, increasing awareness about benefits of telemedicine, and growing focus on value-based care and population health management.
The North America telehealth market study presents historical market data in terms of value (2016 and 2017), estimated current data (2018) and forecasts for 2024 – by component (services, software, and hardware), deployment model (web & cloud-based, and on-premise), application (radiology, cardiac monitoring, primary/urgent care, neurophysiological monitoring, remote ICU, mental health, and other), end user (healthcare providers, payers, patients and others). The study also evaluates industry competitors and analyzes the market at country level.
Telehealth services are being widely adopted across the North American region as they can ease shortage of healthcare professionals and efficiently improve access to healthcare for people living in remote/rural areas. Telehealth services held a significant share in 2017; however, software market is set to register the highest CAGR during the forecast period.
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In 2017, web & cloud-based telehealth solutions captured a major share owing to factors such as storage flexibility, accessibility, cost-effectiveness, easy scalability, and automated software upgradations.
Radiology and cardiology are by far the two leading applications of telehealth. Teleradiology captured a major share in 2017; however, adoption of telehealth for mental and behavioral health applications is growing rapidly. This is supported by significant rise in mental health issues coupled with the shortage of behavioral health providers that offers opportunities for telehealth market to meet the exploding demand for mental health services.
Healthcare providers contribute majorly to the telehealth market revenues. Providers are increasingly adopting telehealth to address shortage of doctors especially in specialty care, meet healthcare needs of growing geriatric population and rising burden of chronic diseases, reduce healthcare costs and provide value-based care, and reach patients in underserved/rural areas where access to healthcare is limited.
This research report analyzes North American region including the U.S., and Canada. The U.S. commanded the largest share in 2017 owing to well-established digital communication infrastructure, shift from fee-for-service to value-based models, improving reimbursement policies and coverage of telehealth across states, growing need to address shortage of physicians especially in rural /underserved areas, and the presence of large number of telehealth solutions providers in the region.
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Some of the key players operating in North America telehealth market are AMD Global Telemedicine, Inc., American Well, Care Innovations, LLC (Intel Corporation), Cerner Corporation, Cisco Systems, Inc., Doctor On Demand, Honeywell Life Care Solutions, Intouch Health, MDLIVE Inc., Medtronic PLC, McKesson Corporation, Philips Healthcare, Sherpaa Health, Siemens Healthineers, SnapMD, Inc. Teladoc, Inc., Vidyo, Inc., Iris Telehealth, and Zipnosis among others.
Key questions answered in the report-
Which are the high growth market segments in terms of component, deployment model, application, end users, and countries?
What was the historical market for telehealth solutions in North America?
What are the market forecasts and estimates for the period 2018-2024?
What are the major drivers, restraints, opportunities, and challenges in the North America telehealth market?
Who are the major players and their shares in the North America telehealth market?
How is the competitive landscape?
What are the recent developments in the North America telehealth market?
What are the different strategies adopted by the major players in the North America telehealth market?
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