CHICAGO, April 15, 2020 /PRNewswire/ -- According to Arizton's recent research report, Telehealth Market in US - Industry Outlook and Forecast 2020-2025 is expected to grow at a CAGR of approximately 30% during the period 2019−2025. This market research report includes data-driven and deep market insights on the impact of COVID-19 across geographies, segments, and vendor landscape. Leverage Arizton's market analysis to take real-time strategic business decisions and enhance your product portfolios.
Key Highlights Offered in the Report:
1. The US telehealth market is expected to reach to around $10 billion by 2020 with high double-digit YoY growth of around 80%, due to the recent COVID-19 pandemic.
2. Healthcare service providers are utilizing services such as telehealth that connect doctors and patients remotely to implement social distancing to prevent spreading of coronavirus.
3. Recently, approximately 76% of US hospitals connect with patients and consulting health care professionals remotely using video, audio, chat, email, and related technologies.
4. Favorable private and public reimbursement coverage for telehealth services in almost every state and recent inclusion of remote patient monitoring (RPM) under federal reimbursement coverage are fueling the uptake of telehealth services in the US.
5. Rising number of mobile health (mHealth) adoptions due to the widespread use of smartphones and internet connectivity is one of the key growth factors of the US telehealth market.
6. Post COVID-19, hospitals across the US are planning to invest more on telehealth solutions and associated physician education in order to increase physician familiarity with telehealth.
Market Size & Forecast by Revenue | 2019−2025
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by modality, component, delivery mode, and end-user
Competitive Landscape – Profile of 8 key vendors and 37 other vendors
The remote patient monitoring (RPM) segment is growing at a healthy rate and is expected to continue during the forecast period. This growth can be attributed to the growing prevalence of chronic diseases such as cardiovascular, diabetes, and respiratory diseases in the elderly population that require regular monitoring and high-quality healthcare.
The telehealth services segment is growing at the fastest CAGR as the demand for these services is increasing across the US. These services require to conduct and process virtual visits, online consultations of patients, interact with other healthcare professionals, and monitor patients on a real-time basis.
The web/app-based telehealth segment accounts for the largest share in the US telehealth market. As the web-based delivery model requires minimal software and hardware components for delivering advanced telehealth solutions, the demand is relatively high since it reduces upfront installation costs. Hence, the market is witnessing the increased adoption of web-based services by healthcare providers.
Market Segmentation by Modality
Real-time Virtual Health
Remote Patient Monitoring
Store and Forward
Market Segmentation by Component
Market Segmentation by Delivery Mode
Market Segmentation by End-user
Patients & Individuals
Employees & Government Organizations
Telehealth Market in US – Dynamics
Robotics platforms and robots are being used in healthcare, especially for performing minimally invasive surgeries to treat urological and gynecological disorders. Growing popularity of mHealth, virtual visits, and tele-ICUs, the usage of robotics is being expanded into telehealth services as well. With fewer skilled physicians to meet the growing healthcare needs of the target population, hospitals and healthcare centers are investing in robotic platforms telehealth that increase their patient capacity and geographical reach. Cutting-edge telemedicine and virtual reality (VR) applications have also integrated robotic technology that are presently being incorporated into many clinical applications.
Key Drivers and Trends fueling Market Growth:
Major Expansion of Reimbursement for Telehealth Services
Increasing Demand for Telehealth Due to COVID-19 Pandemic Crisis
Growing Demand for Remote Patient Monitoring Platforms and Connected Medical Devices
Advances in Technology Encouraging Adoption of Telehealth Among End-Users
Arizton – Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.