DUBLIN, Jan 7, 2019 /PRNewswire/ --
The "Telehealth Market in the US - Industry Outlook and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The US telehealth market is expected to reach revenues of over $ 13 billion by 2023, growing at a CAGR of approximately 27% during 2017-2023.
US Telehealth Market - Overview
The introduction of remote healthcare services to offer accessible and affordable medical assistance to all patients across the world is one of the primary factors attributing to the growth of the US telehealth market. Telehealth and telemedicine are interchangeably used in the healthcare industry and these services help in offering communication, diagnosis, treatment and patient monitoring in the US market. The use of these medical services will allow healthcare specialists and care providers to use innovative technologies, such as mobile phone applications, website monitoring applications, wearable devices, and video conferencing to remotely connect to patients in the US market.
The focus on integrating telecommunication services will help to reduce the cost of healthcare services and improve patient care systems across the US market. The introduction of low-powered network systems and medical sensors that are merged with a wireless network will revolutionize the US market over the next few years. Real-time tracking and monitoring will allow doctors to use blood pressure monitoring, glucose monitoring, and other vital signs monitoring services remotely in the US market. The increasing awareness for self-management of diseases will promote the adoption of these innovative services in the US market. Furthermore, the introduction of remote patient monitoring devices, smart gadgets, and virtual visits will boost revenues in the US telehealth market during the forecast period.
The launch of telemedicine services helps minimize unnecessary hospital visits, long patient wait time, and physical discomfort caused to patients thereby, augmenting the demand in the US market. The growing demand for mHealth and virtual visits that offer continuous monitoring of health conditions with predictive analysis that aids in the detection of adverse health effects will transform the healthcare industry in the US market.
US Telehealth Market - Dynamics
The increasing availability of mobile health apps compatible with wearable medical devices will contribute to the growth of the US telehealth market. The extensive use of smartphones and internet connectivity is boosting the awareness about wearable devices and medical sensors in the US market. These devices are designed to enhance remote patient monitoring and telemedicine services in the market. Service providers are offering a varied range of mobile applications that support continuous monitoring of a patient's condition along with the ability to personalize care for each patient to attract new consumers in the US market.
With the use of wearable wireless sensors, people can monitor their vitals like blood oxygen, glucose levels, BP, and heart rhythm seamlessly. Additionally, these devices and apps can store large volumes of health-related data that is transmitted to physicians for evaluation and monitoring of patients on a regular basis. Such innovations will transform the healthcare industry and boost demand in the US telehealth market. For instance, Fitbit and Garmin are two most popular wearable medical devices available in the US market.
This market research report includes a detailed segmentation of the market by modality, component, and geography.
US Telehealth Market - By Modality
Penetration of smart gadgets to boost demand for mHealth services in the US telehealth market during the forecast period.
The US telehealth market by modality is segmented into mHealth, remote patient monitoring, and virtual health. mHealth occupied more than half of the market share in 2017, growing at a CAGR of around 33% during the forecast period. The growing preference of homecare and self-care medical devicesis one of the primary factors attributing to the growth of the mHealth segment in the US market. The increasing penetration of smart gadgets and next-generation connected devices such as smart glucose monitors, ECG trackers, and heart rate trackers will boost the demand for these services in the US market. The increasing focus on disease management, fitness, continuous health monitoring, and wellness is promoting the use of sophisticated mHealth applications in the US market.
Leading medical companies are combining personal devices with advanced technology for personalized care management to offer superior patient care and gain larger market share in the US market. Moreover, the establishment of value-based reimbursement reforms is helping in reducing cost and improving healthcare outcomes and promoting the use of mHealth applications in the US market. The launch of health call centers, emergency toll-free telephone services, disaster management, patient records, and health surveys will augment the evolution of the mHealth segment in the US telehealth market during the forecast period.
US Telehealth Market - By Component
Technological innovations to transform the services segment in the US telehealth market during the forecast period.
The component segment in the US telehealth market is classified into services, hardware, and software. The services segment dominated the largest market share in 2017, growing at a CAGR of over 31% during the forecast period. The service providers conduct and process virtual visits, online consultations of patients, and monitor patients in real time in this segment in the US market. The recent shift towards patient-centric value-based care systems is one of the major factors attributing to the adoption of telehealth services in the US market. The rising prevalence and incidence of chronic conditions such as diabetes, hypertension, cardiovascular diseases, COPD, and asthma will drive the demand for these services in the US market.
The use of these services will help patients to cut down costs and reduce the burden of hospital visits in the US market. The service providers in the US market are investing in the advancement of healthcare technology and the availability of effective treatment options to gain a larger share and offer better patient care in the US market. Hospitals and clinics are offering these services for remote patient monitoring as an early symptom management tool and to manage high-risk chronically ill patients. The changes in the regulating reimbursement policies and clarity on data protection laws will boost the adoption of these services in the US telehealth market.
US Telehealth Market - By End-Users
Adoption of tele-ICUs by various healthcare providers will revolutionize the US telehealth market during the forecast period.
The US telehealth market by end-users is divided into healthcare providers, patient and individuals, employer and government organizations, and payers. The healthcare providers occupied the majority of the market share in 2017 growing at a CAGR of approximately 25% during the forecast period. The use of healthcare delivery system that enables healthcare providers to connect with consulting practitioners and patients across vast distances remotely is propelling the growth of this segment in the US market.
The ability to perform high-tech monitoring without requiring patients to leave their homes, virtual consultations with distant specialists, cost-effective, and more convenient care option for patients are some of the benefits offered by these services, thereby encouraging healthcare providers to adopt these services in the US market. Various hospitals are offering telemedicine services for diagnosis, intervention, and treatment of a broad range of diseases in the US market. The increasing adoption of tele-ICUs, telestroke, cybersurgery, telepharmacy, virtual visits, and other such platforms will revolutionize the US telehealth market over the next few years.
Key Vendor Analysis
The US telehealth market is highly dynamic and fragmented with the presence of several medical device manufacturers, software or app providers, and healthcare service providers. The rapid technological advancement is encouraging vendors to introduce platforms with innovative and advanced features to meet the growing customer demands in the US market. The leading healthcare companies are investing in R&D to integrate hardware and software to improvise remote healthcare services to end-users and gain a larger US market share. Top service providers are offering wearable and connected medical devices compatible with telemedicine platforms to sustain the competition in the US market. The players are leveraging strategic marketing and distribution policies to attract new consumers to the US telehealth market.
The major vendors in the US market are:
- AMD Global Telemedicine
- American Well
- GlobalMedia Group
- Honeywell Life Care Solutions
- Philips Healthcare
Other Companies Mentioned
- Spacelabs Healthcare
- A&D Company
- Qualcomm Life
- iHealth Lab
- OMRON Healthcare
- THA group
- Integrity Urgent Care
- Celtic Healthcare
- CHI Health
- edgeMED Healthcare
- InTouch Health
- Airstrip Technologies
- Boston Scientific
- MDLIVE Inc.
- meVisit Technologies
- Specialists on Call
- GE Healthcare
For more information about this report visit https://www.researchandmarkets.com/research/4c89qq/united_states?w=5
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