US Telemedicine Market Size & Share Expected to Reach USD 25.88 Billion By 2027 | CAGR: 15.8%: Polaris Market Research

NEW YORK, March 21, 2022 /PRNewswire/ -- Polaris Market Research recently published a research report on "U.S. Telemedicine Market Share, Size, Trends, Industry Analysis Report By Component (Hardware, Software & Services); By Application (Teleradiology, Telepsychiatry, Telestroke, Tele-ICU, Teledermatology, Teleconsultation); Mode of Delivery (Mobile Health Apps, Virtual, Telehealth Portals & Kiosks), By End User (Providers, Payers, Patients); Segment Forecast, 2020 - 2027" in its research database.

According to research report published by Polaris Market Research, the U.S. Telemedicine Market size expected to reach to USD 25.88 Billion By 2027 from USD 6.61 Billion in 2019, at a compound annual growth rate (CAGR) of 15.8% during forecast period 2020 to 2027.

Telemedicine, also called telehealth or e-medicine, is the application of clinical medicine that offers healthcare services, including exams and consultations. The Telemedicine system allows healthcare providers to deliver care to patients when the provider and patient are not physically present with each other. With this technology, health care practitioners and patients can share information via real-time two-way communication. Patients can get doctors' advice about non-emergency medical problems and diagnosis and treatment according to the problem they are facing.

This software is cost-effective as it reduces the necessity for a physical visit to get medical advice or treatment. Those who require dosage adjustments, lifestyle regimens, prescription refills can benefit from the convenience of telemedicine. Telemedicine is experiencing rapid development all across the globe, including in the U.S. However, the scope of telemedicine and its complexity varies from case to case. Affordability, ability to offset unnecessary treatment delay, easy to use and operate systems, swift diagnosis is some of the factors favoring the market growth in the U.S.

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The Reader Will Find The Following Fundamental Factors

• Analysis of the current and future structure of the U.S. telemedicine market.
• Analysis of the consumption patterns.
• The international business environment, reasons for gaps, and initiatives are discussed.
• Product applications and types are suggested.
• The products or goods and consumption in a particular country and region are given.
• The forecasts for the anticipated period are mentioned.
• Barriers and hurdles in the U.S. telemedicine market that the players are facing are highlighted.

Top Players in the U.S. Telemedicine Market Are:

• Allscripts
• AMD Global Telemedicine
• BioTelemetry
• Cerner
• Cisco Systems
• Honeywell International
• InTouch Technologies
• McKesson Corporation
• OBS Medical
• GE Healthcare
• Iron Bow Technologies
• American Well Corporation
• Teladoc Health
• Medvivo Group
• AMC Health
• Medtronic
• Siemens Healthcare
• Asahi Kasei
• Koninklijke DSM

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Key Questions Answered In The Report Include

• What is the current U.S. telemedicine market size?
• How will the U.S. telemedicine market change over the forecast period, and what will be the market size in the upcoming years?
• What are the driver's restraints associated with the market, and how do these factors affect the dynamics over the forecast period?
• What are growth areas within the U.S. telemedicine market space?
• How is the market sub-categorized, and which are the leading segments?
• What strategies are the market players adopting?

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U.S. Telemedicine Market: Growth Driving Factors

The growth of telemedicine in the U.S. and its growing prevalence has led to greater access to quality healthcare. Through this telemedicine application, patients that reside in rural areas as well as remote locations, where limited resources are available, can now reach quality healthcare virtually. Telemedicine is efficient and cost-effective over traditional medicine, and this factor has favored the market growth of the former in the U.S. Telemedicine benefits patients with facilities such as online communication & consultation, software consultation, e-visits, etc. These aspects make low-cost telemedicine medication. Moreover, rising digital health infrastructure, growing telecommunication industry, and high investments in telemedicine start-ups are expected to accelerate the global U.S. telemedicine market progression during the forecast period.

The recent outbreak of the COVID-19 pandemic, which imposed complete lockdown with stringent monitoring on the movement of people and goods, however, had a positive impact on the U.S.  telemedicine market growth.  This led to a rise in the use of telemedicine technologies. Hospitals in the U.S. are using telemedicine solutions for managing high patient inflow, which is also accelerating the market growth in the region. 

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U.S. Telemedicine Market: Report Scope

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U.S. Telemedicine Market: Segmentation

• Insight by Component

On the basis of components, the market is bifurcated into hardware and softwares & services. Among these two, the softwares & services segment dominated the market with the highest growth as well as enjoyed the highest penetration. The softwares & services segment was valued at USD 4.12 billion in 2019 and is anticipated to grow at a forecasted CAGR of 16.0% from 2020 to 2027. The key factors accelerating this segment growth include the development of novel software, growing research and development activities, the introduction of updated software, as well as development of user-friendly, robust, and low-cost software. Similarly, the hardware components segment in the market is anticipated to progress at an anticipated CAGR of 16.0% over the forecast period.

• Insight by Mode of Delivery

On the basis of mode of delivery, the cloud-based mode of the delivery segment is anticipated to witness the highest growth rate over the projected period. The key drivers of this segment involve bandwidth, accessibility, disaster recovery, and cost savings, among others. Cloud-based mode of delivery is scalable and flexible. Other advantages provided by this mode of delivery, such as better control of access as well as logging, better data encryption, have led to widespread adaption, particularly in the U.S. telemedicine industry.

• Insight by Application

Based on the application, Telestroke is projected to generate the highest growth rate over the forecast period. Stroke is the major cause of death in the country. The condition can also lead to long-term disability. Telemedicine can be used to offset this major health condition, as the application provides care to patients by improving overall patient access and monitoring. Moreover, the Teleradiology segment is expected to witness promising growth over the forecast period due to the positive impact of AI and its effective implementation, particularly in the U.S.

Browse the Detail Report "U.S. Telemedicine Market Share, Size, Trends, Industry Analysis Report By Component (Hardware, Software & Services); By Application (Teleradiology, Telepsychiatry, Telestroke, Tele-ICU, Teledermatology, Teleconsultation); Mode of Delivery (Mobile Health Apps, Virtual, Telehealth Portals & Kiosks), By End User (Providers, Payers, Patients); Segment Forecast, 2020 - 2027" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/us-telemedicine-market

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The market is primarily segmented on the basis of Component, Application, Mode of Delivery, and by End-User.

U.S. Telemedicine Market: By Component Outlook

• Hardware
• Telemedicine Carts
• Kiosks
• Digital Cameras
• Telemedicine Kits
• Mobile Medical Devices
• Other Devices
• Softwares & Services
• Remote Patient Monitoring Software & Services
• Real-Time Interaction Software & Services
• Store-And-Forward Software & Services
• Remote Order Entry Service
• Others

U.S. Telemedicine Market: By Application outlook

• Teleradiology
• Telepsychiatry
• Telestroke
• Tele-ICU
• Teledermatology
• Teleconsultation
• Other Applications

U.S. Telemedicine Market: By Mode of Delivery

• Mobile Health Apps
• Virtual
• Telehealth Portals & kiosks
• Others

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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SOURCE Polaris Market Research