Meticulous Research®, a globally recognized research firm, has published a new comprehensive report titled, "North America Telehealth Market by Component [Hardware (Peripheral Devices, Monitor), Software (Cloud, On-premise), Services (Real-time, Remote Monitoring)], Application (Radiology, Cardiology, Psychiatry), End User (Provider, Payer) – Forecast to 2030." This report highlights the promising future of telehealth services in North America, showcasing key market trends, drivers, and projections for growth through the decade.
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According to the report, the North America telehealth market is expected to witness a robust compound annual growth rate (CAGR) of 22.9% from 2023 to 2030. By the end of this forecast period, the market is projected to reach a valuation of $273.29 billion. The primary factors driving this growth include the aging population, the increasing burden of chronic diseases, and favorable policy frameworks aimed at improving healthcare access across the region.
Moreover, the integration of artificial intelligence (AI) and virtual assistants into telehealth platforms, along with the development of telerobots, is expected to provide significant growth opportunities for market players. These technological advancements are transforming healthcare delivery by enhancing efficiency and improving patient outcomes.
However, the industry still faces several challenges. Concerns regarding patient privacy, data security, and confidentiality may slow the pace of adoption. Additionally, some healthcare providers may be reluctant to transition from traditional systems to telehealth solutions, and the risk of misdiagnosis in remote settings continues to be a barrier for market growth.
Key Players Shaping the Market
Several leading companies are at the forefront of innovation in the North American telehealth market. Notable industry players include Aerotel Medical Systems (1998) Ltd. (Israel), Cerner Corporation (U.S.), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), AMD Global Telemedicine (U.S.), American Well Corporation (U.S.), Cisco Systems, Inc. (U.S.), Doctor On Demand, Inc. (U.S.), MDlive Inc. (U.S.), Siemens Healthineers AG (Germany), Teladoc Health, Inc. (U.S.), and Zipnosis, Inc. (U.S.).
These companies are leveraging cutting-edge technology and services to meet the growing demand for telehealth solutions. Their strategic initiatives, collaborations, and investments are expected to play a critical role in driving the future growth of the telehealth market.
Components: Services Lead the Charge
The report segments the telehealth market into services, hardware, and software components. Among these, the services segment, which includes real-time teleconsultation, remote patient monitoring, and store-and-forward services, is anticipated to hold the largest market share in 2023. This is largely attributed to the increasing use of teleconsultation services by the elderly population, as well as the growing demand for telemonitoring in managing chronic diseases.
Hardware components, including medical peripheral devices (such as blood glucose monitors, pulse oximeters, ECG monitors) and telemedicine kiosks, are also playing a pivotal role in the delivery of telehealth services. These devices allow for the efficient monitoring of patient health, even in remote locations.
Application Areas: Psychiatry Takes the Lead
Among the various applications of telehealth services, psychiatry is projected to account for the largest share of the market in 2023. The rising incidence of mental health issues, combined with a shortage of mental health professionals, is driving the demand for telepsychiatry services. Remote consultations and therapy sessions have become more commonplace, offering patients a convenient and accessible way to receive mental health care.
According to the National Alliance on Mental Illness, nearly 22.8% of adults in the U.S. experienced mental illness in 2021, compared to 19.8% in 2019. This rising trend in mental health conditions highlights the growing need for effective remote psychiatric services, which are expected to gain even more traction in the coming years.
End Users: Healthcare Providers at the Forefront
The telehealth market is segmented by end users into healthcare providers, patients, payers, and others. Healthcare providers are expected to account for the largest market share in 2023, driven by the increasing need for convenient healthcare services and the shortage of healthcare professionals. The growing demand for telehealth solutions is further amplified by the need to reduce healthcare costs while improving patient care outcomes.
The U.S. healthcare system is facing a significant shortage of medical professionals, with the Association of American Medical Colleges (AAMC) projecting a shortfall of 37,800 to 124,000 physicians by 2034. This shortage is expected to drive healthcare providers to adopt telehealth technologies, helping them meet patient demand more efficiently.
Geographic Analysis: U.S. Dominates the Market
The report offers a detailed analysis of the North American telehealth market, focusing on the U.S. and Canada. In 2023, the U.S. is expected to hold the largest market share, thanks to several key factors such as the increasing adoption of telehealth services, the rapidly aging population, and rising healthcare expenditures.
According to U.S. Census Bureau data, the elderly population is projected to increase significantly over the next two decades, reaching more than 80 million by 2040. This growing geriatric population, combined with the increasing prevalence of chronic diseases, is driving the demand for telehealth services, further cementing the U.S.’s leadership in the North American market.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/north-america-telehealth-market-4832
Key questions answered in the report-
- Which are the high-growth market segments in terms of component, application, end user, and country?
- What was the historical market for telehealth across North America?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, opportunities, and challenges in the North America telehealth market?
- Who are the major players in the telehealth market?
- How is the competitive landscape, and who are the market leaders in the North America telehealth market?
- 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?
- What is the geographical trend and high-growth country?
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