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Redding, California - July 7, 2023

North America Telehealth Market to be Worth $273.29 Billion by 2030

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

Meticulous Research—a leading global market research company, published a research 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.’

According to this latest publication from Meticulous Research^®, the North America telehealth market is expected to record a CAGR of 22.9% from 2023 to reach $273.29 billion by 2030. Factors such as the increasing geriatric population coupled with the growing prevalence of chronic diseases, favorable government initiatives & reforms/policies, shortage of healthcare professionals, and increasing awareness about the benefits of telehealth are driving the growth of the market. In addition, the use of artificial intelligence & virtual assistants and the development of telerobots are expected to provide great growth opportunities for the market in the coming years.

However, patient privacy & confidentiality issues may restrain the growth of this market to some extent. Similarly, reluctance to migrate from conventional systems & occurrences of misdiagnosis may prove challenging to the players operating in this market.

Key Players

The key players operating in the North America telehealth market are 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.).

North America Telehealth Market: Future Outlook

The North America telehealth market is segmented by product {services [real-time (synchronous), store-and-forward (asynchronous), remote patient monitoring], hardware [medical peripheral devices (blood glucose monitors, blood pressure monitors, weighing scales, pulse oximeters, peak flow meters, ECG monitors, other medical peripheral devices), monitors, telemedicine kiosks, telemedicine carts], software [web & cloud-based software, on-premise software], application [psychiatry, radiology, cardiology, primary care, dermatology, remote ICU, and other applications], end user [healthcare providers, patients, healthcare payers, and other end users}, and country. The study also evaluates industry competitors and analyzes their market share at a country level.

Among all components, the services segment is expected to account for the largest share of the North America telehealth market in 2023. The major reason behind this is the usage of telehealth services for teleconsultation and telemonitoring due to the growing geriatric population. Also, the need to reduce healthcare costs and improved healthcare outcomes supports the market share.

Among all applications, the psychiatry segment is expected to account for the largest share of the North America telehealth market in 2023. The increasing need to provide consultation or treatment for growing mental health conditions due among people of different age groups and a shortage of primary psychiatric care led to greater adoption of telepsychiatry services. According to the National Alliance on Mental Illness data, 22.8% of U.S. adults experienced mental illness in 2021 compared to 19.8% in 2019. Hence, the growing trend of mental illness supports the growth of the market for psychiatry.

Among all end users, the healthcare providers segment is expected to account for the largest share of the North America telehealth market in 2023. The large market share of this segment is attributed to a rise in demand for convenient care, along with the unavailability of medical professionals. As per the data from the Complexities of Physician Supply and Demand: Projections From 2019 to 2034, the U.S. faces a projected shortage of between 37,800 and 124,000 physicians within 12 years. This is expected to increase the adoption of telehealth solutions.

Geographic Review

This research report analyzes major geography and provides a comprehensive analysis of North America (U.S. and Canada). In 2023, the U.S. is expected to account for the largest share of the North America telehealth market. Factors such as the rising trend of adoption of telehealth services, growing geriatric population, increasing healthcare expenditure, rising number of people with chronic conditions, and the presence of key players are responsible for the largest share of the region. According to the U.S. Census Bureau and Population Estimates and Projections, the country’s geriatric population is projected to reach over 80 million in 2040 from 56.1 million in 2020. The rising senior population is boosting the number of chronic diseases requiring timely treatment, increasing the adoption of telehealth.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=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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Redding, California - July 7, 2023

North America Telehealth Market to be Worth $273.29 Billion by 2030

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

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