U.S. Telemedicine Market is valued at USD 21.23 Billion in 2021 and expected to reach USD 72.11 Billion by 2028 with a CAGR of 19.1% over the forecast period.
U.S. Telemedicine Market: Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2029: The rising demand for diagnosis and distant treatment plans for numerous chronic diseases, including cancer, Hospital Acquired Infections (HAI), diabetes, and cardiovascular problems, are the major factors boosting market growth Furthermore, growing technological breakthroughs in the telemedicine and telecommunications industry sectors, for example, the emergence of chatbots as well as the integration of Artificial Intelligence and others are expected to contribute to the progression of this industry.
Telemedicine is the computerized transmission of medical data from one place to others to enhance patient wellness. Uses for telemedicine encompass cordless devices, the internet, two-way video, cellphones, as well as other forms of telecom technologies. Telemedicine may also be utilized for a variety of operations. In telemedicine, data is sent through the telephone, the internet, or sometimes another network to facilitate consultations, medical exams, or other diagnostic interventions.
The procedure is often direct, which is helping penetration increase, particularly in the United States. The reach and sophistication of telemedicine vary from situation to instance. It might be as upfront as a physician and client speaking on the telephone to evaluate the patient's condition or as sophisticated as 2 or more medical experts conferring in real-time across international borders utilizing satellite connection and cutting-edge technology.
On the whole, the market is anticipated to be positively impacted by the COVID-19 outbreak. Mhealth has become a potential rescuer in the struggle against infection prevention and patient and front-line worker protection. The use of cell phones and monitoring systems for mobile medical services has made them indispensable for consulting.
The fundamental cause of this is that a lot of medical practitioners handle clients in a two-way manner. Therefore, COVID-19 cases are anticipated to temporarily strengthen the portable health sector. In the long term, this circumstance will accelerate and widen the use of digital solutions, especially those that include elements for remote treatment.
74% of Americans utilize the Web daily, based on the National Health Interview Survey. Of them, 64% had looked for healthcare or health-related data online. Moreover, 49% of these tech-savvy people have looked for a particular medical ailment or problem online. This demonstrates a growing desire for healthcare services available online. Throughout the projection timeframe, the telemedicine industry is expected to be driven by an increase in activities and the accessibility of e-healthcare.
In the United States, chronic illnesses entail considerable financial and health expenses. About 90% of the $3.3 trillion in yearly medical care costs in the United States are attributable to chronic and mental illness disorders, based on the Center for Disease Control and Prevention. Chronic conditions are predicted to impact 164 million Americans by 2025, or roughly 50% of the nation. Several people with chronic disorders are older, which limits their manoeuvrability.
In addition, patients with many chronic diseases often see their doctors. Telemedicine has the potential to overcome the barrier in the treatment of chronic diseases. Telemedicine may make assured that this group has simple accessibility to treatment and empower individuals and doctors to coordinate therapeutic plans, medications, and long-term persistent care, which is expected to cut down on unnecessary medical expenses.
Government standards and regulations in the United States are boosting market growth. For example, the Affordable Care Act's (ACA) implementation intends to make healthcare available to everyone both immediately and remotely. The Centers for Medicare & Medicaid Services (CMS) also made Healthcare telemedicine treatments more widely available, enabling patients to obtain a wider variety of healthcare programs from professionals without needing to visit a hospital.
The Consolidated Appropriations Act of 2022 was joined into legislation by US President Biden on March 16, 2022. It includes several initiatives that stretch the Medicare telemedicine permission and possibilities, which were implemented in response to the COVID-19 infection to enhance entry to people caring, for an additional 151 times once the Public Health Emergency (PHE) completes, or approximately five months.
Government institutions in the United States have increased their spending as a result of several factors, including the significant prevalence of COVID-19 transmission, the challenge of obtaining healthcare, as well as the state of emergency caused by the coronavirus outbreak.
The United States Department of Agriculture (USDA), for example, committed $42 million to telemedicine technology and distance schooling to improve healthcare results and training in February 2021. In order to assist individuals by offering remote wellness instruction and grants to acquire telemedicine-engaging communications distant training technology, the USDA awarded 86 initiatives to rural areas under the Distance Learning and Telemedicine (DLT) program.
Threats to patient information protection might prevent further industry growth. Telemedicine solutions must include platforms, such as e - prescribing, digital health records, as well as exercise or healthcare apps, amongst others.
Private data, such as healthcare histories, prescription details, private details, and insurance IDs, including contacts, are made available to unauthorized people via security breaches. As a result, the marketplace for telemedicine solutions is being restricted by information risks and hacks. However, further technical development will probably help in addressing these problems.
Swiftarc Ventures Launched a New Fund Called Swiftarc Telehealth to Capitalise On The Explosion of Telehealth
On January 24th, 2022; Swiftarc Ventures, a venture capital firm located in New York, is introducing a new fund called Swiftarc Telehealth to capitalize on the explosion of Telehealth-focused firms that have formed, in part as a result of the COVID-19 outbreak. The first three areas of concentration for the $75 million initiative include pediatrics, mental & behavioral health, as well as obesity. Additionally, companies in chronic care administration, remote patient surveillance, and in-home assessments will be examined.
Antidote Health Launched Announced The Introduction Of Its Latest Service For Prediabetes As Well As Type 2 Diabetes Treatment
On November 17th, 2022; Antidote Health, a telemedicine firm announced the introduction of its latest service for prediabetes as well as type 2 diabetes treatment. The extensive service, conducted by Dr. Lyle Mitzner, tackles the rising diabetes pandemic in the United States and highlights Antidote Health's dedication to guaranteeing everyone has access to cost-effective, high-quality healthcare, regardless of race, geography, or situation.
American Telemedicine Association (ATA) Launched ATA Action, An Unique Affiliated Trade Group Devoted To Guaranteeing People's Ongoing Accessibility To Telehealth Solutions Throughout The Care Continuum
On January 21th, 2022; The American Telemedicine Association (ATA), the leading group promoting telehealth adoption, introduced ATA Action, a unique affiliated trade group devoted to guaranteeing people's ongoing accessibility to telehealth solutions throughout the care continuum. To ensure that all Americans, particularly those in remote and underserved regions, have accessibility to telehealth services, ATA Action will seek to promote the adoption of state and national telehealth services and suitable payment mechanisms.
|2016 - 2021
|2022 - 2029
|Market Size in 2021:
|USD 21.23 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 72.11 Billion
|Tables, Charts & Figures:
|Eagle Telemedicine, Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, Cisco Systems, American Well, SOC Telemed, Oracle Corporation (Cerner), McKesson Corporation, Honeywell International Inc, OBS Medical, Specialist Telemed, Koninklijke Philips N.V, and Teladoc, among others
|By Type, By Component, By Speciality, By Service, By Delivery Model
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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