Telehospital Segment to Dominate North America Telemedicine Market during 2020–2028
According to The Insight Partners market research study on “North America Telemedicine Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Product and Services, Specialty, Delivery Mode” is expected to reach US$ 74,682.98 million by 2028 from 22,556.58 US$ million in 2021. The market is estimated to grow at a CAGR of 18.7% from 2021 to 2028. The report provides trends prevailing in the North America telemedicine market along with the drivers and restraints pertaining to the market growth. Rising use of smartphones and upcoming of various mobile platforms is the major factor driving the growth of the North America telemedicine market. However, issues associated with increasing data security concerns and healthcare fraud hinders the growth of North America telemedicine market.
North America telemedicine market is segmented into type, product and services, specialty, delivery mode, and country. North America telemedicine market, based on the product and services is segmented into software and hardware, tele-consulting, tele-monitoring, and tele-education/training. In 2020, the software and hardware segment held the largest share of the market. North America telemedicine market, based on the type was segmented into telehospital, and telehome. In 2020, the telehospital segment held the largest share of the market. North America telemedicine market, based on the specialty was segmented into cardiology, gynecology, orthopedics, neurology mental health (psychiatry) and others. In 2020, the others segment held considerable share of the market. North America telemedicine market, based on the delivery mode was segmented into mobile, web, and call centers. In 2020, the mobile segment held the largest share of the market. Based on country, the North America telemedicine market is segmented into US, Canada, and Mexico. US held the largest market share in 2020.
During the COVID-19 pandemic, the reliance on telemedicine and telehealth has increased for the provision of health care services. The pandemic has caused a massive acceleration in the use of telehealth. Consumer adoption has skyrocketed from 11% of the US consumers using telehealth in 2019 to 46% of consumers now using telehealth to replace canceled healthcare visits. According to a report published by the US National Library of Medicine, National Institutes of Health in November 2020, as the novel coronavirus continues to spread, many hospitals and physician practices have transitioned to telemedicine to conduct nonessential appointments. A study of NYU Langone Health trends (New York, NY, USA) showed a decline of 80% in in-person visits and a 683% increase in telemedicine visits between March 2 and April 14, 2020. As the number of COVID-19 infected patients increase, the use of computers and tablets for telemedicine can also reduce staff exposure in ambulances and hospitals. It is expected that the demand for these services would increase dramatically in the US over the next few months, with shares of one telehealth provider, Teladoc Health Inc., increasing almost 50% since the start of 2020. Hospitals and healthcare systems are already encouraging people with suspected COVID-19 symptoms to use telehealth services to limit people's flow to already crowded emergency rooms and clinics. Therefore, the growing demand for telemedicine during COVID-19 in North America is likely to boost the growth of the telemedicine market across the region during the forecast period.
Allscripts Healthcare Solutions, Inc.; Amd Global Telemedicine, Inc.; American Well Corporation; Cerner Corporation; Cisco Systems, Inc.; Eagle Telemedicine Solutions Llc; Honeywell International, Inc.; Insight; Koninklijke Philips N.V; McKesson Corporation; and Teladoc Health are among the leading companies in the North America telemedicine market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, American Well, a major telehealth provider in the United States, unveiled a collaboration with Cisco Systems to expand treatment access from hospitals and health systems into the household. The firms will use their respective experience in healthcare systems and collaboration technologies to transform the telehealth options now open to elder patients with this initiative. In the beginning, proposals call for turning in-home television sets into American Well patient CarePoints for broad-scale telehealth care distribution.
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