North America Telemedicine Market to Grow at a CAGR of 18.7% to reach US$ 74,682.98 million from 2021 to 2028
The telemedicine market in North America is expected to grow from US$ 22,556.58 million in 2021 to US$ 74,682.98 million by 2028; it is estimated to grow at a CAGR of 18.7% from 2021 to 2028.
The US, Canada, and Mexico are major economies in North America. Rising use of smartphones and upcoming of various mobile platforms is the major factor driving the growth of the North America telemedicine market. Smartphones are making healthcare practices more comfortable and manageable as they play key role in the collection of patient’s health data; moreover, they can also act as a medium to provide healthcare services as well as to provide prescriptions, medical knowledge, recommendations, and so on. The telemedicine technology allows healthcare providers to support patients throughout disease surveillance, guidance treatments, and chronic disease management. However, the COVID-19 pandemic has had a big impact on internet user research, and hence, the actual figures are likely to be much higher. Health segmentation (VHA) project in the US, aim at assisting in reducing, managing, and preventing the occurrence of chronic diseases by remote monitoring of patients. In addition, in 2018, UNICEF developed RapidPro, a unique and innovative dashboard-system, to help the Malaria Sub-directorate of the Ministry of Health (MoH) in keeping track of health; the system is in effect since 2018, spanning 20 provinces and 20,000 villages. UNICEF is likely to continue to refine and expand the use of telemedicine tools to enhance the capabilities of communities and governments to manage HIV and malaria infections, awareness, immunization, and integrated national data as well as to ensure the long-term sustainability and scalability of the RapidPro program, as it is gradually being handed over to the government.
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.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America telemedicine market. The North America telemedicine market is expected to grow at a good CAGR during the forecast period.
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North America Telemedicine Market Segmentation
North America Telemedicine Market – By Type
- Telehospital
- Telehome
North America Telemedicine Market – By Product and Services
- Software and Hardware
- Tele-Consulting
- Tele-Monitoring
- Tele-Education/Training
North America Telemedicine Market – By Specialty
- Cardiology
- Gynecology
- Neurology
- Orthopedics
- Dermatology
- Mental Health
- Others
North America Telemedicine Market – By Delivery Mode
- Mobile
- Call Centres
- Web
North America Telemedicine Market, by Country
- US
- Canada
- Mexico
North America Telemedicine Market - Companies Mentioned
- 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
- Teladoc Health
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Product and Services, Specialty, and Delivery Mode
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Telemedicine Market – By Product and Services
1.3.2 North America Telemedicine Market – By Type
1.3.3 North America Telemedicine Market – By Speciality
1.3.4 North America Telemedicine Market – By Delivery Mode
1.3.5 North America Telemedicine Market– By Country
2. North America Telemedicine Market– Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Telemedicine Market– Market Landscape
4.1 Overview
4.2 North America PEST Analysis
4.3 Expert Opinion
5. North America Telemedicine Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Use of Smartphones and Upcoming of Various Mobile Platforms
5.1.2 Rising Cases of Chronic and Lifestyle-Related Diseases
5.2 Market Restraints
5.2.1 Increasing Data Security Concerns and Healthcare Fraud
5.2.2 Universal Reimbursement Policies are Limited
5.3 Market Opportunities
5.3.1 Surging Acceptance of Telemedicine in Wake of COVID Pandemic
5.4 Future Trends
5.4.1 Product Enhancements and Acquisitions Leading to Market Consolidation
5.5 Impact analysis
6. Telemedicine Market– North America Analysis
6.1 North America Telemedicine Market Revenue Forecast and Analysis
7. North America Telemedicine Market Analysis– By Product and Service
7.1 Overview
7.2 North America Telemedicine Market, By Product and Service 2020 & 2028 (%)
7.3 Software and Hardware
7.3.1 Overview
7.3.2 Software and Hardware: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
7.4 Tele-Consulting
7.4.1 Overview
7.4.2 Tele-Consulting: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
7.5 Tele-Monitoring
7.5.1 Overview
7.5.2 Tele-Monitoring: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
7.6 Tele-Education/Training
7.6.1 Overview
7.6.2 Tele-Education/ Training: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
8. North America Telemedicine Market Analysis– by Type
8.1 Overview
8.2 North America Telemedicine Market, by Type 2020 & 2028 (%)
8.3 Telehospital
8.3.1 Overview
8.3.2 Telehospital: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
8.4 Telehome
8.4.1 Overview
8.4.2 Telehome: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9. North America Telemedicine Market Analysis– by Specialty
9.1 Overview
9.2 North America Telemedicine Market, by Type 2020 & 2028 (%)
9.3 Cardiology
9.3.1 Overview
9.3.2 Cardiology: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9.4 Gynecology
9.4.1 Overview
9.4.2 Gynecology: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9.5 Neurology
9.5.1 Overview
9.5.2 Neurology: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9.6 Orthopedics
9.6.1 Overview
9.6.2 Orthopedics: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9.7 Dermatology
9.7.1 Overview
9.7.2 Dermatology: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9.8 Mental Health (Psychiatry)
9.8.1 Overview
9.8.2 Mental Health (Psychiatry): Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
9.9 Others
9.9.1 Overview
9.9.2 Others: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
10. North America Telemedicine Market Analysis– by Delivery Mode
10.1 Overview
10.2 North America Telemedicine Market, by Delivery Mode 2020 & 2028 (%)
10.3 Mobile
10.3.1 Overview
10.3.2 Mobile: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
10.4 Web
10.4.1 Overview
10.4.2 Web: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
10.5 Call Centers
10.5.1 Overview
10.5.2 Call Centers: Telemedicine Market Revenue and Forecasts To 2028 (US$ Mn)
11. North America Telemedicine Market Analysis and Forecasts To 2028 – Country Analysis
11.1 Overview
11.1.1 North America: Telemedicine Market, by Country, 2020 & 2028 (%)
11.1.2 US: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.2.1 US: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.2.2 US: Telemedicine Market, By Product and Services, 2019–2028 (USD Million)
11.1.2.3 US: Telemedicine Market, by Type, 2019–2028 (USD Million)
11.1.2.4 US: Telemedicine Market, by Specialty, 2019–2028 (USD Million)
11.1.2.5 US: Telemedicine Market, by Delivery Mode, 2019–2028 (USD Million)
11.1.3 Canada: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.3.1 Canada: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.3.2 Canada: Telemedicine Market, By Product and Services, 2019–2028 (USD Million)
11.1.3.3 Canada: Telemedicine Market, by Type, 2019–2028 (USD Million)
11.1.3.4 Canada: Telemedicine Market, by Specialty, 2019–2028 (USD Million)
11.1.3.5 Canada: Telemedicine Market, by Delivery Mode, 2019–2028 (USD Million)
11.1.4 Mexico: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.4.1 Mexico: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
11.1.4.2 Mexico: Telemedicine Market, By Product and Services, 2019–2028 (USD Million)
11.1.4.3 Mexico: Telemedicine Market, by Type, 2019–2028 (USD Million)
11.1.4.4 Mexico: Telemedicine Market, by Specialty, 2019–2028 (USD Million)
11.1.4.5 Mexico: Telemedicine Market, by Delivery Mode, 2019–2028 (USD Million)
12. Impact of COVID-19 Pandemic on North America Telemedicine Market
12.1 North America: Impact Assessment of COVID-19 Pandemic
13. Telemedicine Market– Industry Landscape
13.1 Overview
13.2 Growth Strategies Done by the Companies in the Market, (%)
13.3 Organic Developments
13.3.1 Overview
13.4 Inorganic Developments
13.4.1 Overview
14. Company Profiles
14.1 Allscripts Healthcare, LLC
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Cerner Corporation
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Cisco Systems, Inc.
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Eagle Telemedicine
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Honeywell International Inc.
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 McKesson Corporation
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Financial Overview
14.6.4 SWOT Analysis
14.6.5 Key Developments
14.7 Koninklijke Philips N.V.
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 AMD Global Telemedicine, Inc.
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 American Well
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 Teladoc Health, Inc.
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
14.11 INSIGHT
14.11.1 Key Facts
14.11.2 Business Description
14.11.3 Products and Services
14.11.4 Financial Overview
14.11.5 SWOT Analysis
14.11.6 Key Developments
15. Appendix
15.1 About the Insight Partners
15.2 Glossary of Terms
LIST OF TABLES
Table 1. US: Telemedicine Market, By Product and Services – Revenue and Forecast to 2028 (USD Million)
Table 2. US: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 3. US: Telemedicine Market, By Specialty– Revenue and Forecast to 2028 (USD Million)
Table 4. US: Telemedicine Market, by Delivery Mode– Revenue and Forecast to 2028 (USD Million)
Table 5. Canada: Telemedicine Market, By Product and Services – Revenue and Forecast to 2028 (USD Million)
Table 6. Canada: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 7. Canada: Telemedicine Market, by Specialty– Revenue and Forecast to 2028 (USD Million)
Table 8. Canada: Telemedicine Market, by Delivery Mode– Revenue and Forecast to 2028 (USD Million)
Table 9. Mexico: Telemedicine Market, By Product and Services – Revenue and Forecast to 2028 (USD Million)
Table 10. Mexico: Telemedicine Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 11. Mexico: Telemedicine Market, by Specialty– Revenue and Forecast to 2028 (USD Million)
Table 12. Mexico: Telemedicine Market, by Delivery Mode– Revenue and Forecast to 2028 (USD Million)
Table 13. Organic Developments Done by Companies
Table 14. Inorganic Developments Done by Companies
Table 15. Glossary of Terms, Telemedicine Market
LIST OF FIGURES
Figure 1. North America Telemedicine Market Segmentation
Figure 2. North America Telemedicine Segmentation, By Country
Figure 3. North America Telemedicine Market Overview
Figure 4. Telehospital Held Largest Share of Type Segment in North America Telemedicine Market
Figure 5. US to Show Remarkable Growth During Forecast Period
Figure 6. North America: PEST Analysis
Figure 7. North America Telemedicine Market Impact Analysis of Driver and Restraints
Figure 8. North America Telemedicine Market– Revenue Forecast and Analysis – 2019- 2028
Figure 9. North America Telemedicine Market, By Product and Service 2020 & 2028 (%)
Figure 10. North America Software and Hardware: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 11. North America Tele-Consulting: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 12. North America Tele-Monitoring: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 13. North America Tele-Education/ Training: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 14. North America Telemedicine Market, by Type 2020 & 2028 (%)
Figure 15. North America Telehospital: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 16. North America Telehome: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 17. North America Telemedicine Market, by Specialty 2020 & 2028 (%)
Figure 18. North America Cardiology: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 19. North America Gynecology: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 20. North America Neurology: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 21. North America Orthopedics: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 22. North America Dermatology: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 23. North America Mental Health (Psychiatry): Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 24. North America Others: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 25. North America Telemedicine Market, by Delivery Mode 2020 & 2028 (%)
Figure 26. North America Mobile: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 27. North America Web: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 28. North America Call Centers: Telemedicine Market Revenue and Forecasts to 2028 (US$ Mn)
Figure 29. North America: Telemedicine Market, by Key Country – Revenue (2020) (USD Million)
Figure 30. North America: Telemedicine Market, by Country, 2020 & 2028 (%)
Figure 31. US: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
Figure 32. Canada: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
Figure 33. Mexico: Telemedicine Market – Revenue and Forecast to 2028 (USD Million)
Figure 34. Impact of COVID-19 Pandemic on Telemedicine Market in North American Countries
Figure 35. Growth Strategies Done by the Companies in the Market, (%)
- 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
- Teladoc Health
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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