North America Telemedicine Market Size, Share, and COVID-19 Impact Analysis, By Type (Products, Services), By Application (Teleradiology, Telepathology, Teledermatology, Telecardiology, Telepsychiatry, Others), By End-User (Healthcare Facilities, Homecare, Others), By Region (US, Canada, Mexico, Rest of North America), and North America Telemedicine Market Insights Forecasts to 2033

Industry: Healthcare

RELEASE DATE Jan 2024
REPORT ID SI3610
PAGES 200
REPORT FORMAT PathSoft

North America Telemedicine Market Insights Forecasts to 2033

  • The North America Telemedicine Market Size was valued at USD 26.55 Billion in 2023.
  • The Market Size is Growing at a CAGR of 4.1% from 2023 to 2033.
  • The North America Telemedicine Market Size is Expected to Reach USD 39.69 Billion by 2033.

North America Telemedicine Market

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The North America Telemedicine Market Size is expected to reach USD 39.69 Billion by 2033, at a CAGR of 4.1% during the forecast period 2023 to 2033.

 

Market Overview

Telemedicine is a healthcare practice that uses telecommunications technology to provide remote medical services and consultations. It allows patients to communicate with healthcare professionals virtually, mostly via video calls, phone calls, or secure messaging platforms. This approach provides several advantages, including improved access to medical expertise for people living in remote or underserved areas, shorter travel times and costs, and greater convenience for both patients and healthcare providers. Telemedicine covers a wide range of healthcare services, including diagnosis, treatment, chronic condition monitoring, prescription refills, and mental health support. The growing demand for convenient and accessible healthcare services, particularly in remote or underserved areas, will drive the telemedicine market's growth over the forecast period. Telemedicine eliminates geographical barriers, giving patients virtual access to healthcare professionals. Furthermore, the ongoing digital transformation, combined with the prevalence of smartphones and high-speed internet, which makes telehealth more accessible to a larger population, is driving market growth.

 

Report Coverage

This research report categorizes the market for North America telemedicine market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America telemedicine market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the North America telemedicine market.

 

North America Telemedicine Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 26.55 Billion
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:4.1%
2033 Value Projection:USD 39.69 Billion
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Type, By Application, By End-User
Companies Covered: AMD Global Telemedicine Inc., Biotelemetry, InTouch Technologies Inc., SHL Telemedicine, Teladoc, and Other Key Vendors.
Pitfalls & Challenges:COVID-19 Empact,Challenges, Future, Growth, & Analysis

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Driving Factors

The growing adoption of telemedicine among doctors and patients is driving the North America telemedicine market over the forecast period. The primary advantage of using telemedicine is its ease of use and convenient access to healthcare services. Telemedicine provides easy access to healthcare, as well as improved service quality and safety, driving demand for telemedicine. The various telemedicine products, such as tele-ICU and tele-care, provide efficient and quality services to consumers. The rising disease burden and growing geriatric population in North American region are major factors that may drive the growth of the North America telemedicine market. Furthermore, telemedicine maintains a record of the patient's previous health records, which can provide valuable insights to doctors or physicians while treating the patient. It improves overall patient care. The major drivers of the North America telemedicine market are rising government investments in IT and telecommunications infrastructure, consumers' growing reliance on digital services, an increase in the number of internet users, and the adoption of smartphones.

 

Restraining Factors

A security concerns about confidential patient data may limit industry expansion. Telemedicine systems require the integration of platforms such as electronic prescriptions, electronic health records, and fitness or medical applications, among others. Data breaches result in unauthorized access to private information such as medical records, personal information, prescription information, insurance IDs, and addresses. As a result, data breaches and threats associated with telemedicine services are hamper North America telemedicine market growth.

 

Market Segment

  • In 2023, the services segment accounted for the largest revenue share over the forecast period.

Based on the type, the North America telemedicine market is segmented into products, and services. Among these, the services segment has the largest revenue share over the forecast period. Teleconsultation services significantly reduce waiting times for consultations and referrals. As a result, an increasing number of hospitals are offering or deploying e-consultation services, which is boosting the services segmental growth during forecast period.

 

  • In 2023, the teleradiology segment accounted for the largest revenue share over the forecast period.

Based on the application, the North America telemedicine market is segmented into teleradiology, telepathology, teledermatology, telecardiology, telepsychiatry, and others. Among these, the teleradiology segment has the largest revenue share over the forecast period. Advancements in Store-and-Forward (S&F) technologies, as well as a shortage of radiologists in rural areas, have contributed to the segmental growth during forecast period.

 

  • In 2023, the healthcare facilities segment accounted for the largest revenue share over the forecast period.

Based on the end-user, the North America telemedicine market is segmented into healthcare facilities, homecare, and others. Among these, the healthcare facilities segment has the largest revenue share over the forecast period. The increasing number of government-funded pilot programs for telemedicine, the use of telecommunications tools to train doctors in medical colleges, and the growing number of service providers for virtual consultations are the primary factors poised to surge the healthcare facilities segment.

 

  • In 2023, the United States accounted for the largest revenue share over the forecast period.

Based on region, the United States segment has the largest revenue share over the forecast period. The major factors attributing to the growth are the rising prevalence of chronic diseases such as cardiovascular, hypertension, cancer, neurological diseases, and others, high healthcare expenditure, and growing technological advancements in the country.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America telemedicine market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • AMD Global Telemedicine Inc.
  • Biotelemetry
  • InTouch Technologies Inc.
  • SHL Telemedicine
  • Teladoc
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Development

  • In January 2022, Swiftarc Ventures has launched a new USD 75 million fund called Swiftarc Telehealth to capitalize on the surge in Telehealth-focused startups that has emerged in response to the COVID-19 pandemic. The fund initially focusses on three areas such as pediatrics, mental and behavioral health, and obesity. Additionally, startups in remote patient monitoring, chronic care management, and in-home evaluations are investigated.

 

Market Segment

This study forecasts country revenue from 2022 to 2033. Spherical Insights has segmented the North America telemedicine market based on the below-mentioned segments:

 

North America Telemedicine Market, By Type

  • Products
  • Services

 

North America Telemedicine Market, By Application

  • Teleradiology
  • Telepathology
  • Teledermatology
  • Telecardiology
  • Telepsychiatry
  • Others

 

North America Telemedicine Market, By End-User

  • Healthcare Facilities
  • Homecare
  • Others

 

North America Telemedicine Market, By Region

  • US
  • Canada
  • Mexico
  • Rest of North America

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