United States Telemedicine Market Size, Share, and COVID-19 Impact Analysis, By Type (Tele-Hospital and Clinic, Tele Home), By Specialty (Dermatology, Gynecology, Cardiology, Neurology, Radiology, Others), and United States Telemedicine Market Insights Forecasts 2023 – 2033

Industry: Healthcare

RELEASE DATE Dec 2023
REPORT ID SI3297
PAGES 200
REPORT FORMAT PathSoft

The United States Telemedicine Market Size Insights Forecasts to 2033

  • The United States Telemedicine Market Size was valued at USD 26.10 Billion in 2023.
  • The Market Size is Growing at a CAGR of 13.17% from 2023 to 2033.
  • The United States Telemedicine Market Size is Expected to Reach USD 89.92 Billion by 2033.

United States Telemedicine Market

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The United States Telemedicine Market Size is Expected to Reach USD 89.92 Billion by 2033, at a CAGR of 13.17% during the forecast period 2023 to 2033.

 

Market Overview

Telemedicine is required to provide healthcare services remotely, such as health evaluations or consultations, via telecommunications network infrastructure. It is used to help patients by using technology such as video conferencing and cell phones, as well as a variety of electrical, acoustic, and visual mediums, among other things. It is a critical service used in emergencies as it is not always possible for healthcare personnel to visit their patients' homes in person. It is a service that is used in times of emergency. It enables two-way communication to take place between the patient and the healthcare practitioner. Healthcare organizations, medical offices, and skilled nursing institutions are using telemedicine to improve the efficiency with which they provide treatment. Electronic medical records, artificial intelligence diagnostics, and medical streaming devices are just a few of the features that can be combined with telemedicine software to help clinicians with diagnosis and treatment.

 

Report Coverage

This research report categorizes the market for the United States telemedicine market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the United States 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-segment of the United States telemedicine market.

 

United States Telemedicine Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 26.10 Billion
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:13.17%
2033 Value Projection:USD 89.92 Billion
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:115
Segments covered:By Type, By Specialty
Companies Covered:MDlive, Amwell, Twilio, Teladoc Health, Doctor on Demand, Zoom Video Communications, Access Telecare, VSee, and other key vendors.
Pitfalls & Challenges:Covid-19 Empact,Challenges,Growth, Analysis.

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Driving Factors

Growing healthcare spending is also one of the factors driving market demand. However, rising disposable income in cities and increased awareness of new applications are outshining market demand. Furthermore, the growing adoption of new technologies and the introduction of novel telemedicine techniques drive the market in this region. Increasing the use of smartphones and laptops, as well as awareness of the Internet of things, is a critical driving factor for the growth of the US telemedicine market. Furthermore, the rising incidence of cancer diseases is fueling market demand. In addition, the increased support for the medical industry from the IT sector has a significant impact on market demand. Furthermore, increased investments in healthcare facilities will increase market growth opportunities.

 

Restraining Factors

The lack of skilled personnel in monitoring the condition of patients via systems has hampered market growth. Rapid changes in software are also impeding market demand. People's growing concern for their privacy and safety hinders the growth of the telemedicine market in the United States.

 

Market Segment

  • In 2023, the tele-hospital and clinics segment accounted for the largest revenue share over the forecast period.

Based on type, the United States telemedicine market is segmented into tele-hospital and clinics and homes. Among these, the tele-hospital and clinics segment has the largest revenue share over the forecast period. Telemedicine services are frequently preferred for emergency treatment. As eHealth services become more important in healthcare, hospitals will be able to use telemedicine for critical care, primary diagnosis, and second opinions, among other things. The technology's benefits include providing 24/7 virtual assistance to remote hospitals, sharing the cost of night coverage among small hospitals, and providing more helpful post-discharge amenities. The expansion of this area has made an important contribution to the expansion of Tele-hospital and clinic applications.

 

  • The radiology segment held the largest market share in 2023.

Based on specialty, the United States telemedicine market is segmented into dermatology, gynecology, cardiology, neurology, radiology, and others. Among these, the radiology segment held the largest market share over the forecast period. Due to several factors, including an increase in imaging practices, healthcare providers' adoption of teleradiology workflow, the development of service offerings within radiology sub-segments, and the streamlining and regulation of teleradiology activities, among others. The integration of Artificial Intelligence (AI) into teleradiology, the deployment of Picture Archiving and Communication System (PACS), and the expansion of eHealth-related research and development activities will be major growth drivers over the forecast period.

 

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United States 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

  • MDlive
  • Amwell
  • Twilio
  • Teladoc Health
  • Doctor on Demand
  • Zoom Video Communications
  • Access Telecare
  • VSee
  • Others

 

Key Target Audience

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

 

Recent Development

  • In September 2022, CVS Health agreed to pay $8 billion for Signify Health, outbidding Amazon and UnitedHealth in a bidding war for the home healthcare provider. CVS Health will gain 10,000 clinicians as well as technology to help providers, insurers, and employers manage in-home care through the acquisition of Dallas-based Signify. CVS has been attempting to transform itself into a full-service healthcare provider, which management has stated will necessitate a presence in primary care as well as the inclusion of in-house doctors.

 

Market Segment

This study forecasts revenue at regional, and country levels from 2023 to 2033. Spherical Insights has segmented the United States Telemedicine Market based on the below-mentioned segments:

 

United States Telemedicine Market, By Type

  • Tele-Hospital and Clinic
  • Tele Home

 

United States Telemedicine Market, By Specialty

  • Dermatology
  • Gynecology
  • Cardiology
  • Neurology
  • Radiology
  • Others

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