North America Telehealth Market by Component [Hardware (Peripheral Devices, Monitor), Software (Cloud, On-premise), Services (Real-time, Remote Monitoring)], Application (Radiology, Cardiology, Psychiatry), End User (Provider, Payer) - Forecast to 2030

The North America Telehealth Market is expected to record a CAGR of 22.8% from 2023 to 2030 to reach $273.29 billion by 2030. Telehealth refers to the use of digital information and communication technologies, such as computers and mobile devices, to access and manage healthcare services remotely. Telehealth involves delivering healthcare, health education, and health information services through remote technologies. Telehealth has several benefits, including reduced unnecessary hospitalizations, reduced medical treatment wait times, and significant financial savings. It allows patients and physicians to engage remotely, providing care, counseling, reminders, education, intervention, monitoring, and admissions. Telehealth involves videoconferencing, transmission of still images, e-health, remote monitoring of vital signs, continuing medical education, and nurse call centers. Both primary and specialized care providers benefit from telehealth as it allows them to broaden their reach and treat patients from anywhere via the Internet.

The key factors driving the North America telehealth market are the rising concern of rural hospital closures, the shortage of healthcare professionals across the globe, the rising number of chronic diseases, and increasing awareness about the benefits of telehealth. In addition, the use of artificial intelligence & virtual assistants and the development of telerobots are expected to provide great growth opportunities for the market in the coming years. However, patient privacy and confidentiality issues, along with a reluctance to migrate from conventional systems & occurrences of misdiagnosis, may prove challenging to the players operating in this market.

Growing Burden of Chronic Diseases in Geriatric Population Drives North America Telehealth Market

According to World Bank, the U.S. population aged 65 or above is expected to increase from 53.3 million in 2019 to 70.8 million in 2030. Furthermore, according to a report from American Hospital Association, the number of people in the U.S. with a chronic medical condition is projected to rise from 149 million in 2015 to 171 million in 2030. Chronic diseases such as cancer and heart disease are the leading causes of death and disability in the U.S., with an annual healthcare cost of $4.1 trillion. Nearly 6 in 10 adults in the country have a chronic disease, and 4 in 10 adults have two or more chronic diseases. Hence, there is a need for quick & remote diagnosis of disease.

Telehealth helps bridge the gap in managing geriatric syndromes besides regular visits for stable persons with chronic diseases. The Rapid Geriatric Assessment (RGA) is an approach to diagnosing and following frailty, sarcopenia, anorexia of aging and cognitive dysfunction. A home telehealth program can enhance an older person’s quality of life, and telehealth can be used to deliver rehabilitation programs in the home, driving telehealth usage in this region.

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Telerobots Provide an Opportunity for North America Telehealth Market

The development of telerobots has improved telemedicine in a variety of ways. Telerobots facilitate remote patient monitoring, diagnosis, and virtual care.

Telerobots can track patients' health in real-time and warn physicians if their condition deteriorates. For instance, In 2020, iRobot (U.S.) and InTouch Health (U.S.) collaborated to build robots for remote healthcare settings such as ICUs, patient wards, and operating & procedure rooms.

Robots are also assisting doctors in setting up virtual visits with their patients, in addition to remote monitoring. It allows doctors who are not in the same city as their patients to video call them in hospitals and receive their most recent medical information. Patients can even take telerobots home after their hospital stay to assist with postoperative consultations and care. Thus, the development of telerobots is creating market growth opportunities.

Key Findings of the North America Telehealth Market Study:

In 2023, the services segment is expected to account for the largest share of the telehealth market

In 2023, the services segment is expected to account for the largest share of the North America telehealth market. There is a growing need for telehealth services in rural areas as most of the rural hospitals in the U.S. are on the verge of closure, a shortage of physicians & specialists, and an increasing burden of chronic diseases support the market's growth. According to the Association of American Medical Colleges (AAMC), the demand for physicians is growing faster than the supply, leading to a projected total physician shortfall of between 61,700 and 94,700 physicians by 2025 in the U.S.

In 2023, the psychiatry segment is expected to account for the largest share of the telehealth market

In 2023, the psychiatry segment is expected to account for the largest share of the North America telehealth market. The need for telepsychiatry is growing in the region due to rising mental health conditions such as stress, anxiety, and depression, resulting in a need for quick diagnosis & treatment. In the U.S., two-thirds of primary care physicians said they could not get outpatient mental health treatments for their patients, and almost half of the rural hospitals said they were short on mental health professionals.

In 2023, the healthcare providers segment is expected to account for the largest share of the telehealth market

In 2023, the healthcare providers segment is expected to account for the largest share of the North America telehealth market. The large market share of this segment is attributed to the high demand for convenient healthcare due to a high incidence of chronic diseases, the dearth of medical professionals, advanced telehealth infrastructure in hospitals, and an increase in the focus and availability of provider-specific telehealth solutions. As per the data from the Johns Hopkins Bloomberg School of Public Health, chronic diseases such as cancer and heart disease are the leading causes of death and disability in the U.S., with an annual healthcare cost of USD 4.1 trillion. Nearly 6 in 10 adults in the country have a chronic disease, and 4 in 10 adults have two or more chronic diseases.

North America to account for the largest market share in 2023

In 2023, North America is expected to dominate the North America telehealth market. The largest share of North America is primarily attributed to the high awareness of the benefits and convenience of telehealth, the presence of leading players, well-established health digital systems, an increased prevalence of chronic diseases in the region, and a robust healthcare infrastructure.

Key Players

The report includes a competitive landscape based on an extensive assessment of the product portfolio offerings, component, applications, end user, geographic presence, and key strategic developments adopted by leading market players in the industry in the past few years. The key players profiled in the North America telehealth market are Aerotel Medical Systems (1998) Ltd. (Israel), Cerner Corporation (U.S.), Medtronic plc(Ireland), Koninklijke Philips N.V. (Netherlands), AMD North America Telemedicine (U.S.), American Well Corporation (U.S.), Cisco Systems, Inc. (U.S.), Doctor On Demand, Inc. (U.S.), MDlive Inc. (U.S.), Siemens Healthineers AG (Germany), Teladoc Health, Inc. (U.S.), and Zipnosis, Inc. (U.S.).

Scope of the Report:

North America Telehealth Market, by Component

• Services
  • Real-time
  • Store & Forward
  • Remote Monitoring
• Software
  • Cloud/Web-based
  • On-premise
• Hardware
  • Medical Peripheral Devices
  • Blood Pressure Monitors
  • Blood Glucose Monitors
  • Pulse Oximeters
  • Weighing Scales
  • Peak Flow Meters
  • ECG Monitors
  • Other Devices
  • Telemedicine carts
  • Monitors
  • Telemedicine Kiosks

North America Telehealth Market, by Application

• Psychiatry
• Radiology
• Cardiology
• Primary care
• Dermatology
• Remote ICU
• Other Applications

North America Telehealth Market, by End User

• Healthcare Providers
• Healthcare Payers
• Patients
• Other End Users

North America Telehealth Market, by Country

• U.S.
• Canada

Key questions answered in the report: