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North America Telehealth Market
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
Report ID:MRHC - 104128 Pages: 150 Jul-2023 Formats*: PDF Category: Healthcare Delivery: 24 to 48 HoursThe 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:
The North America telehealth market report covers the market size & forecasts for various components, applications, end user, and geography. The North America telehealth market studied in this report involves the value analysis of various segments and sub-segments of telehealth at the country level.
The North America telehealth market is projected to reach $273.29 billion by 2030, at a CAGR of 22.8% during the forecast period of 2023–2030.
The various components are hardware, software, and services. In 2023, the services segment is estimated to account for the largest share of the North America telehealth market.
The rising trend of adoption of telehealth services, the growing elderly population, the increasing prevalence of chronic diseases, and the closure of rural hospitals propel the growth of the North America telehealth market. Furthermore, the use of AI and virtual assistants and the development of technologies such as telerobots are some factors that provide significant growth opportunities for market players.
The declining number of physicians and patient privacy & confidentiality concerns are expected to limit the market's growth to some extent.
The key players operating 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.).
The U.S. country is the fastest-growing and offers significant growth opportunities for the players operating in this market. Increasing adoption of telehealth services, increasing prevalence of chronic diseases, presence of top players in the country, and favorable government initiatives are some of the key factors contributing to the growth of the telehealth market in North America.
1. Introduction
1.1. Market Definition & Scope
1.2. Market Ecosystem
1.3. Currency & Limitations
1.4. Key Stakeholders
2. Research Methodology
2.1. Research Approach
2.2. Process of Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
2.3.1. Market Size Estimation Approach
2.3.2. Growth Forecast Approach
2.4. Assumptions for The Study
3. Executive Summary
4. Market Insights
4.1. Overview
4.2. Factors Affecting Market Growth
4.2.1. Drivers
4.2.1.1. Aging Population & Rising Incidences of Chronic Diseases
4.2.1.2. Favorable Government Initiatives & Reforms/Policies
4.2.1.3. Shortage of Healthcare Professionals Across the Globe
4.2.1.4. Increasing Awareness about the Benefits of Telehealth
4.2.2. Restraints
4.2.2.1. Lack of Health Standards When Compared to Traditional Health System
4.2.2.2. Patient Privacy and Confidentiality
4.2.3. Opportunities
4.2.3.1. Use of AI and Virtual Assistants
4.2.3.2. Tele-robots
4.2.4. Challenges
4.2.4.1. Reluctance to Migrate from Conventional Systems & Occurrences of Misdiagnosis
4.3. Market Trends
4.4. Case Studies
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Buyers
4.5.2. Bargaining Power of Suppliers
4.5.3. Threat of Substitutes
4.5.4. Threat of New Entrants
4.5.5. Degree of Competition
4.6. Parent Market Analysis: North America Healthcare IT Market
4.7. Next-generation Technologies in Healthcare IT Market
5. North America Telehealth Market Assessment—by Component
5.1. Overview
5.2. Services
5.2.1. Real-time (Synchronous)
5.2.2. Store & forward (Asynchronous)
5.2.3. Remote Patient Monitoring
5.3. Hardware
5.3.1. Medical Peripheral Devices
5.3.1.1. Blood Glucose Monitors
5.3.1.2. Blood Pressure Monitors
5.3.1.3. Weighing Scales
5.3.1.4. Pulse Oximeters
5.3.1.5. Peak Flow Meters
5.3.1.6. ECG Monitors
5.3.1.7. Other Medical Peripheral Devices
5.3.2. Monitors
5.3.3. Telemedicine Kiosks
5.3.4. Telemedicine Carts
5.4. Software
5.4.1. Web & Cloud-based Software
5.4.2. On-premise Software
6. North America Telehealth Market Assessment—by Application
6.1. Overview
6.2. Psychiatry
6.3. Radiology
6.4. Cardiology
6.5. Primary Care
6.6. Dermatology
6.7. Remote ICU
6.8. Other Applications
7. North America Telehealth Market Assessment—by End User
7.1. Overview
7.2. Healthcare Providers
7.3. Patients
7.4. Healthcare Payers
7.5. Other End Users
8. North America Telehealth Market Assessment—by Country
8.1. Overview
8.2. U.S.
8.3. Canada
9. Competition Analysis
9.1. Overview
9.2. Key Growth Strategies
9.3. Competitive Benchmarking
9.3.1. Industry Leaders
9.3.2. Market Differentiators
9.3.3. Vanguards
9.3.4. Emerging Companies
9.4. Vendor Dashboard
10. Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Developments, SWOT Analysis of Top 5 Companies)
10.1. Aerotel Medical Systems (1998) Ltd. (Subsidiary of Aerotel Ltd.)
10.2. Cerner Corporation (Subsidiary of Oracle Corporation)
10.3. Medtronic plc
10.4. Koninklijke Philips N.V.
10.5. AMD North America Telemedicine
10.6. American Well Corporation
10.7. Cisco Systems, Inc.
10.8. Doctor On Demand, Inc.
10.9. MDlive Inc. (A Cigna Corporation Company)
10.10. Siemens Healthineers AG (A Siemens AG Company)
10.11. Teladoc Health, Inc.
10.12. Zipnosis, Inc.
11. Appendix
11.1. Available Customization
11.2. Related Reports
List of Table
Table 1 North America Telehealth Market, by Component, 2021–2030 (USD Million)
Table 2 Key Companies Offering Telehealth Services
Table 3 North America Telehealth Services Market, by Type, 2021–2030 (USD Million)
Table 4 North America Telehealth Services Market, by Country, 2021–2030 (USD Million)
Table 5 North America Telehealth Services Market for Real-time (Synchronous), by Country, 2021–2030 (USD Million)
Table 6 North America Telehealth Services Market for Store-and-forward (Asynchronous), by Country, 2021–2030 (USD Million)
Table 7 North America Telehealth Services Market for Remote Monitoring, by Country, 2021–2030 (USD Million)
Table 8 Key Companies Offering Telehealth Hardware
Table 9 North America Telehealth Hardware Market, by Type, 2021–2030 (USD Million)
Table 10 North America Telehealth Hardware Market, by Country, 2021–2030 (USD Million)
Table 11 North America Telehealth Market for Medical Peripheral Devices, by Type, 2021–2030 (USD Million)
Table 12 North America Telehealth Market for Medical Peripheral Devices, by Country, 2021–2030(USD Million)
Table 13 North America Telehealth Blood Glucose Monitors Market, by Country, 2021–2030 (USD Million)
Table 14 North America Telehealth Market for Blood Pressure Monitors, by Country, 2021–2030 (USD Million)
Table 15 North America Telehealth Market for Weighing Scales, by Country, 2021–2030 (USD Million)
Table 16 North America Telehealth Market for Pulse Oximeters, by Country, 2021–2030 (USD Million)
Table 17 North America Telehealth Peak Flow Meters Market, by Country, 2021–2030 (USD Million)
Table 18 North America Telehealth ECG Monitors Market, by Country, 2021–2030 (USD Million)
Table 19 North America Other Telehealth Medical Peripheral Devices Market, by Country, 2021–2030 (USD Million)
Table 20 North America Telehealth Market for Monitors, by Country, 2021–2030 (USD Million)
Table 21 North America Telemedicine Kiosk Market, by Country, 2021–2030 (USD Million)
Table 22 North America Telemedicine Carts Market, by Country, 2021–2030 (USD Million)
Table 23 Key Companies Offering Telehealth Software
Table 24 North America Telehealth Software Market, by Type, 2021–2030 (USD Million)
Table 25 North America Telehealth Software Market, by Country, 2021–2030 (USD Million)
Table 26 North America Cloud/Web-Based Telehealth Software Market, by Country, 2021–2030 (USD Million)
Table 27 North America On-premise Telehealth Software Market, by Country, 2021–2030 (USD Million)
Table 28 North America Telehealth Market, by Application, 2021–2030 (USD Million)
Table 29 North America Telehealth Market for Psychiatry, by Country, 2021–2030 (USD Million)
Table 30 North America Telehealth Market for Radiology, by Country, 2021–2030 (USD Million)
Table 31 North America Telehealth Market for Cardiology, by Country, 2021–2030 (USD Million)
Table 32 North America Telehealth Market for Primary Care, by Country, 2021–2030 (USD Million)
Table 33 North America Telehealth Market for Dermatology, by Country, 2021–2030 (USD Million)
Table 34 North America Telehealth Market for Remote ICU, by Country, 2021–2030 (USD Million)
Table 35 North America Telehealth Market for Other Applications, by Country, 2021–2030 (USD Million)
Table 36 North America Telehealth Market, by End User, 2021–2030 (USD Million)
Table 37 North America Telehealth Market for Healthcare Providers, by Country, 2021–2030 (USD Million)
Table 38 North America Telehealth Market for Patients, by Country, 2021–2030 (USD Million)
Table 39 North America Telehealth Market for Healthcare Payers, by Country, 2021–2030 (USD Million)
Table 40 North America Telehealth Market for Other End Users, by Country, 2021–2030 (USD Million)
Table 41 North America Telehealth Market, by Country, 2021–2030 (USD Million)
Table 42 North America: Telehealth Market, by Component, 2021–2030 (USD Million)
Table 43 North America: Telehealth Services Market, by Type, 2021–2030 (USD Million)
Table 44 North America: Telehealth Software Market, by Type, 2021–2030 (USD Million)
Table 45 North America: Telehealth Hardware Market, by Type, 2021–2030 (USD Million)
Table 46 North America: Telehealth Medical Peripheral Devices Market, by Type, 2021–2030 (USD Million)
Table 47 North America: Telehealth Market, by Application, 2021–2030 (USD Million)
Table 48 North America: Telehealth Market, by End User, 2021–2030 (USD Million)
Table 49 U.S.: Macroeconomic Indicators
Table 50 U.S.: Telehealth Market, by Component, 2021–2030 (USD Million)
Table 51 U.S.: Telehealth Services Market, by Type, 2021–2030 (USD Million)
Table 52 U.S.: Telehealth Software Market, by Type, 2021–2030 (USD Million)
Table 53 U.S.: Telehealth Hardware Market, by Type, 2021–2030 (USD Million)
Table 54 U.S.: Telehealth Medical Peripheral Devices Market, by Type, 2021–2030 (USD Million)
Table 55 U.S.: Telehealth Market, by Application, 2021–2030 (USD Million)
Table 56 U.S.: Telehealth Market, by End User, 2021–2030 (USD Million)
Table 57 Canada: Macroeconomic Indicators
Table 58 Canada: Telehealth Market, by Component, 2021–2030 (USD Million)
Table 59 Canada: Telehealth Services Market, by Type, 2021–2030 (USD Million)
Table 60 Canada: Telehealth Software Market, by Type, 2021–2030 (USD Million)
Table 61 Canada: Telehealth Hardware Market, by Type, 2021–2030 (USD Million)
Table 62 Canada: Telehealth Medical Peripheral Devices Market, by Type, 2021–2030 (USD Million)
Table 63 Canada: Telehealth Market, by Application, 2021–2030 (USD Million)
Table 64 Canada: Telehealth Market, by End User, 2021–2030 (USD Million)
Table 65 Recent Developments, by Company, 2020–2023
List of Figures
Figure 1 Research Process
Figure 2 Secondary Sources Referenced for this Study
Figure 3 Primary Research Techniques
Figure 4 Key Executives Interviewed
Figure 5 Breakdown of Primary Interviews (Supply Side & Demand Side)
Figure 6 Market Sizing and Growth Forecast Approach
Figure 7 North America Telehealth Market, by Component, 2021–2030 (USD Million)
Figure 8 North America Telehealth Market, by Application, 2021–2030 (USD Million)
Figure 9 North America Telehealth Market, by End User, 2021–2030 (USD Million)
Figure 10 North America Telehealth Market, by Country, 2023 Vs. 2030 (USD Million)
Figure 11 Impact Analysis: North America Telehealth Market
Figure 12 North America Telehealth Market, by Component, 2023 Vs. 2030 (USD Million)
Figure 13 North America Telehealth Market, by Application, 2023 Vs. 2030 (USD Million)
Figure 14 North America Telehealth Market, by End User, 2023 Vs. 2030 (USD Million)
Figure 15 North America Telehealth Market, by Country, 2021–2030 (USD Million)
Figure 16 North America: Telehealth Market Snapshot
Figure 17 Competitive Dashboard: North America Telehealth Market
Figure 18 Cerner Corporation: Financial Overview (2022)
Figure 19 Medtronic plc: Financial Overview (2022)
Figure 20 Koninklijke Philips N.V.: Financial Overview (2022)
Figure 21 American Well Corporation: Financial Overview (2022)
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