Healthcare innovation and rising prominence of virtualization are some of the key industry trends. Market participants are concentrating on strengthening their overall service lines and are also facilitating the provision of customized solutions to their patients through the use of technology.
Protected health information security, cost and operational efficiency, on -demand, easy access whenever and wherever patients demand, are some of the critical success factors observed in the U.S. market. The market is bound to grow as more and more healthcare service operators are turning to Telemedicine to manage the influx of patients into their facilities.
The latest published report by Polaris Market Research on the U.S. Telemedicine Market gives a detailed insight into current market dynamics and provides analysis on future market growth.
The U.S. Telemedicine Market size was valued at $6.61 billion in 2019 and is anticipated to reach $17.14 Billion by 2026 with a CAGR of 14.6% during the forecast period. The U.S. Telemedicine Market is projected to witness a significant growth over the forecast period. Rising need to maintain social distance due to corona pandemic, focus on expanding healthcare facilities and give easy access to the public, overall of shortage of physicians, advancement in telecommunication technologies, and growing government support are some of the factors benefitting the U.S. Telemedicine medicine market. High utility of Telemedicine in treating diseases and conditions especially in rural areas is benefitting the market growth in the country.
Key Players in the U.S. Telemedicine Market are Koninklijke Philips, Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers Ag, Cisco Systems, Asahi Kasei Corporation, Iron Bow Technologies, American Well, Teladoc Health, AMC Health, Medvivo Group
U.S. is characterized by strong support and initiatives taken by government to boost Telemedicine market. In the recent past, the U.S. government took concrete steps by boosting Telemedicine sector to overcome medical challenges and emergencies faced by the country. The American Telemedicine Association (ATA), during the opioid epidemic, took concentrated efforts to boost Telemedicine usage in the country. These moves were aimed at fully utilizing the advantages of Telemedicine to give wider healthcare accessibility.
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Large companies are collaborating with cloud service providers to gain enhanced Telemedicine capabilities and to increase their market shares. They are providing services such as assessment and monitoring, education, preventive measures, diagnosis, among others. These are done by combining various elements such as digital imaging, telecommunications, video-conferencing, etc. Advancements in each of these aspects is particularly benefitting the U.S. Telemedicine medicine market.
The rapid adoption of cloud in the overall Telemedicine market in the U.S. has resulted in
successfully offsetting up of difficulties related to travel, physical storage of files, access issues and need of patient & doctor to be in the same place. Recent developments in privacy and security and high awareness pertaining to it among the U.S. population have resulted in the development of encryption techniques that allow more secure data, adoption of authentication measures at each step and access of data without violating patient privacy. All these factors are benefitting the Telemedicine market in the country.
U.S. Telemedicine Market Size and Forecast by Component: Hardware, Software & Services. U.S. Telemedicine Market Size and Forecast by Application: Teleradiology, Telepsychiatry, Telestroke, Tele-ICU, Teledermatology, Teleconsultation, Other Applications. U.S. Telemedicine Market Size and Forecast by Mode of Delivery: Mobile Health Apps, Virtual, Telemedicine Portals & kiosks, Others. U.S. Telemedicine Market Size and Forecast by End User: Providers, Payers, Patients, Others.
The report can be customized on the basis of regional analysis, segment analysis, industry outlook and competitive analysis.