United States Telehealth Market Report 2021-2026: Increasing Demand for Tele-ICUs and for RPM Platforms & Connected Medical Devices

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May 17, 2021, 15:30 ET

DUBLIN, May 17, 2021 /PRNewswire/ -- The "U.S. Telehealth Market - Industry Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

The U.S. telehealth market by revenue is expected to grow at a CAGR of over 28% during the period 2020-2026.

The introduction of telehealth has led to the availability of cost-effective treatment, adoption of home healthcare services, and low expenditure on infrastructure development. Telehealth is revolutionizing the healthcare industry as it minimizes hospital visits, reduces patient wait time, and decreases the physical discomfort caused to patients.

Further, in the US, the high expenditure on healthcare IT infrastructure by major stakeholders contributes to the market's growth. The telehealth market is observing increased investment for the integration of telecommunications with healthcare systems. COVID-19 further enhanced the adoption of telemedicine among physicians in the US. Every state Medicaid has some form of coverage to virtual care services and private payers.

Many hospitals started to provide services through platforms, which increase their adoption among healthcare providers. Hospitals started to adopt various new platforms to increase better access to end-users. Hence, the usage of information and communication technologies (ICT) has the capability to address critical challenges faced by the US in providing accessible, cost-effective, and high-quality healthcare services to patients.

U.S. Telehealth Market Segmentation

The U.S. telehealth market research report includes a detailed segmentation by modality, component, end-user, application, delivery mode. The real-time virtual health segment accounted for a significant share of 49% in 2020. The real-time virtual health segment is anticipated to retain its dominance during the forecast period. The usage of real-time virtual care in remote ICUs has increased in the US during the COVID-19 Pandemic.

Telehealth is one of the valuable tools for monitoring health conditions and treatment. The adoption of telemedicine is expected to rise with advances in technology and the high penetration of smart gadgets across the US. The remote patient monitoring segment expects to reach over USD 13 billion by 2026.

The remote patient monitoring market is growing at a healthy rate and is expected to grow significantly during the forecast period. This growth can be attributed to the growing prevalence of chronic diseases such as cardiovascular, diabetes, and respiratory diseases in the elderly population that requires regular monitoring and quality care.

The US telehealth services market is growing at a fast CAGR of over 32% due to the shift in focus to patient-centric, value-based care from conventional hospital-centric and fee-per-service models. The growing geriatric population is driving the connected medical devices market. Further, the growing need for affordable treatments is estimated to boost the demand for telehealth services. However, limited coverage of insurance, especially by Medicare, and issues related to the ambiguous regulatory framework adopted by different states and the US Federal government are anticipated to curtail the market growth during the forecast period.

In 2020, the web/app-based telehealth segment constituted over 77% of the U.S. telehealth market share. As the web-based delivery model requires minimal software and hardware components for delivering telehealth solutions, the demand is relatively high since they reduce upfront installation costs. Hence, the market is witnessing an increased adoption of web-based services. The segment is likely to grow at a healthy rate due to the growing demand from emerging economies embracing telehealth technology in most healthcare facilities in remote and rural areas.

In 2020, chronic care management accounted for approx. 36% of the U.S. telehealth market share. Chronic diseases are one of the major concerns for healthcare providers. Managing diseases such as diabetes, hypertension, and cancer has become a significant challenge for physicians. Around 40% of the US population suffers from chronic diseases. With the outbreak of the COVID-19 pandemic, tele stroke usage to monitor COVID-19 infected patients has increased, which has driven the demand for tele stroke.

The healthcare providers segment expects to witness an incremental growth of over USD 13 billion by 2026. The segment accounted for a significant share of approx. 42% in 2020. The inclusion of telehealth services in disease management and post-acute-care management programs is increasing efficiency and effectiveness.

Several prestigious hospitals are implementing these services to improve profitability, attract and retain many patients, and reduce re-admissions. As telehealth services and remote patient monitoring devices are increasing, hospitals are focusing on enhancing telehealth infrastructure to meet the growing demand, thereby increasing market growth. Further, the increasing collaboration between hospitals and market vendors expects to boost the adoption of tele-ICUs.

INSIGHTS BY VENDORS

AMD Global Telehealth, American Well, GlobalMedia Group, Koninklijke Philips, Resideo Life Care Solutions, and Medtronic are the major players offering healthcare software/applications for remote healthcare.

The U.S. telehealth market is characterized by rapid technological change, changing end user's requirements, shorter product lifecycles, and increasing industry standards. Vendors focus on enhancing their solution with next-generation technologies and developing or acquiring new services to access a new set of consumers in the market. In the pre COVID-19 pandemic, the U.S. telehealth market was in the early development stage, and it was competitive.

However, it has become highly competitive during the COVID-19 pandemic. Vendors are coming up with integrated technology platforms, high-quality provider networks, sophisticated consumer engagement strategies, and entrenched distribution channels. They are trying to create a strong brand image, establishing a solid relationship with clients to become a leading telehealth platform in the US.

Prominent Vendors

AMD Global Telemedicine
American Well
BioTelemetry
GlobalMedia Group
InTouch Health
Koninklijke Philips
Medtronic
Resideo Life Care Solutions
Teladoc Health
Vivify Health

Other Prominent Vendors

AirStrip Technologies
A&D Company
Abbott
AgaMatrix
AliveCor
AT&T
athenahealth
BIOTRONIK
Boston Scientific
Biotricity
CHI Health
Doctor on Demand
edgeMED Healthcare
eVisit
GE Healthcare
Genome Medical
Graham Healthcare Group
Harris Computer
HealthTap
INOVA
iHealth Labs
Integrity Urgent Care
iSelectMD
MedArrive
Masimo
MDLIVE
Medici
MeMD
MedXCom
Mercy Virtual
NextGen Healthcare
Nines
Omron Healthcare
PlushCare
98point6
SOC Telemed
Spacelabs Healthcare
THA Group
TytoCare
Vidyo
Vsee
virtuwell
Vida Health
ZIPNOSIS

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of The Study

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Market at a Glance

7 Introduction
7.1 Overview
7.2 US Telehealth Market Snapshot

8 Recent Telehealth Reforms During COVID-19
8.1 Overview
8.2 Recent Medicare Telehealth Reimbursement Reforms
8.2.1 Key Changes in Reimbursement by CMS Enabling Telehealth Implementation

9 Telehealth in Outpatient Settings
9.1 Overview
9.1.1 Reasons for Physicians Adopting Telehealth in Outpatient Settings
9.1.2 Telehealth Usage Among Specialists

10 COVID-19 Impact on Telehealth
10.1 Overview

11 Market Opportunities & Trends
11.1 Reimbursement Expansion For Telehealth Services
11.2 Strategic Acquisitions & Collaborations
11.3 Emergence Of Telehealth Robots & Robotic Platforms
11.4 High Demand For Telehealth Due To COVID-19 Pandemic

12 Market Growth Enablers
12.1 Increasing Demand For Tele-ICUs
12.2 Rise In Telehealth Adoption Among Physicians
12.3 Growing Target Pool Of Patients Requiring Telehealth Services
12.4 Rising mHealth Applications Fueling Telehealth Adoption
12.5 Growing Demand For RPM Platforms & Connected Medical Devices

13 Market Restraints
13.1 Chances Of Misdiagnosis Due To Lack Of Physical Examination
13.2 Uncertainty Over Standard Regulatory Frameworks & Legal Barriers To Telehealth
13.3 Lack Of Standard Interoperability In Telehealth Infrastructure
13.4 Data Security & Privacy Risks Associated With Telehealth

14 Market Landscape
14.1 Market Overview
14.2 Market Size & Forecast
14.3 Five Forces Analysis

15 Modality
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Real-Time Virtual Health
15.3.1 Market Overview
15.3.2 Market Size & Forecast
15.3.3 Real-time Virtual Health: Segmentation
15.3.4 Video Communication: Market Size & Forecast
15.3.5 Audio Communication: Market Size & Forecast
15.3.6 Chat/E-mail Communication: Market Size & Forecast
15.4 Remote Patient Monitoring
15.5 Store & Forward

16 Component
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.3 Telehealth Services
16.4 Hardware
16.5 Software

17 Delivery Mode
17.1 Market Snapshot & Growth Engine
17.2 Market Overview
17.3 Web/App-Based Telehealth
17.4 Cloud-Based Telehealth
17.5 On-Premise Telehealth

18 Application
18.1 Market Snapshot & Growth Engine
18.2 Market Overview
18.3 Chronic Care Management
18.4 Radiology
18.5 Mental Health/Neurology
18.6 Obstetrics/Gynecology (OB/GYN) Care
18.7 Urgent Care

19 End-User
19.1 Market Snapshot & Growth Engine
19.2 Market Overview
19.3 Healthcare Providers
19.4 Patients
19.5 Employer Groups & Government Organizations
19.6 Payers

20 Competitive Landscape

For more information about this report visit https://www.researchandmarkets.com/r/l2vzir

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