U.S. Telehealth Market Size to Reach Revenues around USD 43 Billion by 2026 - Arizton

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May 03, 2021, 12:00 ET

CHICAGO, May 3, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this U.S. telehealth market report.

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

Key Highlights Offered in the Report:

During the COVID-19 pandemic the adoption of teleconsultation among the physicians increased drastically. There were many relaxations on the reimbursement and other regulatory guidelines in the country which increased the usage of telehealth among the patients in the country.
Chronic care in the application segment dominated the market, expected to grow at an incremental growth of more than USD 13 billion during the forecast period.
Healthcare providers in the end-user section dominated the market. Due to the increased adoption of telehealth among the patients, the healthcare providers also increased the usage of telehealth especially in the disease management, post-acute care management programs.
Web/App based telehealth dominated the mode of delivery segment. Due to the increased usage of mobile phones, broadband internet connections the web/app-based telehealth dominated in the market and it is expected to grow at an absolute growth of more than 380% in the market.
The services in the components segment dominated the market. This is due to the adoption of end-to-end telehealth solutions offered by telehealth companies to healthcare providers such as hospitals, clinics, and home care settings and it is expected to grow at an absolute growth of around 450%.
Realtime virtual health dominated the market based on modality. This was widely used in pharmacies, employer sites, and emergency rooms in hospitals, colleges, and grocery stores, which increased its usage and is expected to grow at an absolute growth of more than 450%.

Key Offerings:

Market Size & Forecast by Revenue | 2020−2026
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by modality, component, end-user, application, and geography
Competitive Landscape – 10 key vendors and 44 other vendors

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U.S. Telehealth Market – Segmentation

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.
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.
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.

U.S. Telehealth Market by Modality

Real-time Virtual Health
Remote Patient Monitoring
Store and Forward

U.S. Telehealth Market by Component

Service
Hardware
Software

U.S. Telehealth Market by Application

Chronic Care
Radiology
Mental Health
OB/GYN
Urgent Care
Others

U.S. Telehealth Market by Delivery Mode

Web/App-based
Cloud-based
On-premise

U.S. Telehealth Market by End-user

Healthcare Providers
Patients & Individuals
Employers & Government Organizations
Payers

U.S. Telehealth Market – Dynamics

Recognizing the significant benefits of telehealth services, the Centers for Medicare & Medicaid Services (CMS) has expanded the reimbursement options for telehealth services. As the country's single largest healthcare payor, the CMS' policies on telehealth reimbursement are likely to go a long way in setting the standards across all types of healthcare facilities in the US. Identifying the benefits of remote patient monitoring (RPM), CMS has been offering reimbursement for RPM services since 2018. Such initiatives are expected to strengthen popular Medicare private health insurance plans, expand telehealth access for patients, and improve coordination among all the healthcare channel participants. In 2019, the CMS further finalized policies that increased plan choices and benefits, including enabling Medicare Advantage plans to avail additional telehealth benefits. The extended CMS policy represents a historic step in bringing innovative technology such as RPM to Medicare beneficiaries. This is likely to propel the future growth of the telehealth market in the US.

Key Drivers and Trends fueling Market Growth:

Strategic Acquisitions & Collaborations
Emergence of Telehealth Robots & Robotic Platforms
Increasing Demand for Tele-ICUs
Growing Target Pool of Patients Requiring Telehealth Services

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Major 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

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

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SOURCE Arizton Advisory & Intelligence