North America Telemedicine Market Predicted to Grow at a CAGR of 19.97% by 2025

North America Telemedicine Market Size, Growth Analysis:

The North America Telemedicine Market was valued at USD 12.477 billion in 2018 and it is projected to reach USD 43.379 billion by 2025, increasing at a CAGR of 19.97% during the forecast period from 2015 to 2021.

Telemedicine is the delivery of healthcare assistance in remote locations utilizing telecommunications technology. This market has been emerged in the last several years. With an advance in technology, internet, and telephones, telemedicine is now quickly accessible to the general population. In extension, it has taken the burden off the current healthcare setups.

Telemedicine services are applied in different medical areas including consultation, operation, diabetes, psychiatry, radiology, dermatology pathology, cardiology, and others. Hospitals and clinics cater assistance to the critically ill, extraneous patients through an easy phone call or by video conferencing. Hospitals, Clinics and Residential (Homecare) with telecommunications technology are end-users of this market.

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Growth Drivers and Restraints of North America Telemedicine Market:

Growing population, increasing number of chronic diseases and the rising cost of healthcare services are some of the important drivers for the majority of the North American telemedicine market. In addition, improved use of technology in healthcare conveyance and a lack of physicians in rural areas is foreseen to offer the new prospect for extension of the telemedicine market. On the other hand, restrictive licensure rules adopted by the United States with respect to the telemedicine, the dearth of consumer knowledge about new technology and its uses are some of the main constraints limiting the growth of the North American market.

The market is driven by a number of factors such as high incidences of chronic disorders, rising healthcare costs, technological discoveries, rise in aging population and increasing awareness regarding remote patient monitoring. However, this market views certain drawbacks, such as legal & reimbursement issues, high-level technology leading to higher costs, lack of physician support and poor cases of implementation.

Telemedicine services are being broadly adopted across the North American region as they can ease the shortage of healthcare professionals and efficiently increase access to healthcare for people living in remote areas. Telehealth services held an important share in 2017; however, the software market is set to register the highest CAGR during the projected period.

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Geographic Analysis of North America Telemedicine Market:

Geographically, the U.S. commanded the highest share of the North American market. The large share and accelerated growth of this region is mainly attributed to increasing healthcare costs, supporting government reforms, developing reimbursement policies, increasing prevalence of chronic disorders, shortage of healthcare professionals, raising funding for telehealth, and presence of several important players in this region.

Some of the main players operating in North American telemedicine market are: Care Innovations, AMD Global Telemedicine, Inc., American Well, Cisco Systems, Inc., Cerner Corporation,  Doctor On Demand, MDLIVE Inc.,  Honeywell Life Care Solutions, Intouch Health, Medtronic PLC, McKesson Corporation, Siemens Healthineers, Philips Healthcare, Sherpaa Health, SnapMD, Inc. Iris Telehealth, Teladoc, Inc., and others.

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