U.S. Telemedicine Market Share: Industry Growth Factors, Applications, Key Players and Forecasts by 2025
Oct 11, 2019
The newly released research at Market Study Report Added titled “2019-2025 U.S. Telemedicine Market Report” provides data, information, brief analysis, company profiles, statistics for past years and forecasts for next few years.
Delaware, Selbyville - October 11, 2019 /MarketersMedia/ —
U.S. Telemedicine Market is expected to exceed USD 64.0 billion by 2025. Technological advancements related to mobile phones and internet penetration coupled with increasing demand for cost-saving in healthcare delivery are the major factors driving the U.S. telemedicine market.
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Web/mobile based telemedicine segment held significant revenue share of USD 11.8 billion in 2018. Advantages associated with web/mobile based telemedicine platforms such as easy integration and user-friendly customization will ensure high adoption rate in the future. Web-based service models can be easily integrated with internal network for sharing patient?s health information, that is of prime importance in telemedicine. Such standardized communication platform guarantees advantages such as usability and accessibility to both providers and customers, thus augmenting the industry growth.
Increasing prevalence of chronic diseases is one of the pivotal factors that has created the need to adopt telemedicine services and provide greater home supervision. Growing number of patients suffering from chronic diseases such as cancer, diabetes and cardiovascular disease will drive the demand for telemedicine services. Rising adoption of unhealthy lifestyle and habits such as alcohol consumption and tobacco smoking is one of the major reasons for high prevalence of chronic conditions in the U.S. As per 2017 CDC data, nearly 14 out of every 100 people in the U.S. aged more than 18 years smoked cigarettes. Hence, the aforementioned factors will significantly foster the U.S. telemedicine market growth.
Telehospital segment accounted for USD 12.7 billion in 2018. High growth is attributable to increasing government grants and funding for telehospital medicine, growing need for efficient healthcare quality services at low cost and rising number of smart phone users. Various government initiatives will further lead to segmental growth. For instance, the U.S. Department of Health and Human Services (DHHS) authorized USD 25.9 billion under the HITECH act to expand and promote adoption of healthcare IT in the U.S., thereby positively impacting the industry growth.
Neurology segment is expected to witness significant growth of 19.3% during the projected timeframe. High growth rate is attributed to convenient and easy follow-up of patients suffering from neurological disorders. High pervasiveness of neurological disorders coupled with increasing need for efficient management of neurological disorders will boost application of telemedicine services in neurology.
Technological advancements associated with telemedicine devices is another major growth fostering factor. Mobile phones combined with wearable devices or attachable scanners are becoming one of the most important tools for self-diagnosis. Smartphones can now easily diagnose mental conditions such as Alzheimer’s and respiratory diseases with simple tests. An enhanced lens attached to a smartphone’s camera has the capability to diagnose skin and oral conditions. Similarly, scanners attached to smartphones can diagnose blood samples for malaria, chronic condition, thyroid problems, and others.
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The U.S. telemedicine market is fragmented in nature, with large corporations, local small players as well as start-ups joining the industry competition. The key industry participants hold maximum market share owing to strong financial revenue, brand recognition and premium after sales service. The major players include McKesson Corporation, Cisco Systems, Honeywell International, Philips and Cerner Corporation. Other business participants include Allscripts Healthcare Solutions, AMD U.S., BioTelemetry, InTouch Technologies, American Well, Specialist Telemed, SOC Telemed, InSight, Eagle Telemedicine and Blue-Sky Telehealth. These companies implement various strategies in order to stay ahead in the competitive market. Major strategies adopted by the players in the market include new product launch, expansion strategy, acquisition strategy, among others. For instance, in December 2017, Philips acquired VitalHealth. The acquisition helped Philips in strengthening its remote patient monitoring platform by catering to chronic disease populations, congestive heart failure, Alzheimer’s disease, etc.
Table of Content:
Chapter 1. Methodology
Chapter 2. Executive Summary
Chapter 3. U.S. Telemedicine Industry Insights
Chapter 4. U.S. Telemedicine Market, By Service
Chapter 5. U.S. Telemedicine Market, By Type
Chapter 6. U.S. Telemedicine Market, By Specialty
Chapter 7. U.S. Telemedicine Market, By Component
Chapter 8. U.S. Telemedicine Market, By Delivery Mode
Chapter 9. Company Profiles
Complete Report At: https://www.marketstudyreport.com/reports/u-s-telemedicine-market
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