Dublin, May 13, 2021 (GLOBE NEWSWIRE) — 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…