US Telehealth Market Size Worth $402.13 Billion by 2032 | CAGR: 35%, says The Brainy Insights

Newark, July 03, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 20 billion in 2022 US telehealth market will reach USD 402.13 billion by 2032. Given the social distancing norms and restrictions on movements and assemblies, the pandemic-induced lockdowns offered a significant growing space for telehealth. For instance, in a 3D virtual reality environment, doctors can consult with their patients using telemedicine. It eliminates the obstacle to conducting face-to-face meetings. It enables patients to consult with their doctors whenever it is most convenient for them from the comfort of home, lowering the possibility of hospital infections that may arise when attending in-person consultations. Telehealth will facilitate the development of improved medical technologies, devices, instruments, procedures, and medications by facilitating partnerships between healthcare practitioners and institutions. They can create the best patient care and treatment programmes thanks to the smooth cooperation among healthcare specialists. Therefore, telehealth can benefit the healthcare industry beyond its benefits of offering better patient care.

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Report coverage & details:

Key Insight of the US telehealth market

In 2022, the services segment dominated the market with the largest market share of 44% and market revenue of 8.80 billion.

The product type segment is divided into hardware, software, services and others. In 2022, the services segment dominated the market with the largest market share of 44% and market revenue of 8.80 billion.

In 2022, the web-based segment dominated the market with the largest market share of 56% and market revenue of 11.20 billion.

The delivery mode segment is divided into web-based, cloud-based and on-premises. In 2022, the web-based segment dominated the market with the largest market share of 56% and market revenue of 11.20 billion.

In 2022, the providers’ segment dominated the market with the largest market share of 46% and market revenue of 9.20 billion.

The end-user segment is divided into providers, payers, and patients. In 2022, the providers’ segment dominated the market with the largest market share of 46% and market revenue of 9.20 billion.

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Advancement in market

May 2023 – US health and drug regulators announced that until late 2024, banned substances like Adderall will be allowed to be given online. This is a change from their previous position that claimed limits on the drugs would be resumed when the pandemic subsided. According to an advance copy of a rule put online, healthcare providers can prescribe banned medications online through November 11. Additionally, medical professionals who begin working with patients on or before that date may still write prescriptions for banned medications for another 12 months.

Market Dynamics

Drivers: the rising government healthcare expenditure.

The rising inequality in American society and the pricey and inaccessible healthcare services highlight the necessity for a strong public healthcare infrastructure. The healthcare sector is following suit with the rising automation and digitization to take advantage of its benefits for the industry’s advancement. The introduction of teleconsultation, telemonitoring, and telemedicine, along with the automation and digitization of the healthcare sector, has allowed market participants to close the gap between supply and demand for healthcare services. Additionally, it has made remote patients’ access easier. Additionally, it will ease the strain of unneeded outpatient visits in hospitals, enhancing their effectiveness. Costs for both patients and providers will be reduced. The availability of fresh data will promote better patient and policy results. Therefore, the market will benefit from the growing government healthcare spending.

Restraints: the inadequate political backing for funding telehealth.

The legislative branch of the US government is blocking the social security legislation’s efforts to expand access to healthcare services, reimbursement practices, and universal healthcare coverage. Due to party politics, neither the House nor the Senate passed the proposals submitted for universal healthcare coverage or using technology to improve healthcare services. Due to this, the US market for telehealth will be improved without any public support and with correct legalised laws and regulations. Therefore, the healthcare industry’s inability to innovate and incorporate innovations will hinder the market’s expansion.

Opportunities: adopting cutting-edge technology such as AI, AR, and big data.

Players in the sector are investing money in leveraging technology in the fourth industrial revolution era to broaden the range of applications it may be used for, particularly in the healthcare sector. Technologies are developing quickly, and ideas like artificial intelligence, cloud computing, the Internet of Things, and data analytics are becoming increasingly well-known. By introducing and integrating this cutting-edge technology, the healthcare sector might be revolutionised to meet the rising demand for healthcare while increasing productivity, efficiency, and patient outcomes. Therefore, the market will continue to expand and develop during the projected period due to technological breakthroughs in AI, AR, big data, IoT, and cyber-security.

Challenge: data privacy, safety and security concerns.

Insecure data transmission technology puts patients’ private medical histories and records at risk of leakage because technologies are highly vulnerable to cyber-attacks. The lack of preventive authentication processes increases the possibility of unauthorised access to patient data, endangering the patient’s physical and mental well-being. The trials conducted to determine the efficacy of new healthcare technologies and the technologies themselves must be approved by the competent authorities after carrying out the necessary due diligence. These authorities should uphold high standards for data security and privacy. The lax status of data security and privacy laws will hamper the industry’s growth in the US market.

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Some of the major players operating in the US telehealth market are:

• American Well
• Cerner Corporation
• Doctor on Demand
• GE Healthcare
• Koninklijke Philips N.V.
• MDLive
• Medtronic PLC
• Siemens Healthineers
• Teladoc Health Inc.
• USMed

Key Segments cover in the market:

By Product Type

• Hardware
• Software
• Services
• Others

By Delivery Mode

• Web-Based
• Cloud-Based
• On-Premises

By End User

• Providers
• Payers
• Patients

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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