North America Telemedicine Market Size & Growth Rate:
As per the report, North America Telemedicine Market size was valued at USD 12477 million in 2018 and this figure estimated to cross USD 43379 Million by 2025, and it is growing at a CAGR of 19.97% during the forecast period 2019-2026.
According to the Research Cosmos, Global Telemedicine Market Predicted to grow at a CAGR of XX% to reach 1,25,372.05 Million USD by 2025
Telemedicine can be used in applications such as orthopedics, neurology, internal medicine, emergency care, cardiology, gynecology, and others, including dermatology. Dermatology has governed the telemedicine market with more than 25% of the overall share. Neurology is expected to experience the fastest development of the market due to increased neurological complications, such as Alzheimer's, stroke and Parkinson's in the coming years. Cardiology and emergency care are other important sectors that play an important role in the telemedicine market. With advances in technology, the Internet and the telephone, telemedicine is now easily accessible to the general public.
Growth Drivers, Challenges and Opportunities:
The North American telemedicine market has gained a lot of traction in the remote care of patients for the treatment of chronic diseases. Telemedicine helps doctors analyze, diagnose, treat patients and prescribe medication. The North America telemedicine market is being driven by the growing trend of remote patient surveillance, medical care spending, advances in technology, and an increase in the number of chronic disease cases. The main drivers of the market include increased incidence of chronic diseases and increasing demand for self-care. In addition, improvements in Internet applications, virtual medicine, and the growing demand for centralized medical care are expected to reduce costs, which is one of the key success factors that drive the growth of the telemedicine market in this region.
However, some factors are hampering the market and should halt growth in the future, such as the requirement for high initial capital, cases of inadequate implementation of telemedicine, inappropriate reimbursement policies and lack of work qualified. In addition, while the patient is communicating via telehealth, there is a high risk of violating security and confidentiality laws. Since these interactions include communication with patients who are not physically present, there is also a risk of revealing unsolicited information to the wrong person, which is subject to unauthorized disclosure of information in accordance with the HIPAA rule.
Nonetheless, technological improvements to better health services should open new growth opportunities for the North American telemedicine market on schedule. In addition, increased investment by market players will also encourage growth in the regional market.
Regionally, North America was the largest region in the global telemedicine market due to improved quality and security of applications and the need for centralized management of medical care. North America’s largest share of the market, which was over 48.8% in 2017, was mainly due to the support from its nations of the United States and Canada. This growth is also attributed to improvements in health care infrastructure, increased spending on public health care geriatric disease and the increase in the prevalence of chronic and lifestyle-related diseases. According to the American Cancer Society (ACS), in the United States Cancer cases diagnosed were estimated at approximately 1,688,780, and in 2018, 600,920 cancer deaths were recorded, which would support this market in the coming years.
Many players in this regional market are trying to expand their product portfolio to outperform the overall market. While few companies enter the market through acquisitions, large companies are growing in this market by acquiring companies. Few companies have adopted product innovation and new product launches as a key strategy to ensure their dominance in this market.
Prominent Companies Dominating the Market analyzed in this report are:
- Cerner Corporation
- Honeywell Life Care Solutions
- McKesson Corporation
- Medtronic, Inc.
- Robert Bosch Healthcare
- Cisco Systems, Inc
- AMD Telemedicine
- GE Healthcare
- Aerotel Medical Systems
- Philips healthcare
This research report includes following segmentation for the North America Telemedicine Market size and forecast until 2026:
North America Telemedicine Market - By Technology:
North America Telemedicine Market - By Service:
- Real-Time Interactive
North America Telemedicine Market - By Applications:
- Emergency Care
- Home Health
North America Telemedicine Market - By Delivery Mode:
North America Telemedicine Market - By End User:
North America Telemedicine Market – By Region:
- United States
- Rest of the North America