(PharmaNewsWire.Com, July 30, 2022 ) According to this latest publication from Meticulous Research®, the North America Telehealth market is expected to grow at a CAGR of 24.3% from 2018 to reach $9,496.6 million by 2024, fueled by the increasing awareness about benefits of telemedicine, favorable government policies supporting digital health, shortage of healthcare professionals, and growing focus on connected care technology.
Key players operating in this market are entering into partnerships, agreements and collaborations to gain the cost efficiency, enhance their capabilities, and strengthen their competitive positions in the market. For instance, in January 2018, American Well and Royal Philips formed a global partnership in telehealth to work together to embed American Well's mobile telehealth services into an array of Philips solutions. In October 2017, American Well partnered with Medtronic plc to enable a more complete telehealth solution focused on the unique needs of the complex, chronic, co-morbid patient population.
In September 2017, the U.S. Senate passed “the Creating High-Quality Results and Outcomes Necessary to Improve Chronic (CHRONIC) Care” Act. The bill includes various provisions that are likely to expand Medicare coverage of telemedicine and give Accountable Care Organizations (ACOs) more discretion in using telemedicine. Further, in February 2018, the Bipartisan Budget Act of 2018 was signed in the U.S. related to several provisions of telehealth. Such initiatives by the governments across North America will spur the adoption of telemedicine during the forecast period.
The North American telehealth market is segmented based on component, deployment model, application, and end user. Healthcare providers will continue to be the leading adopters of the telehealth solutions due to the move towards value-based care, rising patient volume and shortage of physicians, improving telehealth infrastructure in hospitals, and growing focus and availability of provider specific telehealth solutions.
The U.S. commanded the largest share of the North America telehealth market and also expected to witness rapid growth owing to the shift from fee-for-service to value-based models; well-established communication networks; growing focus on digital health; improving reimbursement policies and coverage of telehealth across states; growing need to address shortage of physicians especially in rural /underserved areas; and presence of large number of telehealth providers in the U.S.
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