Telemedicine Market Size in North America 2020 Industry Share, Business Growth, Revenue, Trends and Forecast to 2026
Category: #business  By Ronak Bora  Date: 2021-05-04
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Telemedicine Market Size in North America 2020 Industry Share, Business Growth, Revenue, Trends and Forecast to 2026

The North America telemedicine market size is set to record a phenomenal valuation of USD 98 billion over the time frame of 2020 to 2026. North America is encumbered with rising cases of chronic conditions and cardiovascular and orthopedic diseases over the past few years. As per National Health Council, nearly over 133 million American population suffers from chronic conditions; a count which is anticipated to exceed 157 million by the end of 2020. These numbers have compelled people to opt for timely check-ups and continued monitoring, which acts as a growth opportunity for the telemedicine industry.

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It is important to note that the telemedicine market share across North America is currently soaring to an optimal height, owing to the dreaded COVID-19 pandemic spread. With lockdowns being enforced and people being asked to follow social distancing norms, patients have started turning towards telemedicine consulting platforms to be at par with their ongoing health conditions. These platforms have emerged as a miraculous escape from the large waiting queues at densely populated healthcare centers, offering routine care and consultations in line with information regarding corona care amidst the pandemic situation.

Robust governmental intervention and strategies

In wake of the current COVID-19 pandemic situation, various state and central governments across North America have been laying out significant reforms and measures that add to the growth of telehealth and telemedicine market. For instance, the Office for Advancements of Telehealth is deemed to be involved in promotion of telehealth technologies for education, healthcare, and information services delivery in the United States. Also, rising cases of coronavirus infection in the region has compelled the government to lay immense focus on offering virtual care through smartphones, tablets, and other computer devices, upscaling the revenue share of telemedicine market in North America.

Increased use of smartphone applications during COVID-19 pandemic

As the world is progressing towards being digital, sales of smartphones have shot up, perhaps due to massive use of these gadgets for umpteen uses including online education, telehealth, and others. For the records, the web or mobile segment acquired a business share of 60 per cent in 2019 and is estimated to grow at an unprecedented growth pace in the upcoming years. Courtesy- emergence of variety of platforms and smartphone applications for remote consulting and monitoring. 

In fact, recent outbreak of the coronavirus infection has left people focus more on these devices for homecare services due to social distancing norms.

Expanding remote analysis via tele-monitoring

Speaking of remote health analysis, it is pivotal to mention that the tele-monitoring segment across telemedicine industry had held a market share of 24 per cent in 2019, on the grounds of patients’ and healthcare professionals’ growing inclination towards these procedures. Tele-monitoring supports analyzing heart conditions amongst cardiac patients, while also looking after a patient pool with developmental disabilities in home settings.

Declining mental health

Speculations have been raised that people across various economies of North America have been battling with worse mental health issues over a while now. This calls in for telephone consulting by psychiatric experts. Telepsychiatry delivers a gamut of services including medication management of patient, psychiatric evaluations, patient education, and therapy which would possibly improve the mental health of a person. In addition to these, telepsychiatry alleviates dearth of healthcare professionals in this field making services available to a wider population.

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Enhanced strategic measures by Canadian government

Laying emphasis on the country level industry prospects, reports suggest that Canada telemedicine market is poised to depict a CAGR of 20.3 per cent through 2026, primarily driven by the positive government efforts and initiatives for development in healthcare access across the nation.

Recently, the government of Canada had declared investing a whopping USD 240.5 million for the development and expansion of mental health tools and virtual care during the ongoing COVID pandemic times.

Browse Related Report:

Asia Pacific Telemedicine Market Size By Service (Tele-consulting, Tele-monitoring, Tele-educational/Training), By Type (Telehospital, Telehome), By Specialty (Cardiology, Dermatology, Mental Health, Neurology, Orthopedics, Gynecology), By Delivery Mode (Web/ Mobile {Telephone, Visualized}, Call centers) Industry Analysis Report, Country Outlook (China, India, Japan, Australia, South Korea, Malaysia, Indonesia, Thailand, Singapore, Philippines), Application Potential, Competitive Market Share & Forecast, 2020 – 2026

https://www.graphicalresearch.com/industry-insights/1480/apac-telemedicine-market

Europe Telemedicine Market Size By Telemedicine Type (Telehospital, Telehome), By Specialty (Cardiology, Dermatology, Mental Health, Neurology, Orthopedics, Gynecology), By Service (Tele-consulting, Tele-monitoring, Tele-educational/Training), By Delivery Mode (Web/Mobile {Telephone, Visualized}, Call centers) Industry Analysis Report, Country Outlook (Germany, UK, France, Spain, Italy, Poland, The Netherlands, Belgium, Sweden, Switzerland, Russia, Austria, Norway), Application Potential, Competitive Market Share & Forecast, 2020 – 2026

https://www.graphicalresearch.com/industry-insights/1476/europe-telemedicine-market

Table of Contents (ToC) of the report:

Chapter 1.     Methodology

1.1.   Definition and forecast parameters

1.1.1.  Definitions

1.1.2.  Methodology and forecast parameters        

1.2.   Data sources 

1.3.   References & sources

1.3.1.  Secondary

1.3.2.  Primary

Chapter 2.     Executive Summary

2.1.  Telemedicine industry summary, 2015 – 2026

2.1.1.  Country trends

2.1.2.  Service trends

2.1.3.  Type trends

2.1.4.  Specialty trends

2.1.5.  Delivery mode trends

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1433/north-america-telemedicine-market

About Graphical Research:                              

Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

 

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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