North America Telemedicine Market - Growth, Trends, and Forecasts (2020 - 2025)
North America Telemedicine market is driven by a number of factors such as high incidences of chronic diseases, rising healthcare costs, technological innovations, increase in aging population and rising awareness regarding remote patient monitoring. With the increasing aging population and prevalence of chronic diseases, there is an increasing need for finding new ways to improve patient outcomes, which increase access to care and reduce the cost of medical care as well. However, this market faces certain restraints, such as legal & reimbursement issues, advanced technology leading to higher costs, lack of physician support and poor cases of implementation.
Key Market Trends
mHealth (Mobile Health) dominates the North America Telemedicine market
Mobile health refers to the practice of maintaining the medicine and public health, supported by mobile devices. Mobile health service has emerged in recent years largely, as an application for developing countries. It is expected that the number of home monitoring systems, with integrated communication capabilities, may grow in the coming years at a high growth rate. mHealth service uses mobile telecommunication and multimedia technologies for healthcare delivery. These mHealth apps use mobile devices in collecting medical data and delivering it to healthcare practitioners. Most of the Americans are now using mobile health applications. According to recent surveys conducted by the Pew Internet & American Life Project, currently, 9% of all mobile phone users in the United States have downloaded an app to track or manage their health. The extensive consumer interest in, and adoption rate of, telemedicine and mobile health applications, such as wearable technology (bands and watches) that monitor and report throughout the day, are supporting the market growth by driving the digitalization and converting conventional forms of healthcare management to connected and remote healthcare.
Many players in this market are trying to expand their product portfolio in order to top the global market. While few companies are entering into the market by acquisitions, top companies are expanding their growth in this market by acquiring other companies. Few companies adopted product innovation and new product launches as its key business strategy to ensure its dominance in this market.
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