How Big Is Telemedicine Market In The US?
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The global telemedicine market is growing at an exponential rate. According to a report by Grand View Research, the market is expected to reach $380.3 billion by 2030. This growth is driven by the increasing demand for remote patient monitoring, the growing prevalence of chronic diseases, and the shortage of healthcare providers.
In the United States, the telemedicine market is expected to grow from $23.5 billion in 2021 to $380.3 billion by 2030, at a Compound Growth Annual rate of 28.8%. The major players in the market are Complete clinic management Solutions, American Well Corporation, KiviCare, and MCI, and could also have an impact on the future of healthcare delivery.
How Telemedicine is growing and trending in the US market?
The COVID-19 pandemic had a number of positive impacts on the market. It increased awareness of telemedicine solutions , propelled the adoption rates among patients & providers, and increased investment activities in the market.
The market for telemedicine is growing rapidly due to supportive regulatory initiatives. In the United States, both state and federal laws have been enacted to facilitate the widespread use of telemedicine to cope with the COVID-19 pandemic. For instance, on March 6, 2020, the U.S. president signed the Coronavirus Preparedness and Response Supplemental Appropriations Act.
Many U.S. states have also rejected the certification requirements for better utilization of the service, which had a positive impact on market growth during the pandemic. Additionally, rapid advancements in technology are expected to boost the demand for online consultation, thereby contributing to market growth.
In December 2020, Iqonic design launched a Complete Clinic Management solution, which is a secure, simple, and cost-effective solution for doctors to deliver virtual primary or specialty care for COVID-19 patients.
Over the past decade, there has been a significant increase in telemental health visits in the United States. This trend is predicted to continue during the forecast period, which will lead to more hospitals and healthcare settings using telemedicine systems.
The top 5 Questions are often asked in Telemedicine Market in the US -
1) How big is the Telehealth Service industry in the US going to be in 2022?
The Telehealth Services industry is expected to generate $16.6 billion in revenue by 2022.
2) How has the Telemedicine services industry in the US performed compared with the life sciences sector in the US?
The Telehealth Services industry in the US is growing faster than the Life Sciences sector as a whole.
3) What Factors affect the growth of the Telehealth services industry in the US?
The main positive force driving this industry is the growing life cycle stage, while the primary negative factor holding it back is the prime rate.
4) What is the biggest opportunity for growth in Telemedicine services in the US?
As our population ages, we will probably see more people with chronic illnesses such as heart failure, diabetes, hypertension, and end-stage renal dialysis. For individuals 65 and older, Medicare often reimburses a high share of the costs associated with treating these conditions.
As federal funding for Medicare and Medicaid increases and doctors increasingly use telehealth services for these patients, industry revenue is expected to rise. This rise in federal funding for Medicare and Medicaid in 2022 could present a great opportunity for the industry.
5) Has the Telemedicine services industry in the US grown or declined over the past 5 years?
The Telehealth Services industry in the US has expanded rapidly, averaging 20.9% growth per year from 2017 to 2022.
How do Start your own Telemedicine using a Complete clinic management solution?
When you’re ready to introduce your own Telemedicine service, you want to be confident you’re making the best decision for your clinic. Research different Clinic Management Solutions to find the one that will help you launch your Telemedicine service quickly and easily. With the best solution, you’ll be providing outstanding care to your patients in no time!
Conclusion
The telemedicine market is growing rapidly in the United States, driven by the increasing demand for remote patient monitoring, the growing prevalence of chronic diseases, and the shortage of healthcare providers.
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