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U.S. Telemedicine Market to hit $64 billion by 2025: Global Market Insights, Inc.

Call center segment of United States telemedicine market is set to achieve more than 18% CAGR from 2019 to 2025, driven by increasing prevalence of chronic diseases and favorable government initiatives.

Selbyville, Delaware, Sept. 26, 2019 (GLOBE NEWSWIRE) --

The U.S. Telemedicine Market is expected to cross USD 64 billion by 2025; according to a new research report by Global Market Insights, Inc. Increasing prevalence of chronic diseases is one of the major factors that has created the need to adopt telemedicine services and provide greater home supervision. Growing number of patients suffering from chronic diseases such as cancer, diabetes and heart disorders will drive the demand for telemedicine services in the U.S. Moreover, rising adoption of sedentary lifestyle and unhealthy habits such as tobacco smoking and alcohol consumption is one of the major factors contributing to increasing prevalence of chronic diseases. For instance, as per 2017 CDC data, nearly 14 of every 100 people in the U.S. aged more than 18 years smoked cigarettes. Hence, the above-mentioned factors will positively impact telemedicine market in U.S. growth across the timeframe.

There has been a tremendous rise in the use of smartphones by physicians in the U.S. leading to growth of telemedicine practice. Moreover, increasing awareness among the population about various mobile health applications to regularly keep a check on their physical activities will further augment industry growth. Also, increasing government initiatives to expand access to digital healthcare services is another chief factor boosting sales across the U.S. Rising number of federal agencies are also focused on reforming existing telemedicine policy to expand access to standard care. For instance, in July 2019, The Federal Communications Commission (FCC) took a significant initiative towards increasing the accessibility of connected healthcare for certain underserved communities in the U.S. The agency created a Connected Care Pilot Program with the aim to increase access to remote healthcare for patients with low-income, thereby encouraging quality care and better outcomes.

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However, lack of reimbursement for some telemedicine services will hamper market growth in the future. Also, telemedicine carries unique challenges in ensuring patient privacy and safety of health information, that may limit industry growth.

Tele-consulting segment is forecasted to reach USD 28.1 billion by 2025. Tele-consulting segment is poised to experience high growth across the globe owing to growing telecommunication infrastructure. It provides consultation services for large number of therapeutic indications, wide array of imaging modalities and many different reading methodologies. Increasing applications of tele consulting will positively impact market growth across the analysis period.

Telehome segment is expected to witness lucrative growth of 18.9% across the forecast timeframe. Telehome services are primarily for patients with chronic ailments, who are not advised for frequent travelling. Telehome services offer opportunities to improve patient care along with significant savings to patients preferring treatment at home, thus boosting demand for telemedicine services.

Browse key industry insights spread across 115 pages with 72 market data tables & 11 figures & charts from the report, “U.S. Telemedicine Market Size By Service (Tele-consulting, Tele-monitoring, Tele-education/training), By Type (Telehospital {Integrated Delivery Network, Academic Medical Centers, Large Independent Hospitals, Medium Independent Hospitals, Small Hospitals}, Telehome), By Specialty (Cardiology, Gynecology, Neurology, Orthopedics, Dermatology, Mental Health, Critical Care, Neonatology), By Component (Hardware, Software, Services), By Delivery Mode (Web/Mobile {Telephonic, Visualized}, Call Centers), Type Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/us-telemedicine-market

Application of telemedicine in neurology is poised to increase across the forecast timeframe. Neurology segment is estimated to hold substantial market share of 12.8% in 2018. High pervasiveness of neurological disorders is a major growth augmenting factor. Moreover, increasing need for efficient management of neurological diseases will boost application of telemedicine services in neurology.

Hardware segment is forecasted to witness lucrative growth of 18.7% CAGR across the analysis period. Rise in use of telemedicine devices such as tablets, smartphones, and others will significantly drive segmental growth. Moreover, technological advancements in the healthcare systems is another major growth stimulating factor.

Web/Mobile segment held maximum revenue of USD 11.9 billion in the year 2018. Web-based delivery platform has become a standardized infrastructure for giving access to sophisticated telemedicine applications. It can benefit organizations with issues that limit access to healthcare for patients in remote areas. Moreover, increasing adoption of telemedicine services throughout the U.S. will further propel industry growth.

Some of the leading industry players in U.S. telemedicine market include American Well, AMD Global Telemedicine, Allscripts Healthcare Solutions Inc, Cerner Corporation, BioTelemetry, Cisco Systems, Honeywell International Inc, Eagle Telemedicine, InTouch Technologies, InSight, SOC Telemed, and Specialist Telemed. Primary business strategies adopted by industry participants includes regional expansion, new product launch and mergers and acquisition.   

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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