U.S. Telehealth Market Size to Hit Around US$ 309.9 Billion by 2030 (2024)

According to Nova one advisor, the U.S. Telehealth market size was valued at US$ 23.8 billion in 2021 and is expected to hit US$ 309.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 45.1% from 2022 to 2030.

Key Takeaway

  • The services segment dominated the market with a revenue share of over 45.0% in 2021. The software segment is expected to witness the fastest growth over the forecast period.
  • The web-based delivery segment accounted for the largest revenue share of over 45.0% in 2021.
  • The providers segment held the largest revenue share of over 50.0% in 2021

Growth Factors:

The shortage of healthcare specialists and primary care physicians in the U.S. is one of the major factors expected to accelerate the market growth in the U.S. For instance, according to the Association of American Medical Colleges (AAMC) estimation, there is a shortage of both primary and specialty care physicians between 37,800 and 124,000 physicians by 2034.

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High-scale investment in digital health and virtual care by the government of the U.S. is also anticipated to boost market growth. Besides, remote provision for healthcare services has been established from a long back in the U.S. The National Aeronautics and Space Association (NASA) played a significant role in the development of telemedicine. Several studies stated that in 1960, NASA has established telemedicine in the United States. Now, about 76% of hospitals in the U.S. connect with patients using some form of telemedicine.

In recent years, virtual healthcare plays a vital role in improving health equity by providing timely treatment and clinical assessment, especially to the most vulnerable population. In order to strengthen telehealth services and rural health in the U.S., the Biden-Harris Administration in August 2021 invested over 19 million USD through Health Resources and Services Administration (HRSA) at the U.S. Department of Health and Human Services (HHS).

The COVID-19 pandemic has shown the importance of virtual healthcare services. Before the pandemic, the utilization of virtual healthcare services in the U.S. was nominal. In order to deal with the shortage of physicians during COVID-19, the telehealth market is skyrocketed in the U.S. Telehealth has been considered an emergency tool during the COVID-19 pandemic. Due to several conditions, such as high COVID-19 infection rate, difficulty in accessing medical care, and the national emergency during the coronavirus pandemic, there is an increase in investments by the government organization in the U.S.

Report Scope of the U.S. Telehealth Market

Report Coverage

Details

Market Size in 2021

USD 23.5 Billion

Revenue Projection By 2030

USD 309.9 Billion

Growth Rate

CAGR of 45.1% from 2022 to 2030

Base Year

2021

Historical data

2017 - 2020

Forecast Period

2022 to 2030

Segments Covered

Product type, delivery mode, end use

Companies Mentioned

Koninklijke Philips N. V.; Siemens Healthineers; Cerner Corporation; GE Healthcare; Medtronic PLC; Teladoc Health Inc.; American Well; Doctor on Demand; U.SMed; MDLive

For instance, in February 2021, the United States Department of Agriculture (USDA) invested $42 Million in telemedicine infrastructure and distance learning to health outcomes and education. USDA funded 86 projects to rural communities through Distance Learning and Telemedicine (DLT) program to help people by providing rural healthcare education and grant to purchase telemedicine interactive telecommunications distance learning equipment.

Product Type Insights

The services segment dominated the market with a revenue share of over 45.0% in 2021. Rising demand for remote healthcare services, coupled with rapid advancement in digital healthcare infrastructure, is a key factor expected to drive the segment over the coming years. Besides, the rapid increase of coronavirus disease, social distancing practice, and the fear of infection are anticipated to accelerate the segment growth. Remote patient monitoring services offer real-time interaction between patients and physicians, which resulted in affordable clinical outcomes.

Before the COVID-19 pandemic, the remote provision of clinical care has not been well characterized. High access to the devices such as computers, tablets, and smartphones and high access to the internet in developing countries like the U.S. are also expected to favor the growth of telehealth services. For instance, due to the increasing demand and high adoption, there is a 154% increase in telehealth visits in March 2020 than March 2019 as per the report published by the Center for Disease Control and Prevention (CDC) in October 2020.

The software segment is expected to witness the fastest growth over the forecast period. Software is the core component of telehealth services. There are several types of software platforms available for telehealth services, which are used to store, analyze, and share healthcare information. Using telehealth software, patients can access affordable healthcare services in less time. With the growing demand for telehealth services, several software developers are now continuously focusing on the development of advanced software with more features to hold their strong position in the market. For instance, in May 2021, MediTelecare launched MediTely™, a world-class mobile telehealth application for the older population living outside long-term care facilities.

Delivery Mode Insights

The web-based delivery segment accounted for the largest revenue share of over 45.0% in 2021. The growing adoption of web-based delivery mode in mobile health communication and remote patient monitoring to improve the quality of rural healthcare is expected to fuel the segment growth. The growing telehealth industry and the cost-effectiveness of virtual care are also expected to support the web-based delivery segment growth over the coming years. Besides, several large international organizations are now using web-based information and communication technologies (ICTs) platforms to address the growing healthcare challenges in both developed and developing countries.

For instance, the WHO (World Health Organization) has established the U.S. Observatory for eHealth (GOe) to review the status of eHealth solutions, including telemedicine, at the U.S., national, and regional levels. Further, the cloud-based delivery model is anticipated to be the fastest segment over the forecast period. The growing adoption of cloud storage platforms by patients and clinicians owing to their cost-effectiveness, speed, and virtual data storage capabilities is expected to fuel the segment growth over the forecast years.

End-use Insights

The providers segment held the largest revenue share of over 50.0% in 2021 owing to the growing number of telehealth service providers in the U.S. and the increasing awareness among the individuals to adopt telehealth. Healthcare centers have expanded their telehealth infrastructure during the COVID-19 pandemic by investing more in digital health and virtual care business models. Real-time healthcare services, improved data management, and cost-saving healthcare service offered by telehealth providers are expected to boost the segment growth.

The patients segment is expected to register the fastest growth rate during the forecast period owing to the increasing awareness among the patient population and high internet penetration in the U.S. Low cost and better clinical outcome of telehealth services are also the key factors responsible for the growth of this segment over the forecast period. In addition, increasing smartphone users, technology-friendly users, and growing internet connectivity in the U.S. are expected to favor the growth of the patients segment.

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Some of the prominent players in the U.S. Telehealth market include:

  • Koninklijke Philips N.V.
  • Siemens Healthineers
  • Cerner Corporation
  • GE Healthcare
  • Medtronic PLC
  • Teladoc Health Inc.
  • American Well
  • Doctor on Demand
  • U.SMed
  • MDLive

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at U.S. for the period of 2017 to 2030

  • By Product Type
    • Hardware
      • Monitors
      • Medical Peripheral Devices
        • Blood Pressure Meters
        • Blood Glucose Meters
        • Weighing Scales
        • Pulse Oximeters
        • Peak Flow Meters
        • ECG Monitors
        • Others
    • Software
      • Standalone Software
      • Integrated Software
    • Services
      • Remote Patient Monitoring
      • Real-time Interactions
      • Store and Forward
      • Others
  • By Delivery Mode
    • Web-based
    • Cloud-based
    • On-premises
  • By End-use
    • Providers
    • Payers
    • Patients

Click Here to View Full Report Table of Contents

Key Questions Answered in U.S. Telehealth Market Report

  • What will be the sales/revenue generated by U.S. Telehealth across all regions during the forecast period?
  • What are the opportunities in the U.S. Telehealth market?
  • What are the major drivers, restraints, opportunities, and threats in the market?
  • Which regional market is set to expand at the fastest CAGR during the forecast period?
  • Which application is expected to generate the highest revenue U.S. in 2030?
  • Which segment is projected to expand at the highest CAGR during the forecast period?
  • What is the market position of different companies operating in the U.S. market?

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U.S. Telehealth Market Size to Hit Around US$ 309.9 Billion by 2030 (2024)

FAQs

U.S. Telehealth Market Size to Hit Around US$ 309.9 Billion by 2030? ›

According to Nova one advisor, the U.S. Telehealth market size was valued at US$ 23.8 billion in 2021 and is expected to hit US$ 309.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 45.1% from 2022 to 2030. The services segment dominated the market with a revenue share of over 45.0% in 2021.

How big is the telehealth market in 2030? ›

The U.S. telehealth market is expected to grow at a compound annual growth rate of 22.9% from 2023 to 2030, reaching USD 150.1 billion by 2030.

How big is the telehealth market in the US? ›

Experienced | Business Development Executive |… According to latest report, the U.S. Telehealth market size was USD 49.85 billion in 2023, calculated at USD 62.26 billion in 2024 and is expected to reach around USD 460.56 billion by 2033, expanding at a CAGR of 24.9% from 2024 to 2033.

What is the projection of the telehealth market? ›

KEY MARKET INSIGHTS

The telemedicine market size was valued at USD 87.41 billion in 2022 and is projected to grow USD 94.44 billion in 2023 to USD 286.22 billion by 2030, exhibiting a CAGR of 17.2% during 2023-2030.

Who is the largest telehealth provider in the US? ›

What is the biggest telemedicine company? Based on metrics such as total revenue and number of employees, Teladoc Health is the largest telemedicine company, according to a report by Ampliz.

Who is the target market for telehealth? ›

The highest rates of telehealth visits were among those with Medicaid (29.3%) and Medicare (27.4%), Black individuals (26.8%), and those earning less than $25,000 (26.7%).

What is the future growth of telehealth? ›

As a consequence, the global telehealth market was valued at $83.5 billion in 2022 and is projected to expand at a compound annual growth rate of 24 percent from 2023 to 2030, according to analysts Grand View Research. The high costs of providing in-person care means telehealth could represent a huge opportunity.

What is the most used telehealth platform? ›

9 Most Popular Telehealth Platforms
  • eVisit.
  • VSee.
  • Theranest.
  • Caregility.
  • Doximity.
  • Doxy.me.
  • AthenaHealth.
  • SimplePractice.

Why is telehealth declining? ›

Once a niche method of delivering healthcare, telehealth use spiked during the COVID-19 pandemic, aided by relaxed regulations aiming to preserve access to care during the public health emergency. However, utilization has declined since, with patients returning to in-person care options as the pandemic eased.

What state uses telehealth the most? ›

States with the most Telehealth Calls in 2023
  1. California. California tops the list due to its robust digital infrastructure, extensive telehealth service offerings, and supportive state policies. ...
  2. New York. ...
  3. Texas. ...
  4. Florida. ...
  5. Pennsylvania. ...
  6. Virginia. ...
  7. Illinois. ...
  8. New Jersey.
Mar 4, 2024

What are the drivers of the telehealth market? ›

Telehealth Market Size & Trends

The market is primarily driven by the increasing adoption of digital health & smartphones, rising investments, improved internet connectivity, and growing technological advancements.

What is the difference between telemedicine and telehealth? ›

While telemedicine refers specifically to remote clinical services, telehealth can refer to remote non-clinical services such as provider training, continuing medical education or public health education, administrative meetings, and electronic information sharing to facilitate and support assessment, diagnosis, ...

How profitable is telehealth? ›

Many telemedicine companies will pay you every two weeks for your services. Telemedicine physicians average $15 – $30 per video visit and can complete 3-5 video visits per hour to make $100 – $150 per hour. Telemedicine nurse practitioners average $23 per consult for an average of $60 – $100 per hour.

Who is Teladoc biggest competitor? ›

Teladoc Health's alternatives and competitors. See how Teladoc Health compares to similar products. Teladoc Health's top competitors include Rezilient, Caresyntax, and K Health. Rezilient provides healthcare services.

Who benefits most from telehealth? ›

It also saves sick people from having to come in to the office. Less exposure to other people's germs helps everyone, especially those who are chronically ill, pregnant, elderly or immunocompromised.

What telehealth company did Walmart buy? ›

MeMD was established in 2010 and acquired by Walmart in 2021. The service offers virtual care, providing on-demand medical and behavioral health services to millions of members nationwide. Fabric touted the acquisition of MeMD as complementary to the startup's existing offerings.

How big is the micromobility market in 2030? ›

The global micromobility market is expected to reach $340 billion by 2030, according to a new McKinsey report. This is up from approximately $160 billion in 2022.

How big is the autonomous mobility market in 2030? ›

KEY MARKET INSIGHTS

The global autonomous vehicle market size was valued at USD 1,500.3 billion in 2022 and is projected to grow from USD 1,921.1 billion in 2023 to USD 13,632.4 billion by 2030, exhibiting a CAGR of 32.3% during the forecast period.

Is telehealth on the decline? ›

Commercially available health marketing research data confirm that telemedicine use decreased significantly in 2022 from peak use in 2020 (15). Reasons for the overall decline in telemedicine use are multifaceted and include inadequate reimbursem*nt for telemedicine visits, particularly telephone-only visits (14).

How big is the digital advertising market in 2030? ›

The Global Digital Advertising Market size is expected to reach $1041.9 billion by 2030, rising at a market growth of 14.5% CAGR during the forecast period. Advertisers create videos that match the look and feel of the platform, ensuring a more natural and non-disruptive viewing experience for users.

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