Meticulous Research, a leading global market research organization, has published a detailed report titled “North America Telehealth Market by Component [Hardware (Peripheral Devices, Monitor), Software (Cloud, On-premise), Services (Real-time, Remote Monitoring)], Application (Radiology, Cardiology, Psychiatry), End User (Provider, Payer) - Forecast to 2030.”

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According to the recent analysis by Meticulous Research®, the North American telehealth market is expected to exhibit a CAGR of 22.9% from 2023, ultimately reaching $273.29 billion by 2030. This significant growth can be attributed to several factors, including an increasing elderly population, a growing prevalence of chronic diseases, favorable government initiatives and reforms, a shortage of healthcare workers, and an increase in awareness regarding telehealth benefits. Additionally, the integration of artificial intelligence, advancements in virtual assistants, and the introduction of telerobots are likely to offer substantial growth prospects in the future.

However, challenges such as patient privacy and confidentiality concerns may pose constraints on market growth. Similarly, resistance to shift from traditional systems and the risk of misdiagnosis could present hurdles for companies operating within this sector.

Key Players
Key participants in the North American telehealth market include Aerotel Medical Systems (1998) Ltd. (Israel), Cerner Corporation (U.S.), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), AMD Global Telemedicine (U.S.), American Well Corporation (U.S.), Cisco Systems, Inc. (U.S.), Doctor On Demand, Inc. (U.S.), MDlive Inc. (U.S.), Siemens Healthineers AG (Germany), Teladoc Health, Inc. (U.S.), and Zipnosis, Inc. (U.S.).

North America Telehealth Market: Future Outlook
The North American telehealth market is categorized by various products, which include services (real-time [synchronous], store-and-forward [asynchronous], remote patient monitoring), hardware (medical peripheral devices such as blood glucose monitors, blood pressure monitors, weighing scales, pulse oximeters, peak flow meters, ECG monitors, etc.), software (cloud-based, on-premise), application (psychiatry, radiology, cardiology, primary care, dermatology, remote ICU, and more), and end user (healthcare providers, patients, healthcare payers, etc.). The report also provides competitive analysis and evaluates market share at the country level.

Among these components, the services segment is expected to dominate the North American telehealth market in 2023. This trend is primarily driven by the increasing demand for telehealth services for teleconsultation and telemonitoring, largely due to the expanding geriatric population. Moreover, the need to reduce healthcare costs and improve healthcare outcomes significantly supports this segment's growth.
In terms of applications, the psychiatry segment is projected to account for the largest share in 2023. The growing necessity for mental health consultations and treatments, along with a shortage of psychiatric care providers, has led to greater adoption of telepsychiatry services. Data from the National Alliance on Mental Illness indicates that 22.8% of U.S. adults faced mental health challenges in 2021, compared to 19.8% in 2019. This trend highlights the expanding market for psychiatry.

When examining end users, the healthcare providers segment is expected to capture the largest share of the North American telehealth market in 2023. This growth is fueled by an increasing demand for accessible care, especially given the physician shortage. The Complexities of Physician Supply and Demand: Projections From 2019 to 2034 report suggests that the U.S. could face a physician shortage of between 37,800 and 124,000 over the next 12 years, which is likely to encourage the adoption of telehealth solutions.

Geographic Review
This research report offers an extensive analysis of significant geographic regions, with a focus on North America (U.S. and Canada). In 2023, the U.S. is expected to hold the largest share of the North American telehealth market. Key contributing factors include a growing adoption of telehealth services, an increasing elderly population, rising healthcare expenditures, and the presence of major industry players. According to data from the U.S. Census Bureau and Population Estimates and Projections, the U.S. geriatric population is projected to exceed 80 million by 2040, rising from 56.1 million in 2020. This growing senior demographic is associated with an increase in chronic diseases requiring timely treatment, which, in turn, accelerates the adoption of telehealth solutions.

To gain more insights into the market with a detailed table of content and figures, click here:https://www.meticulousresearch.com/product/north-america-telehealth-market-4832

Key questions answered in the report-
• Which are the high-growth market segments in terms of component, application, end user, and country?
• What was the historical market for telehealth across North America?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, restraints, opportunities, and challenges in the North America telehealth market?
• Who are the major players in the telehealth market?
• How is the competitive landscape, and who are the market leaders in the North America telehealth market?
• What are the recent developments in the North America telehealth market?
• What are the different strategies adopted by the major players in the North America telehealth market?
• What is the geographical trend and high-growth country?

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