North America Telemedicine Market Size

North America Telemedicine Market Analysis

The North America Telemedicine Market size is estimated at USD 67.71 billion in 2024, and is expected to reach USD 136.44 billion by 2029, growing at a CAGR of 15.04% during the forecast period (2024-2029).

Telehealth has emerged as an essential component of healthcare during the COVID-19 pandemic. According to the research article published in 2020 in the JCO Global Oncology-An American Society of Clinical Oncology Journal, during the SARS-CoV-2 pandemic, physical distancing was put in place to minimize the spread of the coronavirus disease. This resulted in the adoption of telemedicine for most outpatient oncology appointments. Though telemedicine services were integrated into most healthcare systems even before the onset of the pandemic, services began to be extensively used only during the COVID-19 crisis, which is majorly attributed to a lack of in-person visits and limitations and restrictions on travel, which encouraged clinicians to adapt telemedicine-based consultations even more during the pandemic. Thus, the COVID-19 pandemic is expected to have a significant positive impact on the growth of the telemedicine market globally.

Certain factors propelling the market growth are technological innovations, enabling remote patient monitoring, and the rising prevalence of chronic diseases.

The increasing burden of chronic diseases is the key factor driving market growth. For instance, according to 2022 statistics published by American Heart Association, the prevalence rate of heart failure in the United States is 6 million, which is 1.8% of the total population, in 2021. Additionally, according to 2022 statistics published by the International Diabetes Federation, in the 10th edition of 2021, 2,974.0 thousand people were living with diabetes in 2021 in Canada. In addition, as per the same source, this number is projected to reach 3,288.2 thousand by 2030 and 3,468.5 thousand by 2045. Therefore, high blood sugar caused by diabetes can damage the nerves that control the heart and blood vessels, leading to a variety of cardiovascular diseases like coronary artery disease and stroke.

Also, smoking, and obesity in the Mexican population are found to be the most prevalent heart disease risk factors which are also contributing to the growth of the studied market over the forecast period. For instance, according to 2022 statistics published by World Obesity Federation, it has been observed that 31.5% of men and 40.2% of women are living with obesity in Mexico in 2020. Thus, the rising prevalence of the chronic disease among the population is expected to increase the demand for telemedicine which in turn is anticipated to propel market growth.

Furthermore, the rising government initiatives in providing easy access to telemedicine and its services in the region is also contributing to the market growth. For instance, in January 2022, the American Telemedicine Association (ATA) launched ATA Action, a new affiliated trade organization focused on ensuring individuals have permanent access to telehealth services across the care continuum. Also, in October 2020, The American Telemedicine Association (ATA) partnered with the Organization for the Review of Care and Health Apps (ORCHA) to create a review process for the United States to enable healthcare providers, insurers, and employers to give patients access to safe and effective health apps.

Moreover, the increasing company activities and increasing adoption of telemedicine in the region is also expected to fuel the market growth over the forecast period. For instance, inNovember 2020, Morneau Shepell launched a unified telemedicine solution, that includes mental health and wellbeing services, in the United States. Also, in May 2020, Hifinite launched hiCare Consult, A Full-Stack Telemedicine Solution for Providers in the United States.

However, the legal and reimbursement issues as well as advanced technology resulting in expensive healthcare services are likely to impede the market growth over the forecast period.