Telehealth Market Share

The healthcare industry in North America is undergoing a significant transformation driven by rapid technological advancements. Telehealth, the use of digital technologies to deliver healthcare services remotely, is one of the most promising areas of innovation, offering a plethora of benefits for patients and healthcare providers alike. The increasing adoption of telehealth services in North America is creating a fertile ground for new product development and market expansion. Prominent players in the healthcare industry are actively investing in developing advanced telehealth solutions to address the growing demand for remote care. In November 2017, Medtronic PLC's Medtronic Care Management Services (MCMS) business launched a suite of telehealth solutions in support of its national contract with the US Department of Veterans Affairs (VA) for Home Telehealth Devices and Services.

This comprehensive package includes the largest portfolio of patient engagement platforms available on the Home Telehealth contract, along with an extensive library of disease management protocols designed to meet the evolving needs of patients. Similarly, in March 2017, AMD Global Telemedicine introduced a new product series specifically tailored for skilled nursing and long-term care facilities.

This product offering encompasses three distinct systems: the Clinical Assist Series Tablet Cart, Laptop Cart, and Modular Cart. These innovative solutions are designed to enhance patient care and improve the efficiency of healthcare delivery in these specialized settings. In March 2015, American Well unveiled its next-generation product line, Telehealth 2.0, marking a significant leap forward in telehealth technology. This advanced platform provides a seamless and user-friendly experience for both patients and healthcare providers, facilitating virtual consultations, remote monitoring, and secure data sharing. These examples highlight the ongoing commitment of major players in the healthcare industry to developing innovative telehealth solutions.

The increasing availability of advanced telehealth products is expected to have a positive impact on market growth soon, driving further adoption and expanding the reach of telehealth services across North America. The growing acceptance of telehealth services in the United States is being further fueled by an expanding reimbursement landscape. While the extent of reimbursement and coverage for telehealth services continues to vary across states, the overall trend towards parity with traditional in-person services is creating a more favorable environment for market growth.