Telehealth Services in the US - Industry Market Research Report

Telehealth Services in the US - Industry Market Research Report

Telehealth Services in the US

Prior to COVID-19, telehealth adoption grew steadily and slowly. But as the pandemic shifted traditional healthcare delivery, telehealth visits skyrocketed in March 2020 in response to federal mandates and health concerns. Born out of necessity, widespread telehealth adoption in 2020 was crucial during the pandemic; at its peak, the number of telehealth visits increased 154.0% when compared with the previous year. Regulatory flexibilities facilitated this step-change, as expanded insurance coverage of telehealth and adjusted reimbursement rates enabled adoption by providers and patients. Since the uptick, telehealth utilization rates have stabilized but at levels higher than pre-COVID. Even as rates moderate, telehealth's reshaped role in healthcare delivery remains, leading revenue to expand at a CAGR of 35.7% to $30.4 billion over the past five years. Stabilizing telehealth rates equate to temperate growth of 4.6% in 2023.

This industry delivers health-related services and information via telecommunications technologies. These services primarily occur between patient and physician or patient and healthcare provider and include the transmission of diagnoses, exchanging health education, monitoring medical conditions and providing health advice. Telecommunication methods include the use of electrical devices, such as phones, web cameras, videoconference systems and the internet.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.