MARKET STATISTICS

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Drug and alcohol addiction rehab in the United States is big business — worth $42 billion this year. There are now 15,000+ private treatment facilities and growing.

The combination of increased insurance coverage under the ACA and Medicaid, coupled with the opioid epidemic, is fueling demand for treatment. This growth should limit the effects of any recession. But, this demand has resulted in the entry of many facilities and sober homes that don’t follow best practices and have dubious outcomes and poor quality care.

This is a moderate growth and highly fragmented healthcare sector that’s attracting investor capital. However, too many states have limited regulations in place for treatment facilities and sober homes, which invites abuse and taking advantage of rehab patients, and their insurers.

 The U.S. psychiatry clinic market size was valued at USD 23.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.1% from 2022 to 2030. Growing prevalence of mental health disorders in the U.S., favourable insurance coverage, and rising demand for mental health services are likely to boost the market growth during the forecast period. Numerous people throughout the United States are feeling greater anxiety as a result of the COVID-19 outbreak. According to a National Mental Health Crisis survey conducted by The Harris Poll on behalf of the APA, nearly 78% agreed that the coronavirus pandemic is a significant source of stress in their lives, while 60% said the number of issues confronting America is overwhelming.According to American Medical Association April 2021 research, 13.6 % of Americans demonstrated indicators of serious psychological distress, up from 3.9 % in 2018. Medicare has a decent coverage for mental health treatment resulting in better affordability & accessibility to psychiatric services.  

New York, May 05, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "U.S. Telehealth Market - Industry Outlook and Forecast 2021-2026" - https://www.reportlinker.com/p06068338/?utm_source=GNW

The introduction of telehealth has led to the availability of cost-effective treatment, adoption of home healthcare services, and low expenditure on infrastructure development. Telehealth is revolutionizing the healthcare industry as it minimizes hospital visits, reduces patient wait time, and decreases the physical discomfort caused to patients. Further, in the US, the high expenditure on healthcare IT infrastructure by major stakeholders contributes to the market’s growth. The telehealth market is observing increased investment for the integration of telecommunications with healthcare systems. COVID-19 further enhanced the adoption of telemedicine among physicians in the US. Every state Medicaid has some form of coverage to virtual care services and private payers. Many hospitals started to provide services through platforms, which increase their adoption among healthcare providers. Hospitals started to adopt various new platforms to increase better access to end-users. Hence, the usage of information and communication technologies (ICT) has the capability to address critical challenges faced by the US in providing accessible, cost-effective, and high-quality healthcare services to patients.

The following factors are likely to contribute to the growth of the U.S. telehealth market during the forecast period:
• Major Expansion in Reimbursement for Telehealth Services
• Increased Strategic Acquisitions & Collaborations
• The emergence of Telehealth Robots and Robotic Platforms
• COVID-19 Pandemic driving demand for Telehealth Services 

 As per the report published by Allied Market Research, the global Telemedicine Market generated $40.20 billion in 2020, and is projected to reach $431.82 billion by 2030, registering a CAGR of 25.9% from 2021 to 2030.

Technological advancements and adoption due to the Covid-19 outbreak and need to reduce healthcare costs have boosted the growth of the global telemedicine market. However, poor infrastructure and technological barriers hinder market growth. On the contrary, high growth potential in developing economies and the advent of AI-based clinics are expected to open new opportunities for the market players in the future.

 The U.S. Telemedicine Market size was valued at USD 6.61 billion in 2019 and size is expected to reach USD 25.88 Billion by 2027 to grow at a CAGR of 15.8% From 2020 – 2027.  The market is projected to witness a significant growth over the forecast period. In the recent past telemedicine had been witnessing steady growth over the last few years due to a variety of reasons. The sudden advent of healthcare devices, rapid investments in the IoHT, and the recent corona pandemic is all set to propel the market in a direction of high growth. Prior the pandemic, telemedicine was referred to as a suitable service but now is being referred to as absolute necessity considering the advantages that the technique has to offer especially in the times of the pandemic and this factor is propelling rapid growth of the U.S. telemedicine industry.