U.S. telehealth market is expected to reach USD 2.8 billion by 2022, according to a new report by Grand View Research Inc. Increasing access to basic healthcare is the major aim of telehealth along with improved healthcare quality and patient safety by early detection and diagnosis. According to a report published by the Agency for Health Care Research and Quality (AHRQ), implementation of telehealth solution improves quality of care delivery to patients.
Nationwide lockdown and fear of acquiring the viral Covid-19 infection are keeping the majority of the population indoors. This is making people turn to online doctors for advice even for mild symptoms. Additionally, the U.S. President’s authorization for an expansion of Medicare covering telehealth services is resulting in significantly high demand for the same. Such a high inflow of patients has left most service providers’ underprepared in terms of both access and capacity. We at GVR are constantly monitoring how these service providers are ramping up their capacity to overcome these challenges. Book a copy to keep up with this paradigm shift in the market dynamics.
Philips Healthcare, McKesson Corporation, Intel, IBM, GE Healthcare, and Bosch Healthcare are some major players in the U.S. telehealth market. The players are constantly involved in manufacturing a wide range of these services and software that can be used for patient monitoring, self-care and post-op monitoring.
The rising demand for self care and independent living along with the concept of home care is highly appealing to the population. The Rhode Island Partnership for Home Care reported that in 2014, over 20,000 citizens demanded for home care that led to approximately 1,000,000 visits by healthcare providers. Advantages that drive the higher adoption for home care include better psychological impact on patients, provision of friendly environment, care provision as per patient needs, and cost-effectiveness.
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Also, rising geriatric population requires round-the-clock monitoring in homes as they are prone to various chronic ailments. Telehealth system reduces hospital visits and re-hospitalization of patients, along with round-the-clock remote monitoring and allows patients to recover within the comforts of their own home. Telehealth and tele-monitoring devices tender numerous benefits to cater to these demands and hence propel market growth.
Further key findings from the report suggest:
Hardware segment are expected to account for over 40.0% market share by 2022 owing to, video memory, general memory, internet connection and emailing feature, processor speed and display quality are expected to boost the market growth.
Software segment is expected to grow at a lucrative CAGR of over 18.0% during the forecast period. The adoption rate for integrated software is higher as compared to the standalone software due to higher options and applications along with cost-efficiency. Examples of integrated solutions include examination cameras, connected devices and software, and telehealth stations.
Key players of this market include Philips Healthcare, GE Healthcare, Bosch Healthcare, Intel, IBM and McKesson Corporation.
Market participants are involved in manufacturing wide range of telehealth services and software that can be used for patient monitoring, self care and post op monitoring.
For instance, in May 2015, Philips announced that the joint program between Philips Telehealth and Banner Health helped reduce costs by 27% and hospitalizations by 45%. The pilot at-home program was used on patients suffering with critical illnesses that accounted for 50% of the healthcare spending.
In August 2015, McKesson Technology Solutions through their RelayHealth unit launched the ICD10Central.com. The platform offers easier collaboration between payers and providers. It also has feature of online forums to promote social media communication and quick responses to billing queries by the providers.
The U.S. telehealth market size was valued at USD 572.0 million in 2014. Key drivers of the market include rising demand for centralization of healthcare administration and enhanced quality and safety of the applications. Furthermore, enhancing demand for mobile technologies and the internet by people along with rising adoption in home care by patients or reduction in hospital visits are expected to propel the growth over the forecast period.
The healthcare industry is extremely vast and its centralization is expected to help in synchronizing the entire work process along with providing economic benefits. All industries are aiming to achieve lean management and six sigma incorporation in their work culture to optimize resource usage and increase efficiency.
The Community Care Plan of Eastern Carolina (CCP) stated that by installing telehealth program, the clinicians and healthcare providers were able to attend over 20 patients in a week as compared to a mere 10 before. The rising demand of patients, to expect better and faster healthcare provision and increasing disposable income is anticipated to further propel the industry demand.
According to a report published by the Agency for Health Care Research and Quality (AHRQ), implementation of telehealth solution improves care delivery to patients. Applications such as e-ICU, eCare help in providing apt care and reduce adverse effects or symptoms from going unnoticed.
Systems used for chronic disease management are installed with alarming systems that detect and report any adverse events to healthcare providers, hence promoting timely delivery of critical care, and reducing the mortality rate. By providing higher safety and quality standards to patients, demand for such systems is expected to rise over the forecast period and help the industry witness lucrative growth.
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Grand View Research has segmented the U.S. telehealth market on the basis of products, delivery mode and end-use:
U.S. Telehealth Product Outlook (Revenue, USD Million, 2012 - 2022)
Medical peripheral devices
Blood pressure meters
Blood glucose meters
Peak flow meters
Remote patient monitoring
Store and Forward
U.S. Telehealth Delivery Mode Outlook (Revenue, USD Million, 2012 - 2022)
U.S. Telehealth End-use Outlook (Revenue, USD Million, 2012 - 2022)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.