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.
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.
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.
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Further key findings from the study 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.
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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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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