22nd November 2019 – The U.S.
Telehealth Market size is expected to value at USD 2.8 billion by 2022.
The industry is subject to witness a substantial growth due to the increasing
need for modernization and centralization of healthcare administration and
services, and growing demand for superior quality and safety of healthcare
services. Moreover, increasing adoption of smart phones and internet by general
population along with growing awareness about home care services are some of
the critical factors driving the growth of the market over the forecast period.
The U.S. telehealth market is predicted to grow at CAGR of 19.3% in forecast
period, providing numerous opportunities for market players to invest in
research and development in the market.
Increasing use of automation and
centralization allows healthcare organization to synchronize their services,
thus helps in obtaining required benefits such as superior performance and
cost-effectiveness. These factors are expected to drive the growth of U.S.
telehealth industry over the forecast period. Introduction of lean management
and six sigma services for various business operation provides resource
optimization and improved efficiency, thereby driving market demand for
telehealth market in the recent years. As per Community Care Plan of Eastern
Carolina (CCP), early adoption of telehealth program by the physicians and
other healthcare professionals attracts more customers on daily basis.
Additionally, growing need for superior, economical and faster healthcare
services by patients are expected to drive market growth in the upcoming years.
Rising personal disposable income and growing healthcare expenditure by local
governments are anticipated fuel market growth in the near future as well.
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In addition, early adoption of
telehealth services helps to enhance care delivery given to patients, thereby positively
influencing market demand for telehealth services. Some of the common
application of the telehealth services include e-ICU and e-Care, which aids in
providing necessary care for patients and limiting any adverse effects.
Additionally, use of the e-Care helps to identify early symptoms diseases from
going unnoticed. These factors are expected to boost the growth of U.S.
telehealth market over the forecast period. Presently, development of advanced
system involving chronic disease management along with alarming systems, which
allows detection and automatic reporting of critical scenarios to concerned
individual or healthcare providers are estimated to expand market reach of U.S.
telehealth industry in the upcoming years. Such systems helps to limit overall
mortality rate by offering high safety and quality standards to patients. These
factors are expected to foster market demand for telehealth or telemedicine
services.
The U.S. telehealth industry is broadly
categorized into three major types based on product type such as software,
hardware, and services-oriented products. Software is considered as one of the
fastest growing segment in the U.S. telehealth market with substantial revenue
generation in the last couple of years. Hardware market segment has also
witnessed significant growth in the recent years as well. The hardware market
segment is further divided into two categorize such as monitors and medical
peripheral devices.
Growing popularity of the monitors
sub-segment is attributed to recent advancement in IT industry and development
of the novel products. In addition, the hardware market segment consists of
various elements such as hand help electronic devices, webcameras, audio
speakers, microphones, display screen and videoconferencing. The hardware
products are usually graded and chosen as per their unique traits such as video
memory, general memory, network speed and mailing feature, processor speed and
display quality.
Telehealth commonly consists of a wide
range of technologies and tactics in order to provide virtual medical, health,
and education services. Telehealth is considered as a set of services that
enhances overall patient care and education delivery. Telemedicine or
telehealth also involves conventional clinical diagnosis and monitoring
services, along with wide range of highly-advanced diagnosis and management,
education, and other related fields of health care.
The key players in the U.S. telehealth
industry are Philips Healthcare N.V., McKesson Co., Intel, Inc., International
Business Machines (IBM) Co., GE Healthcare, Inc., AMD Telemedicine, and Bosch
Healthcare Solutions GmbH.
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