U.S. Telehealth Market Poised To Reach $2.83 Billion By 2022: Grand View Research Inc.

Grand View Research, Inc. – Market Research And Consulting.

According to a new report, “U.S. Telehealth Market Analysis, by Product (Hardware, Software, Services), by Delivery Mode (Web based, Cloud based, On Premise), by End-Use (Providers, Payers) And Segment Forecasts To 2022”, published by Grand View Research, Inc., U.S. telehealth market is expected to reach USD 2.8 billion by 2022. 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. 

Key Takeaways from the report:

• 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.

U.S. telehealth market, by product, 2012-2022 (USD Million)

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. 

Browse More Reports in Healthcare IT Industry: 

• Care Management Solutions Market: Care management solutions are likely to witness rapid growth in the coming years due to availability of funding and higher incidence of collaborations, mergers, and acquisitions.

• Laboratory Information Management System Market: Increasing investments in R&D activities by pharma and biotechnological organizations are providing a significant push to the market. Growing focus on improving efficiency of laboratories is also expected to help the market gain tremendous momentum over the coming years.

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. 

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)

• Hardware

  • Monitors

  • Medical peripheral devices

    • Blood pressure meters

    • Blood glucose meters

    • Weighing scales

    • Pulse oximeters

    • Peak flow meters

    • ECG monitors

    • Others

  • Software

    • Standalone software

    • Integrated software

  • Services

    • Remote patient monitoring

    • Real-time interactions

    • Store and Forward

    • Other services

U.S. Telehealth Delivery Mode Outlook (Revenue, USD Million, 2012 – 2022)

• Web-based

• Cloud-based

• On-premise based

U.S. Telehealth End-use Outlook (Revenue, USD Million, 2012 – 2022)

• Providers

• Payers

• Others

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

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