U.S. Telehealth Market Growth, Business Trends and Driver Forecast to 2022

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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