Big growth expected for telehealth

Telehealth services will jump significantly in the next few years, with the number of patients worldwide using the services estimated to rise from fewer than 350,000 in 2013 to about 7 million in 2018, according to a report published by IHS Technology.

Worldwide revenue for telehealth devices and services also is expected to increase--from $440.6 million in 2013 to $4.5 billion in 2018, according to the report, "World Market for Telehealth – 2014 Edition." 

"Amid rising expenses, an aging population and the increasing prevalence of chronic diseases, the healthcare industry must change the way it operates," said Roeen Roashan, medical devices and digital health analyst at IHS Technology. "Telehealth represents an attractive solution to these challenges, increasing the quality of care while reducing overall healthcare expenditures."

Results from telehealth programs reveal sharp decreases in readmission rates and mortality rates, alongside increases in adherence through patient engagement, according to the report. These benefits make a strong business case for telehealth and will result in greater reimbursement from regulatory bodies. As a result, providers will integrate telehealth into their healthcare delivery.

In particular, the introduction of mobile health hubs is boosting the market, lowering the cost of telehealth while increasing overall value propositions. 

Other factors that will benefit the expansion of telehealth include the anticipated growth in wearable technology and the quantified self within a connected home context, aimed at developing a sustainable platform for preventive care.