Telehealth to hit $2.8B by 2020
The U.S. telehealth market is expected to reach $2.8 billion by 2022, according to a report from Grand View Research.
The rising geriatric population is driving demand for home monitoring as well as studies that indicate telehealth can reduce hospital visits and readmissions, according to the report.
The hardware segment is expected to account for more than 40 percent of the market share by 2022 owing to video memory, general memory, internet connection and emailing features. Processor speed and display quality are expected to boost the market growth.
Meanwhile, the software segment is expected to grow at an impressive CAGR of more than 18 percent. The adoption rate for integrated software is higher as compared to the standalone software due to higher options and applications along with cost-efficiency. Integrated solutions include examination cameras, connected devices and software and telehealth stations.
Philips Healthcare, GE Healthcare, Bosch Healthcare, Intel, IBM and McKesson are key players in this field, according to the report.
Editor
Editor Beth earned a bachelor’s degree in journalism and master’s in health communication. She has worked in hospital, academic and publishing settings over the past 20 years. Beth joined TriMed in 2005, as editor of CMIO and Clinical Innovation + Technology. When not covering all things related to health IT, she spends time with her husband and three children.