It’s hard to tell how quickly a new technology will expand its reach, but a number of groups in the past year have attempted to predict the future of the rapidly-growing telehealth market.
A report in early 2014 projected the telehealth –– or telemedicine –– market would reach $4.5 billion by 2018. Yet another assessment places the current value of the market at more than $17 billion.
The wide variation in assessments is likely tied to methodology as well as how groups are defining the market. While some groups use the term “telehealth” to refer specifically to devices that patients can use to interact with or receive services from doctors or other health care providers, others include widespread wellness tools, such as wearable fitness trackers.
The latest projection, from consulting firm Grand View Research, puts the future value of the market at $2.8 billion by 2022. That’s not to be confused with a report last month from Grand View that projected the entire mobile health market to be worth nearly $50 billion by 2020.
In addition to the development of new technologies, the report attributes the ongoing rise to a growing demand for self-care and independent-living health care solutions, particularly for the ever-increasing elderly population. Not only are providers seeking telehealth alternatives to increase efficiency, but many patients are eager for solutions that will allow them to avoid the hospital and stay at home. Telehealth can allow geriatric patients to get full-time care without forcing them into a hospital or nursing home.
The software market is projected to grow by 18 percent. The growth in integrated software, such as examination cameras and telehealth stations, is faster than that of standalone software solutions, says the report.
Key players in the field identified by Grand View include General Electric, Bosch Healthcare, Intel, IBM and McKesson Corp.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
