News Feature | November 26, 2015

Telehealth Worth $2.8B By 2022

Katie Wike

By Katie Wike, contributing writer

CMS Increases Telemedicine Reimbursement

The national market for telehealth is expected to reach nearly $3 billion over the next seven years.

The current telehealth market is worth roughly $572 million, but a Grand View Research report predicts that number could reach $2.8 billion by 2022. “Key drivers of the market include rising demand for centralization of healthcare administration and enhanced quality and safety by the applications,” explains the announcement. “Furthermore, enhancing demand of mobile technologies and internet by people along with rising adoption for home care by patients or reduction in hospital visits are expected to propel the growth over the forecast period.”

Fierce Health IT notes consumer demand is a key driver for the market increase. In one case, a North Carolina facility was able to double the number of patients it could see a week thanks to telemedicine. In another case, because of its success, one new facility, the Mercy Hospital’s virtual facility, is entirely built on telemedicine services. Telehealth related legislation is also driving growth, according to the report.

Software, hardware and services were the main segments of the telehealth market. Software, which owns currently 18 percent of market share, will grow to 20.2 percent by 2022. Additionally, the hardware segment is further classified into monitors and medical peripheral devices. Monitors alone are anticipated to witness growth at nearly 20 percent.

iHealth Beat explains that the biggest vendors in the industry include:

●        Bosch Healthcare

●        GE Healthcare

●        IBM

●        Intel

●        McKesson

●        Philips Healthcare