Report: U.S. Telehealth Market Expected to Reach $2.8B by 2022 | Healthcare Informatics Magazine | Health IT | Information Technology Skip to content Skip to navigation

Report: U.S. Telehealth Market Expected to Reach $2.8B by 2022

November 2, 2015
by Rajiv Leventhal
| Reprints

The U.S. telehealth market was valued at $572 million in 2014 and is expected to reach $2.8 billion by 2022, according to a new report from San Francisco, Calif.-based Grand View Research Inc.

According to the report, key drivers of the market include a rising demand for centralization of healthcare administration, and enhanced quality and safety by the applications. 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, the researchers concluded.

In terms of product insights, key product segments of the U.S. telehealth market are software, hardware, and services. Software held 18.9 percent of the share in 2014 and it is expected to witness the fastest growth over the forecast period to own 20.2 percent of the share by 2022. Hardware segment is further classified into monitors and medical peripheral devices. Monitors, due to exponential advancement in the IT industry, are anticipated to witness growth at a CAGR of 19.3 percent over the forecast period, according to the research.

The hardware segment also includes products such as laptops, desktop computers, webcams, speakers, microphones, display screen and videoconferencing. The hardware is graded and selected based on attributes such video memory, general memory, internet connection and emailing feature, processor speed and display quality.

What’s more, key segments of the delivery mode market are web-based, cloud-based, and on-premise delivery modes. Web-based held 78.0 percent of the share in 2014 and it is expected to witness growth at a CAGR of 17.3 percent over the forecast period.

Cloud-based delivery mode is anticipated to be the fastest growing segment over the forecast period with a CAGR of 19.5 percent owing to the advantages such as easier usability, limited memory requirement, and possibility of using the system on any device. Rising investment by IT firms in cloud computing is expected to raise their demand over the forecast period the report found.

Additionally, the end-use is segmented into payers, providers, and others. Providers held 52 percent of the market share in 2014 and it is expected to witness growth at a CAGR of 18 percent over the forecast period. Rising adoption by the providers is anticipated due to the pending approval of telehealth legislations in U.S. states.

Providers comprise healthcare professionals such as physicians and clinicians, hospitals, and clinics. Provider-based solutions portray higher ability of deployment of telehealth strategies, and thereby assist growth. The segment is expected to be the largest and the fastest growing due to increasing incorporation of services in healthcare facilities and rising Internet use by the physicians for medical consultations, the report found.

Get the latest information on Health IT and attend other valuable sessions at this two-day Summit providing healthcare leaders with educational content, insightful debate and dialogue on the future of healthcare and technology.

Learn More

Topics

News

Boston Children's Accelerates Data-Driven Approach to Clinical Research

In an effort to bring a more data-driven approach to clinical research, Boston Children’s Hospital has joined the TriNetX global health research network.

Paper Records, Films Most Common Type of Healthcare Data Breach, Study Finds

Despite the high level of hospital adoption of electronic health records and federal incentives to do so, paper and films were the most frequent location of breached data in hospitals, according to a recent study.

AHA Appoints Senior Advisor for Cybersecurity and Risk

The American Hospital Association (AHA) has announced that John Riggi has joined the association as senior advisor for cybersecurity and risk.

Report: Healthcare Accounted for 45% of All Ransomware Attacks in 2017

Healthcare fell victim to more ransomware attacks than any other industry in 2017, according to a new report from global cybersecurity insurance company Beazley.

Study: Use of EHRs Does Not Reduce Administrative Costs

A recent study by Duke University and Harvard Business School researchers found that costs for processing a single bill ranged from $20 for a primary care visit to $215 for an inpatient surgical procedure, or up to 25 percent of revenue.

Kibbe to Step Down as CEO of DirectTrust

David Kibbe, M.D., M.B.A., announced he would step down as president and CEO of DirectTrust at the end of the year.