In a recent study by Grand view research, it was found that the U.S. telehealth market size was valued at USD 572.0 million in 2014 and is expected to increase to USD 3 Billion in the coming seven years. 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.
Below are the key findings of study,
- Key drivers of the market include rising demand for centralization of healthcare administration and enhanced quality and safety by the applications.
- According to a report published by the Agency for Health Care Research and Quality (AHRQ), implementation of telehealth solution improves care delivery to patients. Applications such as e-ICU, eCare help in providing apt care and reduce adverse effects or symptoms from going unnoticed.
- Key product segments of the U.S. telehealth market are software, hardware, and services. Software held 18.9% of the share in 2014 and it is expected to witness the fastest growth over the forecast period to own 20.2% of the share by 2022.
- Monitors, due to exponential advancement in IT industry, are anticipated to witness growth at a CAGR of 19.3% over the forecast period.
- Key segments of the delivery mode market are web-based, cloud-based, and on-premise delivery modes, with web-based held 78.0% of the share in 2014 and it is expected to witness growth at a CAGR of 17.3% 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% owing to the advantages such as easier usability, limited memory requirement, and possibility of using the system on any device.
- The end-use is segmented into payers, providers, and others held 52% of the market share in 2014 and it is expected to witness growth at a CAGR of 18% over the forecast period.
- Philips Healthcare, McKesson Corporation, Intel, IBM, GE Healthcare, and Bosch Healthcare are some major players in the U.S. telehealth market.
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