U.S. telehealth market, by product, 2012-2022 (USD Million)
- Hardware segment are expected to account for over 40.0% market share by 2022 owing to, video memory, general memory, internet connection and emailing feature, processor speed and display quality are expected to boost the market growth.
- Software segment is expected to grow at a lucrative CAGR of over 18.0% during the forecast period. The adoption rate for integrated software is higher as compared to the standalone software due to higher options and applications along with cost-efficiency. Examples of integrated solutions include examination cameras, connected devices and software, and telehealth stations.
- Key players of this market include Philips Healthcare, GE Healthcare, Bosch Healthcare, Intel, IBM and McKesson Corporation.
- Market participants are involved in manufacturing wide range of telehealth services and software that can be used for patient monitoring, self care and post op monitoring.
- For instance, in May 2015, Philips announced that the joint program between Philips Telehealth and Banner Health helped reduce costs by 27% and hospitalizations by 45%. The pilot at-home program was used on patients suffering with critical illnesses that accounted for 50% of the healthcare spending.
- In August 2015, McKesson Technology Solutions through their RelayHealth unit launched the ICD10Central.com. The platform offers easier collaboration between payers and providers. It also has feature of online forums to promote social media communication and quick responses to billing queries by the providers.