- As the healthcare industry continues to discover the benefits of telemedicine adoption, industry analysts predict that the telehealth market will grow significantly over the coming years. Some predict unprecedented growths while others see a more modest rise, but one thing is certain – the global telehealth market is going to blossom throughout the next few years.
According to a Market Reports Hub press release, the industry research company expects the global telehealth market to reach $6.5 billion over the next five years at an annual growth rate of 24.2 percent. The release explains that the major reasons behind the explosion of the global telehealth market is due to a rise in the aged population and that of the chronically ill, as the baby boomer generation is moving toward the golden age.
Additionally, the doctor shortages as lack of specialists across the country are pushing forward the use of videoconferencing and telehealth technology. As healthcare costs continue to rise, developments in medical technologies and improvements to communication infrastructure is likely to also stimulate the global telehealth market.
“Growing demands from consumers for improved healthcare quality and greater value are forcing healthcare providers and payers to deliver optimized outcomes. In addition, while the number of hospital admissions is rising globally, healthcare infrastructure is not growing at a similar pace, which has added to the burden on healthcare systems. In order to overcome these challenges and meet consumer expectations, healthcare providers are increasingly adopting telehealth solutions that enable them to provide improved healthcare at reduced costs,” the press release stated.
The market research report went over some key organizations that are behind many of the technologies relevant for the telemedicine space including GE Healthcare, Cerner Corporation, Medtronic, and McKesson Corporation.
“Among the hardware segments, monitors are expected to dominate the telehealth market in 2015. However, the medical peripheral devices segment is expected to be the fastest-growing during 2015 to 2020. Based on medical peripheral devices, the blood pressure meters segment is expected to be the largest and the fastest-growing during 2015 to 2020,” the press release continued. “Based on services, the remote monitoring segment is expected to be the largest in 2015. However, the real-time interaction segment will be fastest-growing component segment.”
mHealthIntelligence.com reported on an additional report predicting growth of the global telehealth market. Global Telemedicine Market – Growth, Trends, and Forecasts (2015-2020) released by the company Mordor Intelligence predicts that the global telehealth market will increase to as much as $34.27 billion toward the end of 2020.
Some key aspects that telemedicine includes are electronic information, telecommunication systems, and patient education resources, according to the report. Additionally, the technologies that are expected to see explosive growth over the coming years in the global telehealth market are videoconferencing tools, Internet-based applications, and imaging capabilities.
Pediatrics, psychiatry, radiology, and cardiology are some of the areas of healthcare that are seeing a rising use of telehealth technology. For example, children may find it easier to speak with a psychiatrist via tablet than to visit them in the office due to nervousness around adults. And once again, the additional report finds that the rise in the elderly population pushes forward adoption of telemedicine services.
With doctor shortages affecting a wide number of rural locations and few patients residing in such areas able to visit a specialist, telemedicine services could bring more opportunities for patient care. For instance, some disabled individuals may be unable to travel long distances to see a specialist while telehealth technology could bring the doctor to their home in a virtual setting.
Due to these factors and many others, the global telehealth market will likely continue growing over the next five years.