Report: Telehealth will have strong impact on home health by 2020
Tuesday, September 01, 2015
More news on the telehealth front as a report from Tractica suggests the global market for home health technology will see strong growth for the remainder of the decade. According to the market intelligence agency, telehealth will have an "impact on nearly every aspect of the healthcare ecosystem."
Thus, the global market for home health technologies will grow from somewhere around $3.4 billion in 2014 to more than $13 billion by 2020. The firm forecasts that remote medical consultations will constitute the largest portion of this revenue mix, followed by eldercare, medical monitoring, and health and wellness devices.
"Healthcare providers are seeing strong results from the use of telehealth and home health monitoring devices, services and applications," said principal analyst Charul Vyas in a statement. "Many of the application segments within the broader home health technologies market are complementary and are being combined to enable a strong return on investment, in addition to allowing the patient to be a more active participant in their healthcare."
Home health technology — defined as connected devices, services and applications used by a consumer outside of a clinical setting for medical, health or wellness purposes — is becoming increasingly recognized by the healthcare industry as an effective means of curbing healthcare costs and producing better patient outcomes. Telehealth, like every other sector, is finding inroads here.
More organizations are adopting the solutions in an effort to better engage patients and enhance their care. In fact, physician telemedicine services are continuing to grow in use across the healthcare industry as doctors are using the technologies to communicate with specialists and consults from other facilities, as well as track their patients' health through videoconferencing and remote monitoring tools.
The number of patients and caregivers using video consultations and other physician telemedicine services is going to grow significantly throughout the next several years, the Journal of AHIMA reports. A Parks Associates report predicts that the number of families using physician telemedicine services will rise from 900,000 in 2013 to as much as 22.6 million families by 2018.
Some of the reasoning for the projected growth is because the Medicare and Medicaid EHR Incentive Programs that are inciting an effort to engage patients through its meaningful use objectives "to boost patient engagement with their health and wellness," mHealth Intelligence reports.
In the Tractica's report, "Home Health Technologies," the firm examines the market trends and technology issues surrounding home health devices and applications and presents forecasts for users, services and hardware during the period from 2015 through 2020. Services, devices and applications are supposedly analyzed, and the report includes detailed profiles of key industry players across the home health ecosystem.
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