Worldwide revenue for telehealth services and devices is expected to swell to $4.5 billion in 2018, up from $440.6 million in 2013, according to a new report from IHS Technology. The report, entitled World Market for Telehealth – 2014 Edition, finds that the number of patients using telehealth services will rise to 7 million in 2018, up from less than 350,000 in 2013.
As more medical providers are increasingly employing remote communications and monitoring technology, the potential of telehealth to reduce costs and improve the quality of care is significant.
However, telehealth has yet to reach its tipping point, due to poor implementation, low reimbursements levels and lack of physician support. These barriers have held telehealth back from realizing its full potential. When implemented properly, Results from telehealth programs reveal sharp decreases in readmission rates and mortality rates, alongside increases in adherence through patient engagement.
“Amid rising expenses, an aging population and the increasing prevalence of chronic diseases, the healthcare industry must change the way it operates. Telehealth represents an attractive solution to these challenges, increasing the quality of care while reducing overall healthcare expenditures,” said Roeen Roashan, medical devices and digital health analyst at IHS Technology in the official announcement.
Key issues addressed in the report include:
- What was the number of telehealth patients covered during 2012 and 2013? How is number expected to grow over the next five years?
- How must telehealth products and services change in order to serve a broader market?
- How does healthcare reforms change the future prospects of telehealth?
- What can be expected in terms of unit shipments and revenues for the next five years?
- Is there still market confusion from a healthcare provider’s perspective? If so, how can this be resolved?
Anticipated growth in wearable technology and the quantified self is cited as significant factors that will boost the expansion of telehealth over the next five years.
For more information on the report, visit http://info.imsresearch.com/lz/Instances/lz/documents/InMedica/Brochures/Abstract%20-%20World%20Market%20for%20Telehealth%202014%20Edition.pdf