U.S. telehealth market had USD 572 billion value in 2014. The major market drivers are growing requirement for centralizing healthcare administration and application of safety and quality enhancement. Improved demand of cell phone and internet technology and fewer visits to the hospitals are estimated to enhance the market growth in the future.
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Centralization of vast healthcare industry is estimated to help in synchronizing total work procedure with supplying economic benefits as well. Faster and better provisions for increasing healthcare demand expected by the patients along with high disposable earnings is anticipated to drive the industry over the forecast period. In e-ICU application, eCare provides appropriate care and help reducing unfavourable symptoms from being unnoticed.
The market is divided into products, delivery mode, and regions. The major segments of products include software, hardware & services. Approximately 19% share was held by software in 2014 and is estimated to grow the fastest with 20 % share by 2022.
Monitors and medical peripheral device are the two sub-segments of hardware. Monitors are estimated to grow at approximately 19% CAGR in the future owing to exponential progress in IT sector. Laptops, videoconferencing, desktops, speakers, webcams, and display screen are the hardware products.
Web-based, cloud based & on-premise is the three delivery modes of the market. 78% share was held by web-based in 2014and is estimated to grow at 17% CAGR in the future. Cloud-based is the fastest rising sector with approximately 19% CAGR due to need of lowest memory, use of system on any device, and easy use. This is going to raise the requirement of cloud computing in the future.
Providers, payers and others are the end-users of the market. 52% of the share was held by the market in 2014 and is estimated to show growth of 18% CAGR in the future time. Clinics, hospitals, Physicians & clinicians are the providers of the market. This sector is estimated to be the biggest and grow the fastest owing to rising integration in healthcare facilities services and increasing usages of internet by physicians.
Few key companies of this market include Philips Healthcare, Bosch Healthcare, Intel, GE Healthcare, McKesson Corporation, and IBM. These companies are constantly manufacturing varying range of software and services for the use of self-care, post operation monitoring, and monitoring of patients.
Information Source: Grand View Research