According to a new study by IHS Technology, while only 350,000 patients used tele health services globally in 2013, this figure will dramatically soar to 7 million by 2018.
Revenue for tele health services will explode from $440.6 million to $4.5 billion in 2018. Yes, that is billion with a “B”. The market owes its success to the appearance of mobile imitrex health hubs and wearable technology as catalysts (which we have blogged about in the past).
Roeen Roashan, the medical devices and digital health analyst at IHS pointed out that:
“Telehealth represents an attractive solution to these challenges, increasing the quality of care while reducing overall healthcare expenditures.” “Amid rising expenses, an aging population and the increasing prevalence of chronic diseases, the healthcare industry must change the way it operates.”
“Students currently in the medical education pipeline started using smartphones and Skype in high school,” according to Pathipati. “The same can be said for many patients. Telemedicine can translate that familiarity with communications technology into a meaningful doctor-patient relationship.”
A report published last month by Research and Markets estimated that the global telemedicine market will have a compound annual growth rate of 18.5 percent through 2018.
In late November, the Centers for Medicare & Medicaid Services announced changes to Medicare’s 2014 physician fee schedule to incrementally expand coverage for telehealth services. Reimbursement has been a primary barrier to the widespread use of telehealth.
Have you had any experience using Telehealth? Share your views in the comment box below.