It’s hard to tell how quickly a new technology will expand its reach, but a number of groups in the past year have attempted to predict the future of the rapidly-growing telehealth market.

A report in early 2014 projected the telehealth –– or telemedicine –– market would reach $4.5 billion by 2018. Yet another assessment places the current value of the market at more than $17 billion.

The wide variation in assessments is likely tied to methodology as well as how groups are defining the market. While some groups use the term “telehealth” to refer specifically to devices that patients can use to interact with or receive services from doctors or other health care providers, others include widespread wellness tools, such as wearable fitness trackers.

The latest projection, from consulting firm Grand View Research, puts the future value of the market at $2.8 billion by 2022. That’s not to be confused with a report last month from Grand View that projected the entire mobile health market to be worth nearly $50 billion by 2020.

In addition to the development of new technologies, the report attributes the ongoing rise to a growing demand for self-care and independent-living health care solutions, particularly for the ever-increasing elderly population. Not only are providers seeking telehealth alternatives to increase efficiency, but many patients are eager for solutions that will allow them to avoid the hospital and stay at home. Telehealth can allow geriatric patients to get full-time care without forcing them into a hospital or nursing home.

The software market is projected to grow by 18 percent. The growth in integrated software, such as examination cameras and telehealth stations, is faster than that of standalone software solutions, says the report.

Key players in the field identified by Grand View include General Electric, Bosch Healthcare, Intel, IBM and McKesson Corp.

Instant Insights /

Telehealth market to grow to $2.8 billion by 2022

More From HR Executive

Related Stories

Recommended For You