The telehealth and home health technologies market, valued last year at $3.4 billion, is expected to quadruple in size to more than $13.7 billion by 2020, a recent report by Tractica, a market intelligence firm in Boulder, Colo., said.
“Home health technology is becoming increasingly recognized by the healthcare industry as an effective means of curbing healthcare costs and producing better patient outcomes,” a press release said.
Home health technologies are defined as connected devices, services and applications used by a consumer outside of a clinical setting for medical, health or wellness purposes, according to Tractica. Telehealth also ties into the home health options.
Our own coverage here at SearchHealthIT shows a strong trend toward acceptance of wearable health devices as part of the bigger telehealth movement. In our recent #chatHIT tweet chat, experts indicated that wearables are now definitely medically relevant. SearchHealthIT has also found that some doctors have actually formally prescribed a mobile app to their patient to remotely monitor conditions, and physicians play a key role in wearables acceptance taking off.
“Healthcare providers are seeing strong results from the use of telehealth and home health monitoring devices, services and applications,” Charul Vyas, principal analyst at Tractica, said in the press release. “Many of the application segments within the broader home health technologies market are complementary and are being combined to enable strong return on investment, in addition to allowing the patient to be a more active participant in their healthcare.”
Despite the clear growth in popularity, not everyone is so gleefully jumping on the telehealth train. While the majority of states in the U.S. allow the use of telehealth technologies, other states — Texas, for instance — have actually enacted laws making it more difficult to practice telemedicine there.
But despite the few states resisting telehealth, according to Tractica’s report it seems adoption will only increase.