Report: Telehealth, home health tech appeal to industry

BOULDER, Colo. — Tractica this week released a report on the growing demand for telehealth and home health technologies among patients. According to the report, the global market for the two is set to expand to $13.7 billion by 2020 from $3.4 billion in 2014. According to the company, remote consultations will be the largest revenue driver, followed by elder care and medical monitoring.

This report comes as more retail pharmacies move into the telehealth game. In July. Rite Aid brought HealthSpot’s telehealth kiosk to locations in Ohio, and data from the CVS Health Research Institute is showing that MinuteClinic’s telehealth pilot was well-received by patients. Walgreens has also partnered with MD Live on bringing telehealth platforms to 25 states by the end of 2015.

“Healthcare providers are seeing strong results from the use of telehealth and home health monitoring devices, services, and applications,” principal analyst Charul Vyas said. “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.”