American Well

The number of people using home health technologies will increase from 14.3 million worldwide in 2014 to 78.5 million by 2020, according to a report from Tractica.

In Tractica's view, home health technologies include offerings that allow providers to remotely monitor patients with chronic conditions, use technology to improve care for elderly people, and conduct virtual visits with a physician.

“Key factors driving interest in home healthcare technologies include rising healthcare costs, aging populations, and a rise in the number of people living with chronic diseases,” Tractica Principal Analyst Charul Vyas said in a statement. “However, significant challenges remain for the industry to solve, including regulatory issues, data security and privacy, and technology interoperability and integration issues.”

Tractica added that within the home health technology space, medical monitoring, diagnosis, and treatment will be the largest markets between 2014 and 2020. And these technologies "will drive the deployment of a wide variety of connected health devices and software applications". The company explains that other key segments in the home health market include remote consultations, eldercare, and health and wellness.

At the beginning of this year, a Harris Poll survey commissioned by American Well found that 64 percent of patients are willing to participate in a video visit with a doctor. Of those that were willing to visit with their doctor over video, 61 percent said convenience was a factor in this decision. Seven percent of respondents who had been with their doctor for less than a year said they would switch doctors to get online video visits. And 10 percent of respondents who had been with their doctor for two to four years said they would switch. Younger people were more likely to switch to a physician that offered video visits.