The U.S. patient monitoring market is projected to grow to more than $5 billion by 2020, thanks to double-digit growth over the next five years in the telehealth market, according to iData Research.
By 2020, disease conditions management will account for more than half of the total telehealth market, fueled by the demand for customized healthcare solutions, increased chronic illness among an aging population, and strained healthcare budgets, the firm predicts.
In addition, market growth is anticipated to be “further bolstered as awareness and implementation of standards for reimbursement and adoption of this type of care management increase,” while both public and private organizations are expected to continue to budget more funds for telehealth expenditures during that timeframe.
Despite reimbursement and other challenges, healthcare providers are actively pursuing telehealth, according to a separate recent survey of senior healthcare executives. The survey of for-profit and non-profit providers finds that nine out of 10 reported that their organizations have already begun developing or implementing a telehealth program, and the majority of respondents already offer remote patient monitoring services (64 percent).
“The goal of telehealth is to prevent hospital readmission, reduce in-office visits, better manage health of individuals with long term conditions and reduce costs for more remote and isolated healthcare providers,” says Kamran Zamanian, CEO of iDataResearch, in a written statement.
When it comes to leadership in the U.S. telehealth market, iData identifies Medtronic as the leading vendor in the space due to an extensive line of heart devices supported by their CareLink remote monitoring system, which connects with a standard phone line to transmit data from the heart device through their network to a secured website.
Though Bosch Healthcare competed for the first time last year in the disease conditions management telehealth monitoring market, iData cites the company as a market leader with their Health Buddy System and T400 Telehealth System, which communicate historical patient data and also feature software with a focus on patient education.
Another major player in the telehealth for disease conditions management market is Honeywell’s HomMed division with their Genesis Touch v2, a remote patient monitoring device with 3G, Wi-Fi and 4G connectivity that collects health metrics and transmits this data to the company’s LifeStream Management Suite. According to iData, Honeywell also offers tailored symptom-specific management with their Genesis DM, which features a system of voice-enabled, disease-specific symptom management questions and tools, and also integrates with the LifeStream Management Suite.
Other major telehealth device vendors include St. Jude Medical’s Merlin@home , Boston Scientific’s LATITUDE, Philips Healthcare’s Motiva, Biotronik’s CardioMessenger, Sorin Group’s PARADYM RF family of implantable cardiac defibrillators and cardiac resynchronization therapy devices.
This article originally published by HealthData Management.
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