By Katie Wike, contributing writer
According to a recent report, the market for remote patient monitoring and telemedicine will grow to over $5 billion by the 2020.
Patient monitoring devices are driving a market that's expected to reach more than $5 billion by 2020. An iData Research report indicates that over the next five years, market growth will be spurred by double digit growth in telehealth.
Health Data Management writes disease conditions management is expected to account for half of the telehealth market based on consumer need for customized healthcare solutions, increased chronic illness among an aging population, and strained healthcare budgets.
"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 press release.
According to the report, patient monitoring includes: multi-parameter vital sign monitors, wireless ambulatory telemetry monitoring, telehealth monitoring, intracranial pressure devices, electromyography (EMG) devices, electroencephalography (EEG) monitors, cerebral oximetry devices, fetal and neonatal monitors, pulse oximetry devices, cardiac output monitoring devices, and blood pressure monitors.
Fierce Health IT reports that as both private and public organizations set aside larger portions of their budget for telemedicine, this will also encourage market growth.
According to iData Research's press release, Medtronic, which offers a line of heart monitoring devices, is the leading competitor in the U.S. telehealth market. Also, Bosch Healthcare is a competitor in the chronic disease management market and The Honeywell HomMed division participated in the telehealth for disease conditions management market.
The report also explains, "Other notable competitors and their telehealth devices 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 (ICDs) and cardiac resynchronization therapy devices (CRT-D)."