Telemedicine Revenues Grew 237 Percent in Five Years, According to a New Kalorama Information Report
PRWeb | June 5, 2013
The telemedicine patient monitoring market grew from 4.2 billion in 2007 to over 10 billion dollars in 2012, according to Kalorama Information. The healthcare market research publisher said that while the market is small, it is fast growing with a large amount of competitors and increasing awareness of effectiveness.
New York, New York (PRWEB) June 05, 2013
The telemedicine patient monitoring market grew from 4.2 billion in 2007 to over 10 billion dollars in 2012, according to Kalorama Information. The healthcare market research publisher said that while the market is small, it is fast growing with a large amount of competitors and increasing awareness of effectiveness. The finding was made in Kalorama Information’s newly published report, “Advanced Patient Monitoring Systems.”
Kalorama defines telemedicine as a patient monitor used outside of an acute healthcare setting that can transmit vital signs or other information to a healthcare professional for interpretation or action, usually from a patient’s home. Two-way communication in audio or video, EMR data transfer advanced diagnostics are among the additional features that some of these devices provide. Unlike the market for systems used in hospitals, this market is more competitive and vendors are fragmented with a fair number of privately held companies. Compatibility between devices and applications is of primary concern. AMD, Philips, Second Opinion Telemedicine, Bosch, LifeWatch are among the many vendors operating in this market. The aging of the population, increasing healthcare costs, dwindling healthcare resources, advancing technologies, and the proven cost effectiveness of patient monitoring. The report says that sales will be driven in new technologies as older monitoring equipment is replaced by wireless or remote monitors. Growth will increase over the forecast period as compatibility, privacy, and security issues continue to be resolved.
“The home healthcare and remote location health monitoring market is different from the hospital market, in large part because reimbursements are lower or are just beginning to take hold, and for some products are still nonexistent,” said Melissa Elder, Kalorama analyst and the author of the report. “Unit costs will go up as older units are replaced with wireless, handheld, and ambulatory devices.”
Elder adds that home healthcare markets vendors sell lower-priced units than hospital patient monitors but the key for successful vendors will be selling a volume. The report also indicates that the U.S. holds the largest share of the market and will be the battleground for a lot of the regulatory and reimbursement challenges for these technologies. Yet telemedicine is a worldwide market. Switzerland, for example, has prepared the health system for telemedicine options with an advanced IT infrastructure and healthcare staff trained in high-tech medical technology. Economic struggles in many European countries, including Germany, have forced the government to review options to control costs in the healthcare system which will present opportunities for telemedicine. France is facing some of the same issues as other European countries, though there are barriers. A World Health Organization overview of the French healthcare system in noted that providing care using Telemedicine would require a new legal framework. It has since developed new policies to help professionals obtain reimbursement and provide a newer method of healthcare delivery.
Kalorama’s market research study in this market, “Advanced Patient Monitoring Systems”, contains both a global and US market estimate and forecast for advanced remote patient monitoring systems. The report covers key trends in the industry and profiles several key players in the market. The report can be purchased at Kalorama Information at http://www.kaloramainformation.com/Advanced-Remote-Patient-7450566/
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare, as well as a full range of custom research services. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog.