Remote monitoring remains a cornerstone for the telehealth industry. While the market contains its’ fair share of challenges, the opportunity for growth in the market has never been greater. It is poised to have a continuing transformative effect on healthcare.
New analysis from Frost & Sullivan’s (http://www.healthcareIT.frost.com) Home Healthcare and Disease Management for Remove Patient Monitoring research finds that the home healthcare and disease management for the remote monitoring market earned revenues of $126.8 million in 2010 and estimates this to reach $294.9 million in 2015.
“Looking at the recent past, the typical overhype present in this market has begun to recede with small- and large-scale success stories,” said Frost & Sullivan Senior Industry Analyst Zachary Bujnoch. “We have also seen success through simple and smart ideas.”
In the past, revenues were almost entirely derived from traditional telemedicine systems, but future growth in this market will be driven by consumer-focused products as well.
“The proximity of this market to the patient/consumer makes it a bridge between consumer friendly products, such as smart phones or tablets, and healthcare services,” said Bujnoch. “Also, over the past five years and going forward, this market has begun to form two tiers: traditional ‘telemedicine’ and more consumer-focused monitoring services.”
Growth in the market has retained a double digit growth rate for the last 10 years, but the market has never reached its’ billion dollar potential. Various factors obstruct growth, such as the difficulty with scalability. The bottom line is that many current business models only have limited potential in the current market environment.
”Over buildup and misrepresentation have made this market confusing and complicated,” said Bujnoch. “However, significant revenue and outcomes remain for those who can sift through fact and fiction.”
Success stories and case studies are numerous in this market, but are not always easy to find as many times the most successful are more focused on their programs than in self-promoting.
”Success stories and innovations are in this market,” said Bujnoch. “However, many times, these stories and technologies have trouble getting the appropriate attention.”
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Home Healthcare and Disease Management for Remote Patient Monitoring is part of the Healthcare & Life Sciences IT Growth Partnership Services program, which also includes research in the following markets: Analysis of the U.S. Broadband mHealth Applications Market, An Analysis of Telehealth, An Analysis of Telehealth in the Pharmaceutical Industry, and North American Cardiac Monitoring Services Market Outlook. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.