According to a report by iData Research, the leading global authority in medical device market research, the U.S. patient monitoring market is projected to grow to over $5 billion by 2020, due to the most notable expansion within the telehealth market.
This market is segmented into cardiac implantable electric device telehealth monitoring and disease conditions management telehealth monitoring. By 2020, telehealth for disease conditions management is projected to represent more than half of the total telehealth market.
The U.S. telehealth market is projected to experience double-digit growth through 2020. Growth is driven by the demand for customized healthcare solutions, increased chronic illness amongst the 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 health care providers," says Dr. Zamanian, CEO of iData.
Market growth is expected to be further bolstered as awareness and implementation of standards for reimbursement and adoption of this type of care management increase. Additionally, both public and private organizations are expected to continue to budget more funds for telehealth expenditures in coming years.
Leading competitors and their telehealth technologies Medtronic is the leading competitor in the U.S. telehealth market. Medtronic offers an extensive line of heart devices that is supported with their CareLink® remote monitoring system. This system connects with a standard phone line to transmit data from the heart device through their network to a secured website.
Bosch Healthcare competed only last year in the market for telehealth for patients requiring disease conditions management. Their Health Buddy System™ and T400 Telehealth System communicate historical patient data and also feature software with a focus on patient education.
The Honeywell HomMed division participated in the telehealth for disease conditions management market. Their Genesis Touch™ v2 is a remote patient monitoring device with 3G, Wi-Fi and 4G connectivity that collects health metrics and transmits this data to their LifeStream Management Suite. Honeywell also offers tailored symptom-specific management with their Genesis DM™ which also integrates with the LifeStream Management Suite. The Genesis DM™ features a system of voice-enabled, disease-specific symptom management (DSSM) questions and tools.
Other notable competitors and their telehealth devices include St. Jude Medical's [email protected]™ , 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).