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.
Vancouver, BC (PRWEB) December 29, 2014
December 29, 2014 – Vancouver, BC – According to a report by iData Research (http://www.idataresearch.com), 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 competes in the market for telehealth for patients requiring disease condition management. Their Health Buddy™ system communicates historical patient data and also features 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 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).
For Further Information
The telehealth device market segment is part of the U.S. patient monitoring market report suite. The global report series on the markets for patient monitoring covers the U.S., 15 counties in Europe, Japan, Australia and South Korea.
The full reports provide a comprehensive analysis including units sold, market value, forecasts, as well as a detailed competitive market shares and analysis of major players’ success strategies in each market and segment.
The reports cover multi-parameter vital sign monitors; wireless ambulatory telemetry monitoring; telehealth; intra-cranial pressure monitors and consumables; electromyogram devices and consumables; electroencephalogram monitors; cerebral oximetry monitors and consumables; fetal and neonatal monitors; pulse oximetry monitors, consumables and circuit boards; cardiac output devices and consumables; and blood pressure monitors.
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About iData Research
iData Research (http://www.idataresearch.com) is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. iData covers research in: Diabetes Drugs, Diabetes Devices, Pharmaceuticals, Anesthesiology, Wound Management, Orthopedics, Cardiovascular, Ophthalmics, Endoscopy, Gynecology, Urology and more.