By the year 2020, the patient monitoring market in the U.S. is expected to grow by about $5 billion--mostly because of the expansion of telemedicine use, according to a report by iData Research.
The report also looks at the impact vital sign monitors, fetal and neonatal monitors, cardiac output monitoring devices and blood pressure monitors will have on the market, among others. In addition, the telehealth market in the U.S. is projected to grow in double digits in the next five years, according to an announcement on the report, with telehealth for disease conditions management set to make up more than half of that market.
Public and private organizations will also help telemedicine grow as they budget more funds for the technology in the ensuing years, according to the announcement.
Another industry report also says major growth in telemedicine is on its way, predicting the market will double in the next four years, FierceHealthIT previously reported. The market will see growth at 18.88 percent CAGR, from 2014 to 2019, according to ReportsnReports.com.
Other factors moving telemedicine forward are changes in reimbursement and healthcare policies, which will increase physician confidence in spending money on the technology. according to the iData report.
Reimbursement and regulations have long held telemedicine back. Nearly 30 states do not allow reimbursement for such services. Also, state policy reports released in September by the American Telemedicine Association show gaps in reimbursement, practice standards and licensure across the country.