MOUNTAIN VIEW, Calif. - March 2, 2010 - Remote patient monitoring (RPM) or telehealth has taken huge strides forward, and the demand for this technology is on the upswing, especially among home care agencies, disease management companies and clinical trial groups. The advent of low-energy Bluetooth, near-field communication (NFC), secure data management and wireless sensor platforms are catalyzing the mode of healthcare delivery. Participation from market giants, such as GE, Google, HP, IBM, Intel, Microsoft, Philips, Qualcomm, Siemens and Wal-Mart, has enabled development of remote monitoring products that effectively interface IT and life science technologies. Commercialization of RPM technologies is also shifting delivery of healthcare from a hospital-centric to a patient-centric approach.
New analysis from Frost & Sullivan (http://www.technicalinsights.frost.com), Remote Patient Monitoring Technologies-A Strategic Assessment, finds that with the escalating need to manage chronic diseases such as diabetes, chronic obstructive pulmonary disorder (COPD), asthma, liver diseases and congestive heart failure, especially in the elderly population, the demand for wireless monitoring has increased significantly over the past few years.
If you are interested in more information on this study, please send an e-mail to Britni Myers, Corporate Communications, at [email protected], with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country.
"The demand for simple and easy-to-understand technology for chronic disease management at home using telehealth, especially for elderly people, has not only shown an increase in its demand in the US, Europe and Japan, but also in emerging and lucrative markets, such as India, China and other South Asian countries," said Technical Insights research associate Arjunvasan Ambigapathy. "The development of new technologies and availability of sufficient funding from government agencies and venture capital firms has stoked growth in the RPM market over the past few years."
The Remote Monitoring Access Act of 2007 offers financial incentives for potential users of RPM solutions and services, for efficiently managing chronic diseases under the Medicare Program. The market has incrementally developed over the past 12 months, assisted by investments from major companies that focused on the development of end-to-end wireless health and wellness solutions.
Despite being a high growth market, barriers to customer adoption include the absence of wide scale reimbursement, the lack of standardization and global regulatory policies governing technology usage. Low awareness levels among patients and issues surrounding security of patient data also contribute to delays in the adoption lifecycle. Unlike other reimbursable technologies classified by a respective common procedure terminology (CPT) code, there are no specific codes assigned to telehealth or mHealth solutions. Reimbursement for electronic health record (EHR) solutions indirectly benefits telehealth vendors.
To be successful in this marketplace, it has become essential for technology developers to roll out high-quality, low-cost solutions that are available worldwide. For instance, the Health Buddy system developed by Robert Bosch Healthcare is an intelligent system, which not only focuses on measuring vital signs, but also fosters patient self-management by asking sensible questions and providing feedback on patient health behavior. The company is also working in collaboration with the U.S. Center for Medicare and Medicaid Services on a demonstration project, expected to heighten awareness levels while considerably reducing healthcare costs to its adopters.
To understand customer perceptions, companies are constantly conducting periodic surveys and feedback to evolve their products. "Going forward, a higher degree of technological sophistication is expected in the design of high-performance medical sensors that can be easily integrated with wireless networks," said Ambigapathy. "Ultra-low-power sensing hardware architecture, computation, and communication for extending overall battery life are the other areas where technological advancements are expected."
Companies operating in this domain have found that it is easier to acquire a new technology or company rather than develop a new technology from scratch. Thus, acquisition of a competitive portfolio would enable high synergies by reducing market entry time, overcoming regulatory barriers and incorporating a competitive brand name for the technology.
Remote Patient Monitoring Technologies-A Strategic Assessment, a part of the Technical Insights subscription, identifies opportunities available for key stakeholders in the market to effectively capitalize on the technology. Further, this research service includes detailed technology analysis and industry trends evaluated following extensive interviews with market participants.
Technical Insights is an international technology analysis business that produces a variety of technical news alerts, newsletters and research services.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.
Remote Patient Monitoring Technologies--A Strategic Assessment
D21E
Contact:
Britni Myers
Corporate Communications - North America
P: 210.477.8481
E: [email protected]
http://www.frost.com
http://www.technicalinsights.frost.com