Remote patient telemonitoring is the biggest driver of the global telemedicine market, according to a new report from Research and Markets.
The analysis predicts that the global telemedicine market will grow at a compounded annual growth rate of 18.9 percent from 2012 to 2016, primarily due to an increase remote patient telemonitoring and strategic partnerships among vendors. An announcement from Research and Markets points out that a lack of common standards could challenge the market's growth.
"One of the significant trends in this market is that its major players are focusing on R&D activities to launch innovative products and services," an analyst from the Research and Markets team said in the announcement.
Remote monitoring of patients through telemedicine is gaining acceptance in the Europe, Middle East and Africa (EMEA) regions, where the number of people over 65 years of age are the highest in the world. Global telemedicine is also receiving more grants in the U.S.
Key vendors in the space include AMD Global Telemedicine Inc., Honeywell HomMed LLC, and Philips Healthcare.
In early June FierceHealthIT reported that accountable care organizations are increasingly turning to remote patient monitoring. Hospitals and health systems surveyed were largely in the process of becoming ACOs. Fifty-five percent of respondents said they had deployed, or were evaluating, remote-monitoring technology in order to reduce readmissions, attain financial incentives related to chronic-disease management and care coordination and increase self-management of disease.
Despite its current success and promise, the research methods behind the field were called into question in a study published in the Journal of Medical Internet Research last month.