New research from Frost & Sullivan predicts that remote patient monitoring will continue to play a significant role in transforming healthcare. In fact, it says the market for remote monitoring technology, especially for home healthcare and disease management, will soar to $294.9 million by 2015.
As the market continues to grow at double-digit rates, the research expects telemedicine to shift away from traditional services toward more consumer-focused products.
Such predictions are reinforced by recent research from Berg Insight, which estimates that globally, 2.2 million patients use remote monitoring services. According to findings released last month, the number of home monitoring systems with integrated communication capabilities will jump to 4.9 million connections worldwide by 2016.
More optimistic, Kalorama Information in September predicted the market to grow by 25.4 percent each year, ultimately reaching $22.2 billion by 2015. Its report highlights the growing use of remote patient monitoring in intensive care units to ease the burdens of overstressed cardiologists and critical care physicians and nurses.
However, so far, the remote patient monitoring market hasn't achieved its "billion dollar potential," notes Frost & Sullivan. It recommends companies eliminate scalability issues in order to surpass the billion-dollar mark.
"Over buildup and misrepresentation have made this market confusing and complicated," Frost & Sullivan Senior Industry Analyst Zachary Bujnoch says in a statement. "However, significant revenue and outcomes remain for those who can sift through fact and fiction."