The market for home-based wireless healthcare products and services isn't just going to grow, it's going to explode over the next four years. Parks Associates, a Dallas-based research company, forecasts U.S. sales of wireless home-health technology to soar to $4.4 billion in 2013 from just $304 million this year, in part due to the federal stimulus money for health IT. Parks estimates the market to grow by 96 percent next year, 126 percent when the stimulus takes effect in 2011, and by 95 percent in 2012, before cooling to a 68 percent growth rate in 2013.
Since we didn't spend $3,000 for the report, we'll go with Health Data Management's assessment that Parks sees wireless gadgets having a role in diagnostics, patient monitoring, disease management, fitness, medication management and, as other stories in this week's FierceMobileHealthcare demonstrate, independent living. "Device and service connectivity is the model for future home health care applications, and mobile networks will link a growing number of monitoring products to health care providers," says study author Harry Wang.