Telehealth Monitoring to see Strong Growth Through 2020 Led by the Tele-Health for Disease Conditions Management Segment.
According to a new report by iData Research (www.idataresearch.com), the leading global authority in medical device market research, the U.S. patient monitoring market was valued at over $3.5 billion in 2013 and will grow to over $5.1 billion by 2020 due to the most notable expansion of multi-parameter vital sign monitors, electroencephalograms (EEG), electromyograms (EMG), cerebral oximeters and, pulse oximetry devices. The Pulse oximetry monitoring market alone is expected to exceed $1.0 billion by 2020. Players leading this growth are Medtronic, Bosch Healthcare, St. Jude Medical, Honeywell, Boston Scientific, Philips Healthcare and, Biotronik.
With the mounting pressure to decrease healthcare costs, patients are moving out of hospitals to alternate care sites earlier, making patient monitoring devices essential to their continued post care. Patient monitoring is becoming increasingly more mobile and prevalent in homes due to the various cost-saving measures. This mobility is making a significant impact on preventing unnecessary patient deaths in hospitals and alternate care sites as well as re-admission of patients recovering at home.
The Veteran’s Health Administration (VHA) represents the largest example of Telehealth success within the U.S. Their achievements within Telehealth continue to serve over half a million patients who receive Telehealth-based solutions.
In addition, new products which feature smartphone integration and Bluetooth capabilities entering the market will further drive sales. Other remote monitoring devices such as modern pacemakers, implantable cardioverter defibrillators (ICDs) and hemodynamic monitors are paving the way for substantial growth in this market.
“There has been a surge of interest in implantable electronic devices,” says Dr. Zamanian, President of iData Research. “Remote monitoring of these devices by doctors and caregivers could significantly reduce in-office follow-up visits. Devices such as the cardioverter defibrillator that is controlled remotely could be lifesaving.”
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iData’s 3-report series on the: “Markets for Patient Monitoring Equipment & Devices 2014” includes the U.S., Europe (15 countries) and Asia-Pacific (3 countries) and covers multi-parameter vital sign monitors; wireless ambulatory telemetry monitoring; telehealth; intra-cranial pressure monitors and consumables; electromyogram devices and consumables; electroencephalogram monitors; cerebral oximetry monitors and consumables; fetal and neonatal monitors; pulse oximetry monitors, consumables and circuit boards; cardiac output devices and consumables; and blood pressure monitors.