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The telemedicine market has grown tremendously in recent years, powered by increasing awareness of the benefits of remote monitoring and home healthcare. Growth was heavily driven by telehealth monitoring for disease management, and this market is expected to continue to see growth.
Telemedicine refers to the remote monitoring and clinical management of patient’s vital signs through the use of devices in the home environment. Monitoring solutions are customized to suit the individual patient and allow them to better manage their health. Vital signs data are transmitted to a central server, where information can be viewed by a clinician or the patient. This allows caregivers to monitor a patient’s condition and take appropriate action to manage health.
The goal of telemedicine is to prevent hospital readmission, reduce in-office visits and better manage the health of individuals with long-term conditions. As a result, it is important to consider the long-term benefits to patients and cost savings to fully understand the value of this market.
Top Competitors in the U.S. Telemedicine Market
Among the multitude of companies present in the telemedicine segment, the competitors with the most significant impact are, ordered from highest to lowest market share:
- Honeywell Life Sciences
- Philips Healthcare
- Boston Scientific
Medtronic is the leading competitor in the telemedicine segment largely due to their ongoing partnership with the VHA’s Care Coordination and Home Telehealth (CCHT) program following Bosch Healthcare’s exit, fortifying their position as market leader for the total telehealth market. Over the years, Medtronic has evolved their product portfolio to include cardiac devices supported by their CareLink™ network, which uses a standard phone line to transmit data from the device through their network to a secured website that may be accessed by the authorized clinician. Medtronic’s cardiac rhythm and heart failure business division also comprises the comprehensive SureScan® family of CRT-D, ICD and pacing devices. These
MR-conditional systems are unique for their ability to facilitate safe access to full-body MRI diagnostic imaging. This FDA-approved pacing technology continues to feature connectivity to Medtronic’s CareLink® network, allowing clinicians to follow-up remotely with their patients.
Honeywell Life Sciences
Honeywell Life Sciences is the second major competitor in the telemedicine market. Their Genesis Touch™ v2 is a remote patient monitoring device with 3G, 4G and Wi-Fi connectivity that collects health metrics and transmits data to their LifeStream™ Management Suite. Honeywell continues to expand their services and product offerings, with a symptom-specific management with their Genesis DM™, featuring a voice-enabled, disease specific symptom management (DSSM) questions and tools, as well LifeStream™ Management Suite integration. They invest in their research and analyze population statistics to better understand and configure their products and services to provide what the telemedicine healthcare market needs. Honeywell offers symptom-specific management through their Genesis DM™, which boasts voice-enabled, DSSM questions and tools, as well LifeStream™ Management Suite integration.
Philips Healthcare comes in at third in the overall telemedicine market, offering telehealth services to patients with their eCareCompanion™ platform, which connects via cellular or through Wi-Fi networks to deliver cloud-based telemedicine services. The eCareCompanion™ tablet is used to collect vital sign information either manually or directly from a number of wireless Bluetooth peripherals and provides users with health trends and reminders. Furthermore, it facilitates increased patient/physician communication via two-way video and personalized surveys that help enable the care team to make timely, informed assessments.
Other competitors in the telemedicine segment include Abbott, Boston Scientific, Biotronik, A&D Medical, Advantage Home Telehealth, Aerotel Medical Systems, Ambio Health, AMC Healthcare, AMD Global Telemedicine, American Telecare, American Well, AuthentiDate, Avizia, Care Innovations, Constant Care Technology, Dexcom, Entra Health, GE Healthcare, GlobalMed Telemedicine, IdealLife, LG CNS, LifeWatchAG, Medocity, Viterion Telehealthcare, VRI, Welch Allyn. Furthermore, in the iData Research telemedicine market report, it is noted that additional companies are taken into consideration in tandem with the large competitors.
More information on telemedicine companies in the U.S. can be found in the a report series published by iData Research entitled the U.S. Market Report Suite for Patient Monitoring