The U.S. patient monitoring market is projected to grow to more than $5 billion by 2020, mostly due to telehealth expansion, according to a recent report from market researcher iData Research.
This market is segmented into cardiac implantable electric device telehealth monitoring and disease conditions management telehealth monitoring. The U.S. telehealth market is projected to experience double-digit growth through 2020, the report found. Growth is driven by the demand for customized healthcare solutions, increased chronic illness amongst the aging population, and strained healthcare budgets. Additionally, by 2020, telehealth for disease conditions management is projected to represent more than half of the total telehealth market.
Market growth is expected to be further bolstered as awareness and implementation of standards for reimbursement and adoption of this type of care management increase. Additionally, both public and private organizations are expected to continue to budget more funds for telehealth expenditures in coming years, the report found.
The report identified the Minneapolis-based Medtronic as the leading competitor in the U.S. telehealth market. Medtronic offers an extensive line of heart devices that is supported with its CareLink remote monitoring system. This system connects with a standard phone line to transmit data from the heart device through their network to a secured website. The Palo, Alto, Calif.-based Bosch Healthcare was also noted as a market leader for disease conditions management with its Health Buddy System.