Report: Telemonitoring a potential $1B market by 2015

New research suggests the telemonitoring market could reach $1 billion by 2015, as increasing costs of health care, as well as an aging population and an increase in the rates of chronic diseases, prompt healthcare providers to look for less-expensive ways to deliver care.

Research group Espicom, in its report, Telemonitoring: Challenges and Opportunities, said the market is poised for rapid growth. But, the group said, the market has been largely untapped to date because of some significant obstacles. The research, for example, has not yet proven that the technology improves care or reduces costs. More importantly, it doesn't yet have broad reimbursement coverage, and it requires healthcare providers to change working practices and realign healthcare budgets.

But, just as telemedicine and videoconferencing applications have seen explosive growth, interest in the technology is increasing.

Telemonitoring enable medical personnel to monitor a patient's health while the patient is at home, collecting vital signs data and information on current symptoms, medication, diet and exercise. It alerts healthcare providers if a patient's health is deteriorating so that action can be taken. The technology can be used for any disease where doctors need to keep a regular check on patients, including heart failure, hypertension, diabetes and respiratory diseases, as well as patients with a combination of medical conditions.

Chronic disease now accounts for twice as many deaths as communicable diseases, reports the World Health Organization. It predicts deaths due to chronic diseases including HIV/AIDS, TB and malaria, will rise 17 percent over the next decade.

"For the industry to capitalize on the growing interest in telemonitoring, there needs to be a focus on gathering clinical data that show the technology is both clinically and cost-effective," said Joanne Maddox, author of the report. "This will help to convince healthcare providers of its usefulness and pave the way for reimbursement".

For more:
- see this release

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