Telehealth & telemetry to push US monitoring market to $5.1 bn by 2020

New market research predicts that the health monitoring market in the US will exceed $5 billion by 2020. The research by iData Research covers devices and equipment for both hospital based telemetry and home based telehealth markets.

According to the report, the US patient monitoring market was valued at over $3.5 billion in 2013 and will grow to over $5.1 billion by 2020 due most notably to the 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 a billion dollars by 2020.  Players leading this growth are Medtronic, Bosch Healthcare, St. Jude Medical, Honeywell, Boston Scientific, Philips Healthcare and Biotronik.

Interestingly, the report notes that the Veterans Health Administration (VHA) represents the largest example of telehealth success within the U.S. and that they serve over half a million patients who receive telehealth-based solutions.

New products which feature smartphone integration and Bluetooth capabilities entering the market will further drive sales, say iData; 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. So it is not all telehealth by any means.

New market research on telehealth in US

A new market research report has been released on the telehealth market in the US. Telehealth services in the US is produced by IBIS World (not a market research firm I am familiar with) and, according to the press release, over the next five years, the industry will continue to benefit from the demographic and structural factors affecting the healthcare industry as telehealth will emerge as a cost-effective solution to meeting the medical needs of an expanding and aging population. That didn’t exactly knock my socks off. There is very little in the press release to tempt me to part with the $1600 needed to read the full text.

On the other hand if you are interested, visit IBIS World to purchase membership. (Also see this article in FierceHealthIT for a bit more, free)