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.