Monday, June 10, 2013

Telemedicine Revenues More Than Double Since 2007

The telemedicine patient monitoring market grew from 4.2 billion in 2007 to over 10 billion dollars in 2012, according to Kalorama Information's analysis in a recent market research study that was printed  Becker's Hospital Review 

Kalorama defines telemedicine as a patient monitor used outside of an acute healthcare setting that can transmit vital signs or other information to a healthcare professional for interpretation or action, usually from a patient’s home. Two-way communication in audio or video, EMR data transfer advanced diagnostics are among the additional features that some of these devices provide. Unlike the market for systems used in hospitals, this market is more competitive and vendors are fragmented with a fair number of privately held companies. Compatibility between devices and applications is of primary concern. AMD, Philips, Second Opinion Telemedicine, Bosch, LifeWatch are among the many vendors operating in this market.  

 The aging of the population, increasing healthcare costs, dwindling healthcare resources, advancing technologies, and the proven cost effectiveness of patient monitoring. The report says that sales will be driven in new technologies as older monitoring equipment is replaced by wireless or remote monitors. Growth will increase over the forecast period as compatibility, privacy, and security issues continue to be resolved.