MOUNTAIN VIEW, Calif., Aug. 14 /PRNewswire/ -- The implementation of successful payment strategies enables the North American home healthcare and disease management markets for remote patient monitoring to achieve double digit growth in the traditionally mature patient monitoring space. The single largest factor for growth in this highly mature market is the increasing incidence of cardiovascular disease (CD) in the U.S. This trend is directly correlated to cardiac monitoring devices such as blood pressure monitors and will continue to boost ambulatory and home sales directly along with growth seen in the hospital setting.
New analysis from Frost & Sullivan (http://www.patientmonitoring.frost.com), North American Home Health Care and Disease Management Markets for Remote Patient Monitoring, finds this market earned revenues of over $98.2 million in 2008 and estimates this to reach $428.6 million in 2015.
If you are interested in a virtual brochure that provides a brief summary of this study, please send an e-mail to Johanna Haynes, Corporate Communications, at firstname.lastname@example.org, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by e-mail.
"Recent years have witnessed a revolution in the healthcare segment with the focus intensifying on preventative healthcare, and self monitoring is an important facet of preventative health," says Frost & Sullivan Industry Analyst Zachary Bujnoch. "Easy-to-use informative devices, including blood pressure monitors, will benefit from this long term change."
As the number of patients afflicted with CD, diabetes, asthma, obesity, and other conditions increase, healthcare providers rely heavily on remote patient monitoring. In response, technology advances at a rapid pace in the home and health care and disease management market segments. Adopting the trial-and-error method, market participants become increasingly adept at providing quality products and services. Participants also portray their services in a better light by unleashing competitive strategies. To promote customer satisfaction, vendors will continue to leverage advancements in technology to establish a firm foothold in this domain.
The lack of policy support in the form of direct reimbursement severely reigns in this promising market; without the guarantee of direct reimbursement, the cost saving capability of these services remains questionable.
"At present, it seems very unlikely that any significant progress will be made toward direct reimbursement in the next two to five years," observes Bujnoch. "As a result, market participants are forced to seek alternative payment strategies, and while some of these have proved successful, the huge billion dollar market potential this space possesses is unlikely to be reached without some form of direct reimbursement."
Innovative payment strategies adopted for the time being include pay for performance methods, episode care models, and grants in the form of individual state Medicaid sponsored programs.
Competition in this market expects to intensify greatly over the next couple of years, and this will increase the focus on price as a competitive factor. While the home healthcare and disease management market consists primarily of small companies, the entry of large participants with diverse capabilities and ample financial resources will exert intense pressure on smaller participants.
With the market's continued maturity, it remains ripe for consolidation. Smaller and more localized competitors that are reluctant to explore the wide range of partnership capabilities of the market will find it difficult to navigate the turbulent waters as the landscape continuously evolves. To compete effectively and nurture effective patient-caregiver relationships, participants will have to provide increasingly user friendly technologies.
North American Home Health Care and Disease Management Markets for Remote Patient Monitoring is part of the Patient Monitoring Growth Partnership Service program, which also includes research in the following markets: North American Vital Signs Monitoring Markets, North American Glucose Strips Markets, North American Multiparameter Patient Monitoring Equipment Markets, and North American Cardiac Monitoring Update. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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North American Home Health Care and Disease Management Markets for Remote Patient Monitoring
Contact: Johanna Haynes Corporate Communications - North America P: 210.247.3870 F: 210.348.1003 E: email@example.com http://www.frost.com
|SOURCE Frost & Sullivan|
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