Growing Market for Telehealth Technology

Remote patient monitoring, also known as telehealth, is the new growing trend in the healthcare industry. The demand for technology is on the rise and a major shift in healthcare delivery methods—from a hospital centric approach to a patient centric approach—is occurring by the advent of low-energy Bluetooth, near-field communication (NFC), secure data management and wireless sensor platforms.

This trend, with the help of market giants like GE, Google, HP, IBM, Intel, Microsoft, Philips, Qualcomm, Siemens and Wal-Mart, has led to the development of many remote monitoring products that usefully interface IT and life science technologies.

As a result of the increasing need to monitor chronic diseases like diabetes, chronic obstructive pulmonary disorder, asthma, liver diseases and congestive heart failure, the demand for remote patient monitoring has greatly increased in the past few years.  That demand is being met by investors and major companies that are focused on the development of end-to-end wireless solutions for healthcare providers.

Even though this market has significantly developed in the past 12 months, numerous barriers to customer adoption such as the lack of wide scale reimbursement, standardization and regulatory policies for technology application still exist. There is also low awareness among patients and users and some issues regarding the security of patient data which hinder the widespread adoption of this technology.  However, in order to help proliferate the adoption of remote patient monitoring technologies, the Remote Monitoring Access Act of 2007, through Medicare, gives financial incentives to users of remote patient monitoring solutions.