VANCOUVER, B.C. – The U.S. telehealth monitoring market has experienced a growth boon in recent years with no signs of stopping, according to a new series of reports by international market research and consulting group iData Research.
The growth in the telehealth monitoring market has been fueled by an awareness of the benefits of remote monitoring and home health care. Market growth is heavily driven by telehealth monitoring for disease management.
Currently, the U.S. boasts the most mature telehealth in the world, as well as a diverse competitive landscape, thanks to a trend toward reimbursement reform and the successes of large-scale deployment initiatives.
“While Medicare still only covers a select subset of telehealth services, most notably face-to-face teleconsultations, state regulated Medicaid and private insurance providers have begun to offer more comprehensive coverage for remote patient monitoring and managed care programs,” said Dr. Kamran Zamanian, CEO of iData, in a statement. “Consistent progress towards payment reform and the expansion of telehealth programs across the U.S. will present favorable circumstances for the adoption of remote monitoring solutions.”
The report also found that the Veteran’s Health Administration’s (VHA) Care Coordination and Home Telehealth program continues to rapidly expand the size of its remote patient monitoring programs and funding. Both public and private organizations will continue to budget more funds for telehealth expenditure as the industry transitions toward outcome-based reimbursement, and looks to achieve greater care coordination and improved patient outcomes.
The report said the leading competitor in the telehealth market is Medtronic, due to its large share in the disease conditions management segment. Medtronic also has a strong presence in the telehealth market for cardiac implantable electronic devices (CIEDs), and its ongoing partnership with the VHA programs has strengthened its position as market leader within the total telehealth market.