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Palo Alto, CA, United States, 2007/09/17 - New analysis from Frost & Sullivan, U.S. Home Health Care Market for Remote Patient Monitoring Services, reveals that the market earned revenues of $51.2 million in 2005, and estimates this to reach $122.5 million in 2010.
As home health agencies are seeking cost-effective ways to improve care and reduce hospitalizations, remote patient monitoring (RPM) services, which enable these agencies to leverage technology for patient care, are witnessing increasing demand.
New analysis from Frost & Sullivan (patientmonitoring.frost.com), U.S. Home Health Care Market for Remote Patient Monitoring Services, reveals that the market earned revenues of $51.2 million in 2005, and estimates this to reach $122.5 million in 2010.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants an overview of the latest analysis of the U.S. Home Health Care Market for Remote Patient monitoring Services, then send an email to Melina Trevino - Corporate Communications at melina.trevino[.]frost.com with the following information: your full name, company name, title, telephone number, email address, city, state, and country. We will send you the information via email upon receipt of the above information.
"RPM services help compliment traditional home health services, while expanding the treatment and health monitoring capacity of home health agencies," notes Frost & Sullivan Research Analyst Michael Addison. "They enhance home health operations by fostering closer relationships between patients and visiting nurses, while motivating better compliance with treatment plans."
Several home health agencies are adopting RPM technology to effectively and efficiently treat larger volumes of patients and meet the needs of chronically ill patients. Demand for RPM is also rising due to the increasing incidence of chronic illness in the growing over-65 population.
Positive feedback from early adopters of RPM technology has helped perpetuate consistent market growth for RPM services, thereby getting the attention of those yet to acquire the technology.
Moreover, recent emphasis on preventative care has helped raise awareness about remote monitoring solutions. Home health providers are beginning to look to RPM as an effective means for improving health outcomes through prevention.
However, high setup costs, concerns over cost-effectiveness, and return on investment deter potential purchasers from investing in RPM technology, thereby limiting the expansion of the RPM services market.
"Without more empirical evidence demonstrating that RPM technology improves health outcomes, many home health agencies are likely to remain reluctant to devote resources to RPM services," explains Addison. "However, RPM service providers can address this concern. As RPM service providers expose the extent to which the healthcare system is incurring preventable costs in its treatment of elderly chronically ill patients, opportunities to demonstrate the effectiveness of RPM technology can arise."
Furthermore, there is significant room for technical innovation within the home monitoring market. As companies learn more about the operation of medical device within the home environment, they will be able to more effectively respond to user demands, just as they have done within the hospital market.
While part of the product development will involve adapting existing medical devices for home applications, it will also include integrating new technologies into home monitoring systems. Declining costs in technology will offer companies greater flexibility as they evaluate options for their development projects.
The U.S. Home Health Care Market for Remote Patient Monitoring Services is part of the Patient Monitoring subscription, which also includes research services in the following markets: U.S. Glucose Monitoring Markets and Emerging Technologies; U.S. Blood Pressure Monitoring Equipment Markets; U.S. Positive Airway Pressure Therapy Devices Market; and U.S. Temperature Monitors Markets. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants. Analyst interviews are available to the press.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership service, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective, and combines ongoing analysis of markets, technologies, econometrics, and demographics.