NewswireToday - /newswire/ -
London, United Kingdom, 2008/07/01 - In the past, healthcare executives were not supportive of remote patient monitoring (RPM) devices because of the costs involved. However, the quality and benefits of available RMP technology are making the devices increasingly attractive.
New analysis from Frost & Sullivan (patientmonitoring.frost.com), European Remote Patient Monitoring Markets, finds that the market earned revenues of $175.0 million in 2007 and estimates this to reach $400.0 million in 2014.
"The heightened demands of an ageing population and a related increase in chronic diseases are encouraging market growth," notes Frost & Sullivan Research Analyst Janani Narasimhan. "RPM has the potential to change the way patients manage their own conditions so that they become the keepers of their own healthcare."
Innovative and advanced technology continues to play a significant role in the RPM market. Technology is constantly changing to support better healthcare services, while steadily improving patient monitoring capabilities.
However, limited reimbursement is dampening market potential in Europe. The lack of adequate reimbursement streams will pose a major challenge to companies wishing to boost their unit sales and market revenues. Privacy and confidentiality issues are further clouding the market.
"A critical challenge is governments' refusal to reimburse remote monitoring of patients," explains Narasimhan. "With no financial incentive for healthcare providers to implement this technology, providers are likely to view RPM as an increase in workload without a subsequent hike in pay. On the other hand, connecting personal health information to the Internet exposes this data to more hostile attacks than paper-based medical records."
Consumers are increasingly demanding improved quality from their healthcare providers. Although reimbursement and technology-related issues will remain barriers, they are surmountable. With all the cost benefits conferred by remote patient monitoring, more users will be won over.
If you are interested in a virtual brochure, which provides manufacturers, end users and other industry participants with an overview of the European remote patient monitoring markets, then send an email to Patrick Cairns, Corporate Communications, at pcairns_pr[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
European Remote Patient Monitoring Markets is part of the Patient Monitoring Growth Partnership Services Programme, which also includes research in the following markets: Clinical Information Systems-Oncology and European Market for PACS. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership™ empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.
European Remote Patient Monitoring Markets - M22C