Telemedicine Device Market to Reach $3.6 Billion According to New Study
The market for telemedicine devices and services will generate $3.6 billion in annual revenue within five years, a new study claims. The study by the Silver Spring, Md.-based research firm Pike & Fischer, says mobile-services companies, such as AT&T, Verizon, Sprint and Nextel, will take a sizeable chunk of the business. It predicts that smaller software and device manufacturers likely will be targets for acquisition.
The need to control health care costs, as well as advances in wireless broadband networks, smart phones and data compression technologies, will fuel telemedicine growth, the report states. Funding from the American Recovery and Reinvestment Act also will support a surge in broadband-enabled telemedicine services, such as remote patient monitoring and mobile access to electronic health records, it adds.
Wireless applications, devices and services will account for more than 70% of the telemedicine market within five years, according to the report.
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