Report: Remote health management market to grow to $3.6B by 2012
Remote health management is the fastest growing segment of the home health management market and promises to improve health and cut healthcare costs, according to a report from management consulting firm Scientia Advisors. However, the market will only reach its full potential if health insurers adopt reimbursement policies encouraging greater physician adoption, the report noted.
The report indicates the global home health management market is expanding at a compound annual growth rate (CAGR) of 10 percent through 2012, according to the Cambridge, Mass.-based Scientia.
Organizations that provide skilled nursing and other therapeutic services in patients’ homes account for 80 percent of the home health management market, the report said. Remote health management, with a 1.4 percent market share, is the smallest segment of the market, but it's also the fastest-growing segment, according to the report.
Remote health management will double from $1.8 billion in 2007 to $3.6 billion in 2012, representing a CAGR of 15 percent, according to Scientia's projections.
Companies such as Intel, IBM, Motorola and Philips are partnering with or acquiring companies to produce innovative products for remote health management services, the firm reported. However, according to the report, many physicians are reluctant to embrace remote health management (which includes telehealth and remote patient monitoring) because government and private health insurers reimburse only for its use in treating specific diseases or rural populations. Easy-to-use devices and software are also needed, according to the report.
The report indicates the global home health management market is expanding at a compound annual growth rate (CAGR) of 10 percent through 2012, according to the Cambridge, Mass.-based Scientia.
Organizations that provide skilled nursing and other therapeutic services in patients’ homes account for 80 percent of the home health management market, the report said. Remote health management, with a 1.4 percent market share, is the smallest segment of the market, but it's also the fastest-growing segment, according to the report.
Remote health management will double from $1.8 billion in 2007 to $3.6 billion in 2012, representing a CAGR of 15 percent, according to Scientia's projections.
Companies such as Intel, IBM, Motorola and Philips are partnering with or acquiring companies to produce innovative products for remote health management services, the firm reported. However, according to the report, many physicians are reluctant to embrace remote health management (which includes telehealth and remote patient monitoring) because government and private health insurers reimburse only for its use in treating specific diseases or rural populations. Easy-to-use devices and software are also needed, according to the report.