New analysis from Frost & Sullivan into European remote patient monitoring markets, says that the quality and benefits of the technology is making it increasingly attractive to vendors across the continent.
The study found that the remote monitoring market earned revenues of €11m in 2007 and estimates this to reach €253 million in 2014.
"The heightened demands of an ageing population and a related increase in chronic diseases are encouraging market growth," said Frost & Sullivan’s research analyst, Janani Narasimhan.
He added: "Remote patient monitoring has the potential to change the way patients manage their own conditions so that they become the keepers of their own healthcare."
The report says vendors are using more innovative and advanced technology in the marketplace to compete with rival vendors and better support healthcare services.
The increased competition is not dampening market potential in Europe, however and this poses a major challenge to companies wishing to boost their unit sales and market revenues.
Privacy and confidentiality issues are further clouding the market, the report adds.
Narasimhan said: "With no financial incentive for healthcare providers to implement this technology, providers are likely to view remote patient monitoring 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."
The report says consumers are increasingly demanding improved quality from their healthcare providers and vendors are stepping up to the plate to deal with the increased demand.
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