Home–Use Medical Device Market: Growing Fast; Shake-Up Predicted
Oct 14, 2010
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Honeywell Hommed was the leader in the telehealth market in 2009, with a 15.4% market share worldwide according to a report from InMedica, but Bosch Healthcare was a close second and the competition to supply home-use medical devices was increasing.
The market research firm said newer players - including Bosch, Philips Healthcare, and Cardiocom – have been penetrating the market in recent years, eating into Honeywell Hommed's market share. Being the single largest supplier for the U.S. Veterans Association (VA) care coordination program has been a major factor in giving Bosch Healthcare a 14.9% market share, InMedica said.
The market research firm said competition to win the contracts to supply healthcare providers with home medical equipment for telehealth services is increasing. More contracts now involve high volumes as the number of patients enrolled in telehealth programs increases yearly.
The research firm predicted some well-established suppliers of home-use medical devices will likely leverage their positions to capitalize on the increased interest in home monitoring. One example: Viterion TeleHealthCare LLC, a joint telehealth venture between Bayer Healthcare and Panasonic.
The research firm said manufacturers of professional healthcare equipment may also choose to enter the telehealth market and provide complete solutions. Companies that might decide to take this step include: Siemens Healthcare, GE Healthcare, and Philips Healthcare.
NEW "FORMIDABLE FORCE" IN TELEHEALTH MARKET?
In August 2010, GE Healthcare and Intel announced a joint venture focused on telehealth and independent living. According to Market Research Analyst Neha Khandelwal at InMedica, “The combination of GE’s healthcare expertise and Intel’s experience in technology development could be a formidable force in the telehealth market going forward."
Apart from the suppliers of health hubs and peripheral devices, a diverse range of companies operates in telehealth markets, including telecom providers, software application developers, and companies enabling interfaces between patient records and monitoring devices. Microsoft recently joined the Continua Health Alliance with a view to make its HealthVault service for managing consumer healthcare data a platform for Continua certified devices.
"With the market for telehealth predicted to grow at a CAGR of over 55% in the next five years, more and more companies from outside the healthcare market are likely to get involved," Ms. Khandelwal said. "The competitive landscape will look quite different in two or three years."
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