Telehealth on the rise - but is there anything that will burst this bubble?
IBISWorld has recently released the findings from it its Telehealth Services report, which shows revenue, in the US, in the telehealth services industry is expected to grow by over 30 per cent in the next five years.
The report defines telehealth services to include diagnosis, treatment, assessment, monitoring, communication and education delivered primarily through technology.
Although there aren't official figures for the UK or worldwide, the benefits the technology can bring to healthcare suggest that there will be a global increase in the industry.
For a growing and ageing population the industry can bring a number of benefits, largely in terms of cost savings from people being able to self-monitor at home which creates space in hospital and also takes up less time of healthcare professionals.
Is there anything that can affect the uptake and growth of the industry?
Stephen Morea, IBISWorld industry analyst, suggests that companies will struggle to find the skills they need for product and software development in order to develop systems that do not violate existing patents.
We see these more as ongoing challenges, but not necessarily something that will burst the growth of the industry. In fact, we predict that there will be an increase in the number of companies entering the market, including already well established companies and brands, looking to diversify their offering.
All of this will create a healthy competition in the market pushing companies to develop unique propositions to stand out. Something we feel we already do with our non-contact vital sign monitoring solution, Oxecam.
We have taken the science of photoplethysmography (PPG) and through the use of our sophisticated algorithms produced a medical technology which can read vital signs with just a simple video camera in a wide range of real world situations. This enables the technology to be taken out of the lab and applied to a range of useful applications.
As a rapidly expanding early-stage business, we're investing funds in the commercial development of the company, and providing new and improved products.
If you'd like to know more about the technology please contact us.