The telemedicine device and services market will reach $3.6 billion in annual revenue within the next five years, according to a new report from research firm Pike & Fischer, Health Data Management reports (Anderson, Health Data Management, 10/8).
The report, titled "Telemedicine and the Economic Stimulus: Broadband Opportunities in a Swelling Market," attributed the growth in the telemedicine market to:
- Advances in wireless broadband networks, smart phones and data compression technologies;
- The federal stimulus package; and
- The need to curb rising health care costs (Monegain, Healthcare IT News, 10/8).
The report predicts that mobile services companies, such as AT&T, Verizon, Sprint and Nextel, will take a large portion of the telemedicine business. It adds that smaller software and device manufacturers likely will be acquired (Health Data Management, 10/8).