- Flexible business models to help fully leverage the benefits of remote monitoring solutions
LONDON, Feb. 27, 2013 /PRNewswire/ -- The rising interest in telehealth solutions for managing long-term chronic conditions has highlighted the importance of telehealth business models. Such models will have to be implemented after understanding customer preferences and aim at increasing acceptance levels for telehealth technology.
New analysis from Frost & Sullivan (http://www.healthcare.frost.com), Telehealth Business Models in Europe, finds that government programmes in Scandinavia, the UK and Benelux have encouraged the mainstreaming of telehealth technology, while boosting adoption and penetration levels.
"Spiralling hospital expenses are compelling providers to switch to more affordable remote monitoring options," notes Frost & Sullivan Program Manager Eramangalath Sujith. "This trend, together with the heightened costs associated with continually monitoring and assessing chronically ill patients, is pushing governments toward telehealth."
While the demand for remote monitoring services and escalating hospital expenses boosts the potential for telehealth, the lack of common European standards and insufficient funding are hampering adoption rates.
"Limited evidence related to return on investment and the lack of uniformity in terms of standards and regulations governing telehealth users and devices is hurting market prospects," explains Sujith. "Although European countries have been at the forefront of embracing telehealth, investing in new infrastructure is seemingly difficult in the current financial scenario."
Applying the right business models after assessing market conditions will help in leveraging the technological benefits of telehealth solutions. Healthcare companies are evolving many innovative business models – a trend that is healthy for market growth.
"Understanding the needs and demands of the target population and estimating outcomes and potential pitfalls before devising telehealth business models will help in overcoming many of the challenges faced by the market," concludes Sujith. "Similarly, achieving a higher degree of product customisation and adopting the right channels to expand market reach will address the several risks involved in the business of telehealth."
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Telehealth Business Models in Europe is part of the Connected Health Growth Partnership Service programme. Frost & Sullivan's related research services include: Data Management Systems for Patient Monitoring Markets in Europe, European Market for Non-Invasive Blood Pressure Monitors, European Telemetry Equipment Market, and European Pulse Oximetry Market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan