The wireless home healthcare market is expected to hit $4.4 billion in the next four years, according to a new forecast by research firm Parks Associates.
Titled “Wireless Healthcare: Analysis & Forecasts,” the report indicates the U.S. market for wireless home-based healthcare applications and services will grow at a five-year cumulative annual growth rate of more than 180 percent.
According to the report, the Obama administration’s push for healthcare reform will ultimately boost adoption of wireless technologies in the marketplace.
Companies such as EMERgency24 are developing applications and services to take some pressure off the U.S. healthcare system that seems destined for an overhaul, Kevin McCarthy, EMERgency24 national sales manager, tells SSI.
“Even now, healthcare capacity in the United States is stretched, but as baby boomers age and the cost of healthcare continues to rise, alarm dealers have a terrific opportunity for growth by exploring medical monitoring,” McCarthy says.
According to McCarthy, alarm dealers can create new revenue streams to offset business that tapered off after the new-home housing bubble burst.
“By offering PERS [personal emergency response systems], dealers have the opportunity to build a new market within their existing customer base and their circle of associates,” says McCarthy. “With all the possibilities that PERS presents, it is time for every security dealer to fully embrace this new revenue stream.”
