The market for remote patient monitoring is set to achieve double digit growth in North America, according to a recent report from Frost & Sullivan, so long as successful payment strategies are implemented. Last year the remote patient monitoring market made more than $98.2 million, but the market could top $428.6 million by 2015. Frost points to direct reimbursement as one type of payment strategy that needs to mature for the market to grow at this rate.

"At present, it seems very unlikely that any significant progress will be made toward direct reimbursement in the next two to five years," Zachary Bujnoch, industry analyst, Frost & Sullivan stated in the firm's release. "As a result, market participants are forced to seek alternative payment strategies, and while some of these have proved successful, the huge billion dollar market potential this space possesses is unlikely to be reached without some form of direct reimbursement."

Frost believes that competition in the home health market will "intensify greatly over the next couple of years" and that increasingly make price the competitive factor. The research firm also points out that while the home healthcare and disease management market consists primarily of small companies today, large companies are set to enter the market and their "diverse capabilities and ample financial resources" will lead to the intensified competition.

For more on Frost's report, read the press release here.