The worldwide market for telehealth products and services will reach more than $1 billion by 2016—and may reach $6 billion by 2020—according to a new study by medical electronics market research provider InMedica.

InMedica researchers cite factors such as efforts to curtail health care costs by reducing hospital visits and lengths of stay particularly for chronic diseases as key drivers of the telehealth and remote medical technology sectors.

Telehealth technology subscriptions from patients are expected to increase most dramatically for monitoring and treatment of congestive heart failure, as well as for chronic obstructive pulmonary disease, diabetes and hypertension.

The US remains the most advanced market for telehealth products and services, according to InMedica, while the European Union has taken steps to expand use of such devices among its populace as well.