Growth Expected for Global Patient Monitoring Market
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By HospiMedica International staff writers Posted on 19 Oct 2014 |
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The global advanced patient monitoring market has benefited from demand at health facilities and in the home treatment markets. These are the latest findings of Kalorama Information (New York, NY, USA), an independent medical market research firm.
The global advanced patient monitoring market includes equipment and devices with wireless and remote technologies, patient data processing applications and features, and applications that transfer patient monitoring results to electronic medical records (EMRs). The market also includes wireless and remote technologies that monitor and transmit data either within an institution via wireless or intranet or at a remote location using wireless transmissions. The market also includes all technologies that monitor a patient and forward the data to another party or application.
While major players, including Philips, Roche (Basel, Switzerland), Medtronic, and St. Jude, are involved in advanced remote patient monitoring, the market is extremely fragmented worldwide with suppliers offering products to a variety of end users, making this one of the largest segments in the health industry. Remaining competitive in this widespread market is a struggle, with changing health professional demands and attitudes, consumer requirements, new product introductions, insurance issues, and regulatory changes.
But replacement of older technology equipment with new wireless or remote units, connectivity advancements, and a demand for reduced hospital stays are all contributing to the sales of these systems. As a result, the global advanced patient monitoring market has seen 7% growth since 2013, and is currently worth about USD 29.7 billion. The United States and many European countries at the forefront of implementation of patient monitoring technology, due to an expected shortage of over 250,000 nurses in 2025 in the United States alone.
“Kalorama expects continued growth in patient monitors, especially with the expected shortage of nursing staff. Staff reductions increase the need for technology that can help limited staff do more,” said Bruce Carlson, publisher of Kalorama Information. “Not only is there a shortage of nurses but the age of the population is doubling the problem. A higher percentage of nurses are over age 50, compared to 10 years ago.”
Related Links:
Kalorama Information
The global advanced patient monitoring market includes equipment and devices with wireless and remote technologies, patient data processing applications and features, and applications that transfer patient monitoring results to electronic medical records (EMRs). The market also includes wireless and remote technologies that monitor and transmit data either within an institution via wireless or intranet or at a remote location using wireless transmissions. The market also includes all technologies that monitor a patient and forward the data to another party or application.
While major players, including Philips, Roche (Basel, Switzerland), Medtronic, and St. Jude, are involved in advanced remote patient monitoring, the market is extremely fragmented worldwide with suppliers offering products to a variety of end users, making this one of the largest segments in the health industry. Remaining competitive in this widespread market is a struggle, with changing health professional demands and attitudes, consumer requirements, new product introductions, insurance issues, and regulatory changes.
But replacement of older technology equipment with new wireless or remote units, connectivity advancements, and a demand for reduced hospital stays are all contributing to the sales of these systems. As a result, the global advanced patient monitoring market has seen 7% growth since 2013, and is currently worth about USD 29.7 billion. The United States and many European countries at the forefront of implementation of patient monitoring technology, due to an expected shortage of over 250,000 nurses in 2025 in the United States alone.
“Kalorama expects continued growth in patient monitors, especially with the expected shortage of nursing staff. Staff reductions increase the need for technology that can help limited staff do more,” said Bruce Carlson, publisher of Kalorama Information. “Not only is there a shortage of nurses but the age of the population is doubling the problem. A higher percentage of nurses are over age 50, compared to 10 years ago.”
Related Links:
Kalorama Information
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