Wireless Patient Monitors Fastest Growing Medical Sector

Monitors that can transmit a patient’s vital signs across a hospital building or connect a patient’s home with a provider’s office are the fastest growing medical devices market sector in terms of revenue earned. These are the latest finding of Kalorama Information (New York, NY, USA), an independent medical market research firm.

According to the report, the aging of the US and world populations is a major growth driver for this market. The percentage of the population that was 65 years or over reached 13% in 2010, and it is expected to reach 20.7% by 2050. This, in turn, is expected to increase cases of chronic obstructive pulmonary disease (COPD) and diabetes, among the top conditions requiring monitoring. The success of these systems in cutting costs is another growth driver; new monitoring technologies result in a need for fewer personnel, increased coverage by existing personnel, and a reduction in errors.
A third driver is the electronic medical record (EMR). Almost all of these monitoring devices can provide information directly to an EMR system, enhancing the usefulness of the health record. The major manufacturers of patient monitoring devices, according to Kalorama Information, are Abbott Laboratories (Abbott Park, IL, USA), Draeger Medical (Lübeck, Germany), GE Healthcare, Medtronic (Minneapolis, MN, USA), Honeywell, and Philips Healthcare. However, Kalorama Information adds, there are many smaller companies, and there is room for new entrants with a useful device.

“It is unusual to see over 20% growth in the tight, volume-buy medical device market,” said Bruce Carlson, publisher of Kalorama Information. “The new wireless patient monitoring systems aren’t facing these obstacles because they appeal both to the need of payors to cut hospital stays and to the need of providers to deal with reduced staff.”

Revenues for wireless patient monitoring devices doubled since 2007, and they are expected to double again by 2015. With a growth rate of 23% between 2008 and 2010, these devices saw greater growth than what had been estimated for minimally invasive surgical devices, specialty catheters, and defibrillators, devices, which have drawn public attention in recent years.

Related Links:
Kalorama Information
Abbott Laboratories
Draeger Medical