Global Advanced Patient Monitoring Market Worth USD 35.2 Billion in 2016

The global advanced patient monitoring market is worth USD 35.2 billion in 2016 and is being driven by the demand to integrate data processing capabilities and electronic medical records (EMR) transfer options, coupled with the increasing trend to upgrade to ambulatory and hand-held devices. 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 products in the following segments: blood management and function monitors, cardiac event and function monitors, neurological event monitors, respiratory function monitors, and other advanced monitors. The market includes equipment and devices with wireless and remote technologies, patient data processing applications and features, and applications that transfer patient monitoring results to EMRs.

The global advanced patient monitoring market continues to expand in the institutional as well as home segments of the health market, led by the US and European countries. New patient monitoring systems are being introduced in the market in response to the increased healthcare needs of an aging population, new wireless technologies, better video and monitoring technologies, cutting down of healthcare resources, focus on reducing hospital days, and improving cost-effectiveness.

New wireless and Bluetooth technologies, improved infrastructure, and growing patient familiarity with wireless devices are driving sales and use of new technologies in patient monitoring systems. Patients now feel more comfortable using a monitoring device instead of sending the data through a hub to their healthcare provider via telephone, mobile phone, wireless, PC, or other connection.

"New technological advancements in the area of wireless connectivity have increased demand, helping to accelerate the move to more wireless and streamline operations, both within major health facilities and in home treatment markets," said Bruce Carlson, Publisher of Kalorama Information. "Generally there has been growth in monitoring efforts, in an attempt to alleviate healthcare problems before they require hospitalization or emergency department visits."

Presently, a large number of companies in the patient monitoring market offer some form of wireless and remote technologies, patient data processing applications and equipment, and EMR data transfer equipment. Suppliers of advanced patient monitoring systems to hospitals are mostly large, established healthcare companies, who generally work in conjunction with information technology companies on an entire system.

In comparison to hospitals, the home healthcare and other sectors are much more fragmented and are dominated by privately held companies. Additionally, some companies supply innovative products, but only to a small segment of the market, while others supply products only on a regional basis.

Despite hundreds of companies operating in the patient monitoring market, only a few of them dominate the segment, as changing health professional demand and attitudes, consumer requirements, new product introductions, insurance issues, and regulatory changes, makes it a challenge for the players to remain competitive.

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