Market Analysis: Patient Monitoring Market Exceeds $30 Billion
The global advanced patient monitoring market is currently worth about $31.4 billion, inclusive of devices, peripherals, software, packaged services and other applications, according to Kalorama Information.
The market has benefited from the demand to move to a more wireless and streamlined operation both within major health facilities and in the home treatment markets, according to Kalorama’s report, “Advanced Remote Patient Monitoring Systems.”
Electronic medical records along with the potential to save capital funds are both key factors in the market’s performance.
“Cost savings are the major driver of sales, but the demand to integrate data into an EMR has also helped fuel purchases of new PM (patient monitor) systems,” said Bruce Carlson, publisher of Kalorama Information. “There is also an increasing trend to upgrade to ambulatory and hand-held devices.”
New technology is another important aspect of the global market.
“Advanced patient monitoring systems are focused on utilizing the technologies recently introduced to the health care field,” according to Kalorama Information. “Advances in remote patient monitoring include: new peripherals; real-time audio and video for ‘face-to-face’ interaction between clinicians and patients; wireless communication systems that ‘sort’ the vast amount of data collected in order to put it into the context of a patient’s condition; portable and ambulatory monitors; web-based access to the patient record; systems that transfer data to an electronic medical record (EMR); and full-service outsourcing that includes a clinician to evaluate data and send a report to the attending physician.
The U.S. and Europe are pushing the patient monitor market to new heights.
“The global advanced patient monitoring market has continued its expansion in both the institutional and home segments of the health market with the United States and many European countries at the forefront of implementation,” according to Kalorama Information.
A report by MarketsandMarkets predicts growth in the patient monitor market.
The global patient monitoring devices market will reach $24.762 billion by 2020 growing at a CAGR (compound annual growth rate) of 5.6 percent during the forecast period (2015–2020), according to MarketsandMarkets. “The driving factors of the patient monitoring market include growing population size of the elderly, rising incidences of unhealthy lifestyle, and technological developments like portability of equipment. The cardiac monitors segment had the largest share in 2015 of the total patient monitoring devices market, whereas neuromonitoring devices segment will be the fastest growing segment by 2020.”
Some key players in the patient monitoring devices market are Abbott Laboratories, GE Healthcare, Nihon Kohden, Omron Healthcare, Philips Healthcare and Roche Diagnostics Limited, according to MarketsandMarkets.