Worldwide patient monitoring markets are poised to achieve significant growth as a resurgence in tracking vital signs extends from the intensive care unit and emergency department to all areas of the hospital, to patient transport venues, and to home outpatient treatment locations.
The patient monitor market was reported to be at $11 billion in 2015 and is anticipated to reach $26.2 billion by 2022, according to Market Reports Hub.
“Strong growth is predicated on the increasing reliance on multi-parameter patient monitors in every bed of the hospital, in multiple areas of specialized clinics, and in many rehab centers,” according to the Market Reports Hub report.
Market growth is happening via the expansion of multi-parameter patient monitors connected to a central station beyond the intensive care unit to all floors of a hospital and because clinical care depends on monitoring.
“Vital signs monitors transmit data wirelessly directly to the electronic patient record, generating alerts if data is outside preset parameters. Patient monitors are expanding the use base in the hospital and expanding use in rehab centers, clinical settings, and home,” according to Market Reports Hub.
Patient monitoring systems are making a market resurgence because smaller, lighter, wireless units are less costly and more valuable in the context of treatment evaluations and recommendations.
“Revitalization of patient monitor markets is occurring because units are smaller, less costly, and more useful across a variety of venues. Patient monitoring is moving toward the ability to help with wellness and to participate in the wearables markets,” according to Market Reports Hub. “As people shift resource toward medical treatment, patient monitoring equipment becomes a priority.”
Grand View Research reports that the global remote patient monitoring devices market is expected to reach $1.9 billion by 2025.
“Remote patient monitoring devices, due to their capability to monitor various chronic conditions such as diabetes, cardiovascular conditions and cancer, are expected to witness substantial growth over the forecast period,” Grand View Research reports. “Increasing incidences of cardiovascular diseases, rising geriatric population base and the growing demand for independent and healthy living by them are high impact rendering drivers for remote patient monitoring devices market.”
“Moreover, improving health care infrastructure, increasing post-acute care management and growing focus of key market players on emerging economies is also expected to fuel the growth of this market,” the report continues. “Rapid technological advancement occurring in remote patient monitoring devices market is expected to lead toward the availability of better options for health care practitioners and the patients, thereby promoting the growth of the remote patient monitoring devices market.”