The global advanced patient monitoring market is currently worth about $29.7 billion, up 7% from last year, according to Kalorama Information. The research firm says that the industry has benefited from demand at health facilities and in the home treatment markets.
“Replacement of older, low-technology equipment with new wireless or remote units, new connectivity advancements, and demand for reduce hospital stays all contribute to the sales of these systems,” said Bruce Carlson, Publisher of Kalorama Information.
The global advanced patient monitoring market has seen some recent growth with the United States and many European countries at the forefront of implementation. This market includes equipment and devices with wireless and remote technologies, patient data processing applications, and applications that transfer patient monitoring results to electronic medical records (EMRs).
The market is extremely fragmented worldwide with suppliers offering products to a variety of end users.While major players such as Philips, Roche, 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. The report says remaining competitive in the widespread patient monitoring market is a struggle with changing health professional demands and attitudes, consumer requirements, new product introductions, insurance issues, and regulatory changes.
One of the key drivers of the future growth, according to Kalorama, is the expected shortage of nursing staff that prompts healthcare providers to invest in tech solutions that can help limited staff do more. According to projections developed by the U.S. Department of Health and Human Services, there will be a shortage of over 250,000 nurses in 2025. 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.