Market Analysis: Patient Monitoring

The U.S. market was valued at $5.7 billion in 2009 and is expected to reach $18.3 billion in 2013, reflecting a compound annual growth rate of 26 percent.

The U.S. patient monitoring market is expected to reach $18.3 billion by 2014, driven by increasing health care costs and the efficiency and cost-effectiveness of new patient monitoring technologies, according to health care market researcher Kalorama Information. Technology will drive the increased sales as wireless or remote monitors replace older equipment.

“New technologies in patient monitoring are part of an overall effort to improve health care information technology from monitoring patient data, to processing that data according to the patient’s disease state, to generating reports for the physician, to transferring the data to an EMR,” the report said.              

When hospitals purchase new monitoring equipment, central concerns include the ability to access patient monitoring data within the hospital, to automatically sort data and to access data from all departments.

Other drivers of growth include an aging population; new wireless technologies; decreasing health care resources; emphasis on reducing length of hospital stay; nursing shortage; cost effectiveness and economic stimulus. The most sought-after trends in new technologies include audio and video; algorithms to sort data or trigger alarms; off-site access to data; full-service outsourcing; data management and the EMR; turnkey systems; disease management kits; HIPAA and system compatibility.

The U.S. market was valued at $5.7 billion in 2009 and is expected to reach $18.3 billion in 2013, reflecting a compound annual growth rate of 26 percent.

Leading companies in the hospital market include Abbott, Drager Medical, GE Healthcare, Philips Medical, Roche and Welch Allyn, according to Kalorama.

Technological incompatibility, the high cost of new technology, privacy and security issues and education of health care personnel in the use of the technology hinder growth in the market, though Kalorama predicts these concerns will be overcome in the foreseeable future, through the efforts of federal and international agencies and industry groups.

 

Originally published in the April 2011 issue of Medical Dealer Magazine.

Author: Norville Lanier
Published: Apr 1, 2011

MedWrench is in association with:

LabWrench TechNation Medical Dealer OR Today MD Expo LabX