SOURCE: Kalorama Information
NEW YORK, NY--(Marketwire - Mar 20, 2013) - The U.S. market for advanced remote patient monitoring includes wireless and remote patient monitors (equipment and applications), applications and equipment for processing data, and applications and equipment for transferring patient monitoring data into an EMR. The U.S. market, less than $4 billion in 2007, increased to $8.9 billion in 2011. Last year, Kalorama notes, the market further increased to $10.6 billion, up 19% from the previous year. The finding was made in Kalorama Information's newly published report, Advanced Patient Monitoring Systems.
"We expected growth and that growth was certainly seen between 2011 and 2012," said Melissa Elder. "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. The demand to integrate data processing capabilities and EMR transfer options has also fueled the market."
Kalorama defines an advanced remote patient monitoring system as one that has remote or wireless capability and one that can deliver data to an EMR or is expected to be able to add that function. Other 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, and other functions.
According to the report, the aging of the population, increasing healthcare costs, dwindling healthcare resources, advancing technologies, and the proven cost effectiveness of patient monitoring. The report says that sales will be driven in new technologies as older monitoring equipment is replaced by wireless or remote monitors. Growth will increase over the forecast period as compatibility, privacy, and security issues continue to be resolved.
Among products not included are obsolete glucose monitors that are not equipped to be part of a system to forward data to a telemedicine record and standard hospital patient monitoring equipment that does not forward data to a central station.
"Many of these older devices are no longer purchased from the manufacturer directly and are often purchased as a refurbished item," said Elder.
The market for Advanced Remote Patient Monitoring is extremely fragmented. The majority of companies selling peripherals and systems to the home healthcare and nursing home markets are primarily privately-held, smaller companies. Large concerns such as Abbott, GE Healthcare, Honeywell and Philips compete with newcomers like China's Mindray and specialists like AMD Global Telemedicine or Second Opinion Telehealth.
Kalorama's market research study in this market, Advanced Patient Monitoring Systems, contains both a global and US market estimate and forecast for advanced remote patient monitoring systems. The report covers key trends in the industry and profiles several key players in the market. The report can be purchased at Kalorama Information at http://www.kaloramainformation.com/Advanced-Remote-Patient-7450566/.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog.