Devices that can transmit a patient’s vital signs across a hospital building or connect a patient’s home with a provider’s office are the fastest growing medical devices in terms of revenue earned, according to Rockville, Md.-based market research firm Kalorama Information. Revenues for these wireless patient monitoring devices have doubled in the last four years and are expected to double in the next four, according to its recent report, "Remote and Wireless Patient Monitoring Markets."
With a growth rate of 23 percent between 2008 and 2010, these devices saw greater growth than what Kalorama had estimated for minimally invasive surgical devices, specialty catheters and defibrillators – devices which have drawn attention in recent years.
According to the report, the aging of the U.S. and world populations is a growth driver. The percentage of the population that was 65 years or over reached 13.0 percent in 2010 and it is expected to reach 20.7 percent by 2050. This in turn is expected to increase cases of COPD and diabetes, among the top conditions requiring monitoring.
The success of these systems in cutting costs is another growth driver. Kalorama’s report details cases where new patient monitoring technologies resulted in a need for fewer personnel, increased coverage by existing personnel, and a reduction in errors. A third driver is EMR. Almost all of these devices can provide information directly to an EMR system to make a useful health record.
Kalorama Information’s report, "Remote and Wireless Patient Monitoring Markets," contains more information, including: market sizing and forecasts, breakdown by disease and venue segments, and detailed company profiles.