Technology to Monitor Elderly Patients in Their Own Homes
Governments around the world are tackling healthcare cuts using remote patient monitoring, enabling healthcare professionals to track vital signs without dependence on overstretched medical staff, states new analysis by GBI Research.
The new report* predicts that the global Remote Patient Monitoring (RPM) device market will almost triple in value, growing from $223m in 2012 to $620m in 2019, and maintaining its title as the fastest growing segment within the patient monitoring devices market.
RPM devices collect patient data, which can then be electronically transferred to a physician or healthcare provider for analysis. External RPM devices retrieve data from external measurement devices, such as glucose meters and blood pressure monitors, while implantable RPM devices comprise of external modules or transmitters which receive data from implantable sensors, used to manage arrthymia and heart failure.
RPM devices allow patients to be continuously monitored from remote locations, so maintaining patient safety while reducing hospitalization rates, office follow-ups and healthcare expenditure. In-house monitoring can cater for frail elderly patients, reducing costs for both patient and healthcare provider, and this ability will propel the RPM market.
The growing elderly populations found in developed countries are leading to a continuous increase in chronic disease prevalence, and a consequent rise in healthcare expenditure. This builds pressure for governments and healthcare providers to find ways to reduce healthcare costs, propelling monitoring technology sales, as seen in the RPM market.
The global patient monitoring devices market was valued at $6.6 billion in 2012, and is forecast to exceed $8.9 billion by 2019 at a Compound Annual Growth Rate (CAGR) of 4%.
The US represented the largest market for patient monitoring devices in 2012, constituting 43% of the global market with a value of $2.9 billion. This is forecast to reach $3.9 billion by 2018, growing at a CAGR of 4%. The US is primarily a replacement market for patient monitoring devices, due to high existing penetration of monitoring technology in the healthcare market. However, the country’s huge elderly population drives a high need for monitoring technologies, driving growth.
NOTES TO EDITORS
*Patient Monitoring Devices Market to 2019 – Increasing Investment in Healthcare Infrastructure in Emerging Economies Provides Significant Opportunity for Future Growth
This report looks at the market, competitive landscape, and trends for the seven patient monitoring devices market categories: remote patient monitoring devices, micro-electro mechanical systems, patient monitoring accessories, non-invasive blood pressure monitors, multi-parameter patient monitoring devices, neonatal monitors and fetal monitors. The report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.
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