The U.S. patient monitoring market, valued at more than $3.1 billion in 2011, is expected to grow to nearly $4.2 billion by 2018, according to a new report released by iData Research.
Researchers say the growth will be driven by the rapid adoption of wireless ambulatory telemetry monitors and low-acuity vital signs monitors, as well as telehealth for both remote monitoring of chronic conditions and for patients with cardiac implantable devices. Traditional monitoring products including multi-parameter vital signs monitoring, telemetry, fetal and neonatal monitoring will replace outdated systems.
"The growing awareness of the benefits of remote monitoring, in addition to large purchases by the Department of Veterans Affairs has helped drive growth in the telehealth for the chronic conditions segment," said Kamran Zamanian, MD, CEO of iData. "By 2018, the U.S. telehealth market is expected to more than double in value, with companies such as Honeywell, Bosch Healthcare and Cardiocom battling for market share."
The report states that the wireless ambulatory telemetry monitor market rapidly expanded in 2011. Physicians and clinicians are becoming more aware of the benefits provided by patient mobility after surgery, in particular, faster recovery and a quicker hospital discharge, according to iData. Patient-worn monitor unit sales are expected to increase dramatically over the forecast period as telemetry monitoring expands to general ward areas.
In addition, emerging smartphone-compatible monitoring products are entering the market, and are expected to drive sales, particularly for the pulse oximetry and blood pressure monitoring segments.
Factors that will drive the uptake of smartphone-compatible monitors include convenience of monitoring, ease of use, familiar platform for smartphone users, new and exciting method for measuring blood pressure, and the ability to share and analyze results, said Zamanian.