The US market for advanced remote patient monitoring reached $10.6 billion in 2012, up 19% from the previous year, according to a new report from Kalorama Information, a medical market research company.
In the last five years, the remote patient monitoring market has more than doubled, climbing from less than $4 billion in 2007 to $8.9 billion in 2011 to $10.6 billion last year, the report said.
The report included new wireless and remote patient monitors (equipment and applications), applications and equipment for processing data, and applications and equipment for transferring patient monitoring data into electronic medical records (EMR). 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, and other functions.
According to Kalorama, the increase was due to the aging of the population, increasing healthcare costs, dwindling healthcare resources, advancing technologies, and the proven cost effectiveness of patient monitoring. The report noted that sales would be driven in new technologies as wireless or remote monitors replace older monitoring equipment. Growth will increase over the forecast period as compatibility, privacy, and security issues continue to be resolved, the report said.
“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.”