Revenue for the wireless patient monitoring device market grew by 23 percent between 2008 and 2010, the fastest growing rate in the medical device market, according to a report by Kalorama Information, MobiHealthNews reports.
The report — titled, “Remote and Wireless Patient Monitoring Markets” — found that revenues for remote monitoring devices have doubled in the past four years and are expected to double again in the next four years.
Researchers found that several factors are driving the growth in popularity for wireless monitoring devices, including:
An aging population and increasing numbers of patients with chronic conditions;
The tools’ potential to cut costs; and the ability of some of the tools to link to electronic health record systems, which can help health care providers achieve meaningful use (Rodak, Becker’s Hospital Review, 10/25).
Under the 2009 federal economic stimulus package, health care providers who demonstrate meaningful use of certified EHR systems can qualify for Medicaid and Medicare incentive payments. According to the report, the leading manufacturers of patient monitoring devices are:
Abbott Laboratories; Draeger Medical; GE Healthcare; Honeywell; Medtronic; and Philips Healthcare.