Fueled by efforts to reduce acute and long-term care costs, the US patient monitoring market is expected to reach almost $4 billion by 2017, according to a new report by iDataResearch, a global research and consulting firm.
Multi-parameter vital-sign devices represented the majority of the patient monitoring market in 2010, with the home telehealth segment growing more than 17 percent in 2010 and the hospital wireless telemetry monitoring segment growing at high double-digit rates. The second largest segment of this market was pulse oximetry, which is expected to exceed $934 million by 2017.
“There has been a growing trend among U.S. hospitals to decrease acute and long-term care expenses,” said Kamran Zamanian, CEO of iData. “Patient turnover in hospitals is increasing, resulting in large growth of the home telehealth monitoring device market. In addition, new wireless telemetry monitoring devices have allowed hospitals to downgrade patients from critical and acute care settings sooner, in a constant effort to reduce per patient costs.”
iData’s report states that growth in the multi-parameter vital sign monitoring market is expected to be driven by significant increases in telemetry and low-acuity monitoring device sales, as healthcare workers in hospital sub-acute, alternate and homecare settings strive to improve patient safety by reducing the number of unmonitored patients.
Bosch Healthcare, Philips Healthcare, Cardiocom and Honeywell lead the home telehealth markets, according to iData. The recent joint venture between GE Healthcare and Intel is expected to increase the presence of both companies in the home telehealth market.
iData’s Global 3-report series on the “Markets for Patient Monitoring Devices 2011” includes the latest data, market analyses and competitor profiles for: multi-parameter vital-sign, intra-cranial pressure, electroencephalogram, sleep apnea, cerebral oximeter, fetal and neonatal, pulse oximeter and blood pressure monitors, electromyogram, cardiac output devices and respective consumables.