The market for advanced remote patient monitoring has been growing steadily as healthcare systems increasingly move to all-wireless systems, integrate data processing and transfer EMRs.
The market clocked in at $10.6 billion in 2012--up 19 percent from 2011, according to a new report from market research firm Kalorama Information.
"We expected growth and that growth was certainly seen between 2011 and 2012," Melissa Elder, a Kalorama analyst, saId in an announcement. "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."
Sales will be driven as older monitoring equipment is replaced with wireless systems. According to the Kalorama report, population aging, increasing healthcare costs, a lack of healthcare resources, advancing technologies and the proven cost effectiveness of patient monitoring have all increased its use and market value.
Strong market growth in 2013 and beyond will be fueled by new developments in the mHealth industry, according analyst firm Berg Insight, who in January predicted that by 2017, home monitoring systems with integrated communication capabilities will grow to reach 9.4 million connections worldwide.
In summer 2012, it was reported that emergency room diversion and capacity limitations are driving the market for wireless and other advanced patient monitoring systems, making it one the fastest growing segments of medical devices.
Health IT leaders tout mHealth's value in reducing readmissions. However, a lack of interoperability could hurt the wireless monitoring field, delaying scalability.
To learn more:
- read the announcement
- purchase the report