The U.S. market for patient monitoring technology--increasingly moving outside the hospital--is expected to grow to more than $5.1 billion by 2020, according to a new report by iData Research.
The report points to the growth of multi-parameter vital sign monitors, electroencephalograms (EEG), electromyograms (EMG), cerebral oximeters and pulse oximetry devices in particular for fueling that growth. The pulse oximetry-monitoring market alone is expected to exceed $1 billion by 2020, it according to an announcement.
Updated pacemakers, implantable cardioverter defibrillators (ICDs) and hemodynamic monitors are growing in use. In addition, new products with smartphone integration and Bluetooth capabilities will further drive sales.
"There has been a surge of interest in implantable electronic devices," the president of iData Research writes in the announcement. "Remote monitoring of these devices by doctors and caregivers could significantly reduce in-office follow-up visits. Devices such as the cardioverter defibrillator that is controlled remotely could be lifesaving."
The report foresees growth from monitoring in low-acuity areas of hospitals, alternate care and home settings, with many of the devices becoming increasingly relevant on a consumer retail level.
A survey from the American Telemedicine Association's 2013 annual meeting also pointed to home monitoring as the driving force behind growth in telehealth. The home, including remote patient monitoring, is the area of biggest impact and opportunity in the telehealth market for device makers, it said.
The global medical device connectivity (MDC) market--wired hardware plus wireless hardware and software--is expected to be worth $33.5 billion by 2019, according analysis from Transparency Market Research. Though wired hardware accounts for 40 percent of the market, wireless technology is growing as healthcare providers add Wi-Fi, Bluetooth and wireless medical telemetry services (WMTS).
Eric Topol, M.D., a cardiologist at the Scripps Research Institute in San Diego, who is conducting a clinical trial involving high-risk patients being hooked up to personal data trackers, has called home monitoring, "the future," adding, "but we've got a long way for this to become routine."