A pair of recently published reports assess the expected financial value of the patient monitoring market both on a national and a global scale. In the U.S., an iDataResearch report predicts, the patient monitoring market will be worth nearly $4.2 billion by 2018. Meanwhile, its worldwide counterpart is expected to grow to $8 billion by 2017, according to GBI Research report.
Specifically, the former report's authors point to increased awareness of the benefits of remote monitoring, as well as big spending by the Department of Veterans Affairs, for domestic growth thus far. Smartphone compatible monitoring products also are seen as a potential goldmine, particularly with regard to pulse oximetry and blood pressure monitoring products.
Increases in chronic disease cases and the elderly population, in addition to technology innovations, are seen as reasons why the patient monitoring market will continue to experience strong growth on a global scale. GBI predicts that market to grow at a compound annual growth rate (CAGR) of 4 percent per year. China and India are expected to be "potentially lucrative markets" for growth due to their "huge patient bases and ... under-served" populations.
Earlier this year, Frost & Sullivan predicted that the U.S. remote patient monitoring market--especially for home healthcare and disease management--would be worth nearly $295 million by 2015.
Meanwhile, last spring, research firm Technavio predicted that the global patient monitoring market will reach $9.3 billion by 2014. That report cited technological advancement as the key growth in the industry, and added that the bulk of the market's growth would stem from Europe and Asia because of the high price of patient monitoring systems.