Remote patient monitoring devices have the fastest growing yearly revenue of any medical device sector, according to market research firm Kalorama Information's new report, "Remote and Wireless Patient Monitoring Markets." From 2008 to 2010, the growth rate was an impressive 23 percent, and according to the report, revenue is expected to double in the next four years.
"It is unusual to see over twenty percent growth in the tight, volume-buy medical device market," stated Bruce Carlson, publisher of Kalorama Information, in a press release. "The new wireless patient monitoring systems aren't facing these obstacles because they appeal both to the need of payors to cut hospital stays and to the need of providers to deal with reduced staff."
According to the report, reasons for the accelerated growth include the increasing percentage of the aging population in the U.S. and worldwide, which was 13 percent in 2010 and it is expected to reach 20.7 percent by 2050 (a top market for chronic condition monitoring); successful cost-cutting as a result of implementing remote monitoring systems; and the benefits found through using remote device data with EMRs.
While the top manufacturers in the market include Abbott, Philips Healthcare, Draeger, Medtronic, GE Healthcare, and Honeywell, Carlson states that "This is a very scattered market with large players but also scores of companies with a small amount of market share, and some of that forecasted growth is going to come from innovators whose names we may not have heard yet." One such upstart is AirStrip Technologies (its Cardiology RPM iPad app is pictured above).
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Read the press release after the jump.
PRESS RELEASE -- Devices that can transmit a patient's vital signs across a hospital building or connect a patient's home with a provider's office are the fastest growing medical devices in terms of revenue earned, according to market research firm Kalorama Information. Revenues for these wireless patient monitoring devices have doubled in the last four years and are expected to double in the next four, according to its recent report, Remote and Wireless Patient Monitoring Markets. With a growth rate of 23% between 2008 and 2010, these devices saw greater growth than what Kalorama had estimated for minimally invasive surgical devices, specialty catheters and defibrillators -- devices which have drawn attention in recent years.
"It is unusual to see over twenty percent growth in the tight, volume-buy medical device market," said Bruce Carlson, publisher of Kalorama Information. "The new wireless patient monitoring systems aren't facing these obstacles because they appeal both to the need of payors to cut hospital stays and to the need of providers to deal with reduced staff."
According to the report, the aging of the U.S. and world populations is a growth driver. The percentage of the population that was 65 years or over reached 13.0% in 2010 and it is expected to reach 20.7% by 2050. This in turn is expected to increase cases of COPD and diabetes, among the top conditions requiring monitoring. The success of these systems in cutting costs is another growth driver. Kalorama's report details cases where new patient monitoring technologies resulted in a need for fewer personnel, increased coverage by existing personnel, and a reduction in errors. A third driver is EMR. Almost all of these devices can provide information directly to an EMR system to make a useful health record.
"Success of the aggregate market does not mean every brand will succeed," Carlson noted. The report extensively profiles the competitors that continue to make a significant impact. Top manufacturers of patient monitoring devices are Abbott Laboratories, Inc., Draeger Medical, Inc., GE Healthcare, Honeywell, Medtronic, Inc., and Philips Healthcare. However, there are many smaller companies and there is room for new entrants with a useful device.
"This is a very scattered market with large players but also scores of companies with a small amount of market share, and some of that forecasted growth is going to come from innovators whose names we may not have heard yet," said Carlson.
Kalorama Information's report, Remote and Wireless Patient Monitoring Markets, contains more information, including: market sizing and forecasts, breakdown by disease and venue segments, and detailed company profiles.
About Kalorama Information
Kalorama Information supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. We routinely assist the media with healthcare topics. Find us on Twitter, LinkedIn, and Blogspot.
