Sotera Wireless's ViSi Mobile monitor.

A recent report from Kalorama Information has found that the patient monitoring market is worth $29.7 billion globally, up 7 percent from last year.

"Replacement of older, low-technology equipment with new wireless or remote units, new connectivity advancements, and demand for reduce hospital stays all contribute to the sales of these systems," Kalorama Information Publisher Bruce Carlson said in a statement.

He added that Kalorama also expects growth in patient monitors because the research firm expects a shortage of nursing staff. And that as a result of the shortage, there will be an increased need for health monitoring technology offerings.

Kalorama defines remote patient monitoring devices as "wireless and remote technologies that monitor and transmit data either within an institution via wireless or intranet or at a remote location using wireless transmissions".

Last year, the research firm released a report on remote patient monitoring stating that the US market increased from $8.9 billion in 2011 to $10.6 billion in 2012, an increase of 19 percent.

In July 2012 Kalorama predicted the overall patient monitoring market would grow by 18 percent annually. That rate would put the US market at $20.9 billion by 2016, the previous report said. That same report indicated there had been a 23 percent annual growth rate between 2007 (when the market was worth $3.9 billion) and 2011′s $8.9 billion.