According to a new report from TechNavio, the global patient monitoring system market will swell to $9.3 billion in 2014. TechNavio's analysis focuses on the US, EMEA and APAC and concludes that remote patient monitoring is driving growth in the wider patient monitoring market. The price of these systems is cost prohibitive, however, the report found.
"Remote Patient Monitoring (RPM) is greatly minimizing hospital stays, resulting in a reduction of the cost of healthcare delivery. Thus, RPM helps healthcare centers reduce costs and increase business opportunities for healthcare service providers while integrating systems and providing necessary operational facilities. As a result, the Patient Monitoring Systems market stands to gain," TechNavio states in a press release.
Earlier this year Kalorama Information predicted that the market for remote and wireless patient monitoring will grow about 26 percent annually through 2014. Kalorama said the market for these systems will grow by over $6 billion this year alone, which seems to put it at odds with TechNavio's $9.3 billion by 2014 figure.
The disagreement doesn't end there, of course. Plenty of opinions on market size:
Late last year in December, we reported on Berg Insight's market size estimation for home health monitoring of what it called “welfare diseases,” which it pegged at about $10 billion in 2010. That figure included the market for chronic condition management for conditions including diabetes, cardiac arrhythmia, sleep apnea, asthma and chronic obstructive pulmonary disease (COPD).
Perhaps this kind of figure is more important: In 2010 we reported on Juniper Research's estimate that by the year 2014 public and private healthcare providers may save between $1.96 billion and $5.83 billion in healthcare costs thanks to remote patient monitoring over cellular networks.
For more on the TechNavio report, read the press release below:
ROCKVILLE, MD -- MarketResearch.com has announced the addition of Infiniti Research Limited's new report "Global Patient Monitoring Systems Market 2010-2014," to their collection of Medical Devices market reports.
Patient Monitoring Systems Market Witnesses Growth in Remote Monitoring Research conducted by TechNavio reveals that the Global Patient Monitoring System market will reach $9.3 billion in 2014. The report, which focuses on United States, EMEA, and APAC, indicates that the market is currently driven by the growth in remote patient monitoring.
"Remote Patient Monitoring (RPM) is greatly minimizing hospital stays, resulting in a reduction of the cost of healthcare delivery. Thus, RPM helps healthcare centers reduce costs and increase business opportunities for healthcare service providers while integrating systems and providing necessary operational facilities. As a result, the Patient Monitoring Systems market stands to gain," report TechNavio analysts.
In spite of the demand for these systems, the high price of these systems hinders the growth of this market. However, the growth opportunities in Europe and APAC are expected to drive the market.
The Global Patient Monitoring Systems market is marked by the slow recovery of the North American market. This makes the study an important one for companies to fully understand the potential in the market and formulate their own strategy.
The report, Global Patient Monitoring System 2010-2014, is based on extensive research and inputs from industry experts, vendors, and end users. It examines the factors impacting the evolution of this market, including the key trends, drivers, and challenges. Further, it contains an in-depth understanding of the key vendors including a SWOT analysis for each vendor.
Companies mentioned in this report include: Philips Healthcare, GE Healthcare, Omron Healthcare, Drager Medical Gmbh, and Johnson and Johnson.
For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=6315506