According to a new report from GBI Research, the global patient monitoring devices market will hit $8 billion in 2017, up from $6.1 billion in 2010. The firm pegs the device market's CAGR at about 4 percent for the next five years. GBI notes that advancements in wireless and sensor technologies are driving the patient monitoring devices market.
GBI also points to the typical trends that continue to drive the need for these devices: The rising healthcare burden in developed and developing markets where life expectancy is increasing. The firm claims that these devices can help reduce the length of stay at hospitals and provide continuous monitoring in the patient's home, improving the quality of life for the patient while reducing healthcare costs. The patient monitoring devices are also convenient for both patients and providers, according to GBI.
The firm points to China and India as two potentially lucrative markets for patient monitoring device companies.
A few more details in the firm's press release below.
PRESS RELEASE: NEW YORK (GBI Research), 26 March 2012 - Patient care is improving at home and in remote areas, as rising rates of chronic disease, a growing elderly population, and advancements in wireless and sensor technologies continue to drive the global patient monitoring market, according to a new report by business intelligence expert GBI Research.
The new report* shows that efficient patient management through the use of wireless technology will help to reduce the rising healthcare burden which now affects many developed and developing countries, as large elderly populations who have increased life expectancy further add to the global patient pool.
Wireless technology has a wide range of applications in remote patient monitoring. Remote monitoring enables a patient to undergo hospital visits of reduced length, and have constant monitoring at home. This not only improves the quality of life for elderly and chronically ill patients, but also leads to a significant reduction in healthcare expenditure.
Wireless remote patient monitoring can also provide continuous and real time data to physicians from remote locations such as the home, hospice, ambulance, or other outpatient settings, thereby offering the advantage of convenience to both physicians and patients, while hospitalization costs are massively reduced.
Over the past few years, the number of cases of chronic diseases such as Cardiovascular Disease (CVDs), diabetes and chronic respiratory diseases has increased, due to the growing population in developing nations. According to the World Diabetes Foundation (WDF), 80% of the diabetic population is expected to come from low and middle income countries by 2025.
Emerging economies such as India and China, with huge patient bases and an under-served market, are expected to act as potentially lucrative markets for remote patient monitoring devices. The global patient monitoring devices market is expected to grow at a Compound Annual Growth Rate (CAGR) of 4% to reach $8 billion in 2017 from $6.1 billion in 2010.
-NOTES TO EDITORS-
*Patient Monitoring Devices Market to 2017 - Increasing Use of Wireless Remote Patient Monitoring to be the Key Technology Trend
The report provides key data, information and analysis on the global patient monitoring devices market, covering the market landscape, competitive landscape and market trends relating to seven patient monitoring devices market categories: remote patient monitoring devices, micro-electro mechanical systems, patient monitoring accessories, non-invasive blood pressure monitors, multiparameter patient monitoring devices, neonatal monitors and fetal monitors. Providing comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics, the report also reviews the competitive landscape and gives a detailed analysis of the pipeline products in each category. Details of important merger and acquisition deals that have taken place in the patient monitoring devices market are also reviewed. This report is built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GBI Research’s team of industry experts.
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