The global advanced patient monitoring market is currently worth about $31.4 billion, according to a report from Kalorama Information. Kalorama added that the patient monitoring market has benefited from the demand in major healthcare facilities and home treatment markets to move to a wireless system.
Advanced patient monitoring offerings, according to Kalorama, include audio and video technology that clinicians can use to communicate with patients, wireless communication systems that analyze large amounts of patient data, portable and ambulatory monitors, web-based access to patient records, and technologies that transfer data to an EHR.
"Cost savings are the major driver of sales, but the demand to integrate data into an EMR has also helped fuel purchases of new PM systems," Kalorama Information Publisher Bruce Carlson said in a statement. "There is also an increasing trend to upgrade to ambulatory and handheld devices."
In March 2013, Kalorama Information released a report stating that the US slice of the advanced patient monitoring market increased from $8.9 billion in 2011 to $10.6 billion in 2012, an increase of 19 percent.
That 19 percent growth tracks with a prediction Kalorama made earlier, when it asserted the 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.
In September 2014, ABI Research reported that the company expects 100 million wearable remote patient monitoring devices to ship over the next five years. This growth, ABI said, is in part a result of providers who are more aware of the benefits remote patient monitoring wearable devices can provide to patients outside of the hospital.