Kalorama Information: Global patient monitoring market worth $29.7 billion

The global advanced patient monitoring market is currently worth about $29.7 billion, up 7% from last year, according to Kalorama Information. The market research firm specializing in diagnostics and medical devices says that the industry has benefited from demand at health facilities and in the home treatment markets. The finding was made in the seventh edition of Kalorama Information's annual look at the patient monitoring industry. Advanced Remote Patient Monitoring Systems is available from Kalorama Information at http://www.kaloramainformation.com/redirect.asp?progid=86705&productid=8375301.

"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," said Bruce Carlson, Publisher of Kalorama Information.

The global advanced patient monitoring market has seen some recent growth with the United States and many European countries at the forefront of implementation. This market includes equipment and devices with wireless and remote technologies, patient data processing applications and features, and applications that transfer patient monitoring results to electronic medical records (EMRs). The market includes 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; and all technologies that monitor a patient and forward the data to another party or application.

While major players – Philips, Roche, Medtronic, St. Jude, for instance – are involved in advanced remote patient monitoring, the market is extremely fragmented worldwide with suppliers offering products to a variety of end users, making this one of the largest segments in the health industry. The report says remaining competitive in the widespread patient monitoring market is a struggle with changing health professional demands and attitudes, consumer requirements, new product introductions, insurance issues, and regulatory changes.

"Kalorama expects continued growth in patient monitors, especially with the expected shortage of nursing staff," Carlson said. "Staff reductions increase the need for technology that can help limited staff do more. "

The report notes that, according to supply and demand projections developed by the U.S. Department of Health and Human Services, there will be a shortage of over 250,000 nurses in 2025. Not only is there a shortage of nurses but the age of the population is doubling the problem. A higher percentage of nurses are over age 50, compared to 10 years ago.

Advanced Remote Patient Monitoring Systems, 7th Edition contains detailed marketing sizing and forecasts, as well as a explanation of trends, as well as lists of competitive products and forecasts for categories of the market. The market is segmented by type of disease covered.