The patient monitoring market in the U.S., valued at more than $3.5 billion in 2013, is expected to increase to more than $5.1 billion by 2020, according to a report from iData Research.
This growth will primarily be due to the most notable expansion of multi-parameter vital sign monitors, electroencephalograms (EEG), electromyograms (EMG), cerebral oximeters, and pulse oximetry devices, the report found. The pulse oximetry monitoring market alone is expected to exceed $1.0 billion by 2020.
With the mounting pressure to decrease healthcare costs, patients are moving out of hospitals to alternate care sites earlier, making patient monitoring devices essential to their continued post care. Patient monitoring is becoming increasingly more mobile and prevalent in homes due to the various cost-saving measures. This mobility is making a significant impact on preventing unnecessary patient deaths in hospitals and alternate care sites as well as readmission of patients recovering at home.
New products that feature smartphone integration and Bluetooth capabilities entering the market will further drive sales, according to the report. Other remote monitoring devices such as modern pacemakers, implantable cardioverter defibrillators (ICDs) and hemodynamic monitors are further paving the way for substantial growth in this market.
“There has been a surge of interest in implantable electronic devices,” Kamran Zamanian, M.D., president of iData Research, said in a statement. “Remote monitoring of these devices by doctors and caregivers could significantly reduce in-office follow-up visits. Devices such as the cardioverter defibrillator, that is controlled remotely, could be lifesaving.”
