Market for Connected Patient Monitoring Equipment to Grow at a 21% CAGR, Driven by Regulations and Aging Populations
Sep 17, 2015
Scottsdale, Arizona - 16 Sep 2015
New market forecasts from ABI Research show that the connected hospital patient monitoring equipment market consisting primarily of blood pressure monitors, pulse oximeters, and electrocardiogram monitors is set to grow at a 21.1% CAGR between 2014 and 2020. This increase is driven largely by government regulations and increasing demand from a wider patient population. These connected devices not only improve the reliability of patient monitoring but also improve workflow automation through integration with patients’ electronic health records.
“The large growth rate is due to the fact that less than 15% of these devices are connected today”, remarks Research Analyst Ryan Harbison. “And although connecting patient monitoring equipment can unlock immense value, other solution elements are required to maximize the potential of device data.”
Over 90% of hospitals in the United States have both a wireless network and an electronic medical record system, but hospitals need to ensure they have a reliable network infrastructure in place capable of managing the large data loads generated by these connected medical devices. Additionally, hospitals need to continue to invest in big data and analytics solutions that will allow providers to generate actionable insights and treatment plans from this data. Other factors holding back adoption are concerns about privacy, security, and regulatory approval of new devices.
“Despite initial reservations, some of the bigger healthcare suppliers have invested early in this space,” adds Vice President Dan Shey. “General Electric’s CARESCAPE Network allows caregivers to centrally monitor patients, while Philips’ IntelliBridge Enterprise software collects and analyzes patient data to detect anomalies and provide more comprehensive monitoring. Other companies like Welch Allyn, Spacelabs Healthcare, and Smiths Medical are also well positioned to take advantage of this market with their products.”
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