10.26.11
Devices that can transmit a patient's vital signs across a hospital building or connect a patient's home with a provider's office are the fastest growing medical devices in terms of revenue earned, according to market research firm Kalorama Information. Revenues for these wireless patient monitoring devices have doubled in the last four years and are expected to double in the next four, the report noted.
With a growth rate of 23 percent between 2008 and 2010, remote and wireless patient monitoring devices, saw greater growth than what Kalorama had estimated for minimally invasive surgical devices, specialty catheters and defibrillators.
"It is unusual to see over twenty percent growth in the tight, volume-buy medical device market," said Bruce Carlson, publisher of Kalorama Information. "The new wireless patient monitoring systems aren't facing these obstacles because they appeal both to the need of payors to cut hospital stays and to the need of providers to deal with reduced staff."
According to the report, the aging of the U.S. and world populations is a growth driver. The percentage of the population that was 65 years of age or older reached 13 percent in 2010 and it is expected to reach 20.7 percent by 2050. This, in turn, is expected to increase cases of chronic obstructive pulmonary disease and diabetes, among the top conditions requiring monitoring. The success of these systems in cutting costs is another growth driver. Kalorama's report detailed cases where new patient monitoring technologies resulted in a need for fewer personnel, increased coverage by existing personnel, and a reduction in errors. A third driver is electronic medical records (EMR). Almost all of these devices can provide information directly to an EMR system to make a useful health record, according to Carlson.
"Success of the aggregate market does not mean every brand will succeed," Carlson said. The report profiles the competitors that continue to make a significant impact. Top manufacturers of patient monitoring devices are Abbott Laboratories, Inc., Drager Medical, Inc., GE Healthcare, Honeywell, Medtronic and Philips Healthcare. However, there are many smaller companies, and there is room for new entrants with innovative technology, according to the report's authors.
"This is a very scattered market with large players but also scores of companies with a small amount of market share, and some of that forecasted growth is going to come from innovators whose names we may not have heard yet," said Carlson.
Kalorama Information's report, Remote and Wireless Patient Monitoring Markets, contains more information, including: market sizing and forecasts, breakdown by disease and venue segments, and detailed company profiles.
Kalorama Information is based in Rockville, Md.
With a growth rate of 23 percent between 2008 and 2010, remote and wireless patient monitoring devices, saw greater growth than what Kalorama had estimated for minimally invasive surgical devices, specialty catheters and defibrillators.
"It is unusual to see over twenty percent growth in the tight, volume-buy medical device market," said Bruce Carlson, publisher of Kalorama Information. "The new wireless patient monitoring systems aren't facing these obstacles because they appeal both to the need of payors to cut hospital stays and to the need of providers to deal with reduced staff."
According to the report, the aging of the U.S. and world populations is a growth driver. The percentage of the population that was 65 years of age or older reached 13 percent in 2010 and it is expected to reach 20.7 percent by 2050. This, in turn, is expected to increase cases of chronic obstructive pulmonary disease and diabetes, among the top conditions requiring monitoring. The success of these systems in cutting costs is another growth driver. Kalorama's report detailed cases where new patient monitoring technologies resulted in a need for fewer personnel, increased coverage by existing personnel, and a reduction in errors. A third driver is electronic medical records (EMR). Almost all of these devices can provide information directly to an EMR system to make a useful health record, according to Carlson.
"Success of the aggregate market does not mean every brand will succeed," Carlson said. The report profiles the competitors that continue to make a significant impact. Top manufacturers of patient monitoring devices are Abbott Laboratories, Inc., Drager Medical, Inc., GE Healthcare, Honeywell, Medtronic and Philips Healthcare. However, there are many smaller companies, and there is room for new entrants with innovative technology, according to the report's authors.
"This is a very scattered market with large players but also scores of companies with a small amount of market share, and some of that forecasted growth is going to come from innovators whose names we may not have heard yet," said Carlson.
Kalorama Information's report, Remote and Wireless Patient Monitoring Markets, contains more information, including: market sizing and forecasts, breakdown by disease and venue segments, and detailed company profiles.
Kalorama Information is based in Rockville, Md.