Remote Patient Monitoring Set for Explosive Growth
The variety of sensors for measuring a growing array of vital signs and symptoms continues to grow at a strong rate with patient monitoring devices expected to deliver $950 million in revenue over the next five years. Devices include pills containing a digestible radio that will confirm when medication has been taken.Wireless devices that monitor patients' condition and report the data to health care providers are expected to show a 77 percent compound annual growth rate resulting in global revenue of almost $950 million by 2014, according to a new study from ABI Research. The report notes that the variety of sensors for measuring a growing array of vital signs and symptoms. Significantly, these devices are getting smaller, even to the point of pills containing a digestible radio that will confirm when medication has been taken.
"Doctors and hospitals are looking for ways to save money, and wireless patient monitoring has a huge potential to do that," ABI Research Vice President Stan Schatt said in a statement. "It's a lot more economical to monitor patients remotely at home than to have them come in personally for check-ups that consume time and resources."
ABI estimates that cellular modules built into end-use medical devices will be one of the primary drivers of wireless telehealth over the next 24 months. Some 15 million such systems are forecast to be in use -- mainly in North America, the world's most expensive health care system -- by early in 2012.
North America, with its aging population and tech-oriented medical industry, is central to the telehealth market and is expected to remain so over the report's forecast period which extends through 2014.