According to a new report* by business intelligence expert GBI Research patient care is improving at home and in remote areas, as rising rates of chronic disease, a growing elderly population, and advancements in wireless and sensor technologies continue to drive the global patient monitoring market.
The new report shows that efficient patient management through the use of wireless technology will help to reduce the rising healthcare burden which now affects many developed and developing countries, as large elderly populations who have increased life expectancy further add to the global patient pool.
Wireless technology has a wide range of applications in remote patient monitoring. Remote monitoring enables a patient to undergo hospital visits of reduced length, and have constant monitoring at home. This not only improves the quality of life for elderly and chronically ill patients, but also leads to a significant reduction in healthcare expenditure.
Wireless remote patient monitoring can also provide continuous and real time data to physicians from remote locations such as the home, hospice, ambulance, or other outpatient settings, thereby offering the advantage of convenience to both physicians and patients, while hospitalization costs are massively reduced.
Over the past few years, the number of cases of chronic diseases such as Cardiovascular Disease (CVDs), diabetes and chronic respiratory diseases has increased, due to the growing population in developing nations. According to the World Diabetes Foundation (WDF), 80% of the diabetic population is expected to come from low and middle income countries by 2025.
Emerging economies such as India and China, with huge patient bases and an under-served market, are expected to act as potentially lucrative markets for remote patient monitoring devices. The global patient monitoring devices market is expected to grow at a Compound Annual Growth Rate (CAGR) of 4% to reach $8 billion in 2017 from $6.1 billion in 2010.
*Patient Monitoring Devices Market to 2017 – Increasing Use of Wireless Remote Patient Monitoring to be the Key Technology Trend