Wireless Patient Monitoring Market: Increasing awareness and acceptance of telemedicine is expected to drive the market
Wireless patient monitoring devices are wireless and remote technologies that monitor and transmit data either within an institution or hospital via wireless or intranet, or at a remote location, using wireless transmissions. It would be a very difficult task to keep track of the patient data and information in a multi-specialty hospital with large set ups, wherein there is a regular flow of critical care patients and out-patients. A wireless patient monitoring device helps solve this by keeping track of the patient’s critical data 24-hours, daily, through computers so that immediate action could be taken in case of an emergency. An anticipated shortage of doctors and nurses in the hospitals, and a significant difference of doctor to patient ratio is fueling the usage of the remote patient monitoring systems, which in turn is boosting the wireless patient monitoring market.
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A key feature of the wireless patient communication is the capability to deliver essential and relevant patient data to the caregiver irrespective of the location. The concept to free the patient from hospital bed and yet monitor the patient data, without switching from machine to machine, has led to the opportunity of employing patient monitoring devices. The global wireless patient monitoring market is expanding and is anticipated to expand significantly in the near future.
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Decrease in the number of the healthcare professionals, cost effectiveness by reducing the hospital stays, rise in the healthcare needs of the geriatric population are few factors driving the market for wireless patient monitoring devices. The lack of reimbursement and incapability of the patient monitoring systems to predict and alert the caregiver of any complication are considered to be the restraints for the market. However, the increasing awareness and acceptance of telemedicine and the replacement of older technology equipment with new wireless ones is likely to create an opportunity for new market entrants.
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In terms of product type, the wireless patient monitoring market can be segmented into cardiac monitoring device, hematological monitoring device, respiratory monitoring device, and multi-sign monitoring device. Cardiac monitoring device is further sub-segmented into ECG monitors, BP monitors, heart rate monitors, and fetal heart rate monitors. Respiratory monitoring device is further sub-segmented into respiratory rate monitor, spirometer, and sleep apnea monitor. Hematological monitors are further sub-segmented into blood glucose monitor and prothrombin time monitor.
In terms of application type, the wireless patient monitoring market can be segmented into diabetes monitoring, chronic obstructive pulmonary disease monitoring, asthma monitoring, congestive heart failure monitoring device, cancer monitoring device, and coronary heart disease monitoring device.
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In terms of end-user, the wireless patient monitoring market can be segmented into hospitals, nursing centers, home healthcare, and others. The hospitals segment accounts for a major share of the market as the hospital setups are more affordable.
Based on geography, the global wireless patient monitoring market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to lead the global market due to the easy adaptability to the advancing technology and high purchasing power in the region. Asia Pacific is projected to follow North America in terms of market share due to the rise in medical interventions.
Key players operating in the wireless patient monitoring market are GE Healthcare, Honeywell Homemed, Cybernet Medical Corporation, Drager Medical, American Telecare, Medtronics Inc., Carematix, Globalmedia Group, Infinium Medical, Leaf Healthcare, and Philips Healthcare.
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