Market for Connected Patient Monitoring Equipment to Grow at a 21% CAGR


Reading time ( words)

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.”

These findings are part of ABI Research’s mHealth Wearables, Platforms and Servicesresearch service.

About ABI Research

ABI Research provides technology market research and technology intelligence for industry innovators. From offices in North America, Europe and Asia, ABI Research’s worldwide team of experts advises thousands of decision makers through 70+ research and advisory services. Est. 1990. For more information visit www.abiresearch.com, or call +1.516.624.2500.

Share

Print


Suggested Items

Worldwide Semiconductor Equipment Billings at $13.3 Billion in 2Q19; Down 20%

09/12/2019 | SEMI
Worldwide semiconductor manufacturing equipment billings reached $13.3 billion in the second quarter of 2019, down 20% from the same quarter of 2018 and 3% from than the previous quarter.

Uncertainties in the Market Rise while a Bounce in NAND Flash Prices Remains Unlikely in 3Q

06/20/2019 | TrendForce
According to the latest investigations by DRAMeXchange, a division of TrendForce, demand for smartphones and servers go below expected levels in 2019 as the US-China trade dispute heats up.

Telecom (Compute and Storage) Infrastructure Market to Reach $16.35B in 2022

09/03/2018 | IDC
A new forecast from IDC sizes the market for compute and storage infrastructure for Telecoms at nearly $10.81 billion in 2017. However, as Telecoms aggressively build out their infrastructure, IDC projects this market to see a healthy five-year compound annual growth rate (CAGR) of 6.2% with purchases totaling $16.35 billion in 2022.



Copyright © 2020 I-Connect007. All rights reserved.