The U.S. market for high-tech patient monitoring systems, valued at $5.7 billion in 2009, is expected to experience an annual growth of around 26 percent through 2014, according to a new report from market research firm Kalorama Information.
New patient monitoring systems are emerging in response to the increased healthcare needs of an aging population, new wireless technologies, better video and monitoring technologies, decreasing healthcare resources, shortages of healthcare workers and an emphasis on reducing hospital days, stated the New York-based firm.
According to Kalorama, numerous studies in the U.S. and Europe have proven the cost benefits of patient monitoring, despite high initial costs to implement these systems. The Home-Care Management Systems study, partially sponsored by the European Commission under the Trans-European Network initiative known as TEN-HMS, was the world’s first large-scale, randomized prospective telemonitoring trial which showed that the use of home-based telemonitoring reduced the number of hospital days by 26 percent and led to an overall cost savings of 10 percent compared with nurse telephone support. Home telemonitoring also increased both patient survival and satisfaction, Kalorama added.
From monitoring patient data, to processing that data according to the patient’s disease state, to generating reports for the physician, and transferring the data to an EMR, these systems have demonstrated their cost effectiveness and ability to improve patient outcomes and satisfaction, Kalorama concluded.