The market for technologies and applications for remote patient monitoring reached $10.6 billion in 2012, up from $8.9 billion in 2011, according to a new report.
For the report, Kalorama Information researchers analyzed the market for remote patient monitoring-related technology, including:
- Applications and equipment for data processing;
- Applications and equipment for transferring patient monitoring data into electronic health records; and
- Wireless and remote patient monitoring systems.
After finding that the market grew by nearly 20% from 2011 to 2012, researchers also predicted that the remote patient monitoring market would reach $20.9 billion by 2016.
According to the researchers, factors that are contributing to the growth of the remote patient monitoring market include higher health care costs, dwindling health care resources, aging populations, and advancing technologies.
"The market has benefited from the demand to move to a more wireless and streamlined operation both within major health facilities and in the home treatment markets," Kalorama analyst Melissa Elder says.
The researchers wrote that remote patient monitoring technology is displacing older equipment and will continue to do so as stakeholders resolve issues related to interoperability, privacy and security (Clinical Innovation & Technology, 3/20; McCann, Healthcare IT News, 3/22).
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