Wireless Patient Monitoring Market- Market Outlook
The global wireless patient monitoring market size is worth US$ 96.10 Bn in 2022. The market is projected to witness a robust CAGR of 24% over the forecast period to arrive at a market valuation of US$ 825.92 Bn by 2032. The rapid growth of the market over the forthcoming years can be credited to the rising advancements in monitoring solutions to enable patients’ mobility while being constantly monitored and surveilled.
The market for wireless patient monitoring is being driven by the growing demand for continuous monitoring devices and surging incidences of chronic diseases like hypertension, diabetes, and cardiovascular diseases, among others.
Lately, sensor-based wearable devices like continuous glucose monitors, ECG, etc., are gaining heightened adoption by patients and healthcare providers alike. These devices are being adopted to help track patients’ health status on a real-time basis and allow healthcare providers to constantly monitor patients’ health, thereby eradicating the necessity for patients to make frequent visits to the hospital.
The growing demand for mobile and wearable devices is propelling key players to invest heavily in R&D activities and introduce advanced products in the market. For instance, in March 2020, Somatix, Inc., a leading global player, declared the launch of an AI-integrated continuous remote patient monitoring system. The development of similar inventive products is predicted to bolster the market growth of wireless patient monitoring.
Key players in the market are introducing wireless patient monitoring solutions to empower clinicians to determine early patient deterioration, thus boosting the adoption of wireless patient monitoring systems. For instance, in June 2022, GE Healthcare, a global Centre for monitoring devices, announced the launch of Portrait Mobile, which is a wireless patient monitoring solution that allows continuous monitoring during a patient’s stay. Portrait Mobile incorporates patient-worn wireless sensors that connect to a mobile monitor. With the help of this system, clinicians are able to detect patient deterioration at the earliest, which may help cut short the duration of stay and ICU admissions and enhance patient outcomes.
Utilizing wireless patient monitoring systems can help save a considerable amount of expenditure, as a result decreasing overall healthcare expenses. Several countries worldwide are facing the economic burden of treating chronic diseases. For example, heart diseases and strokes cost nearly US$ 214 Bn per year, to the U.S. healthcare system, as per the estimates provided by the Centers for Disease Control and Prevention.
With the assistance of wireless patient monitoring systems, patients susceptible to chronic diseases can be remotely observed, thereby averting hospitalization of patients and curtailment of healthcare expenses. This is likely to enhance the demand for wireless patient monitoring over the forecast period.
Wireless Patient Monitoring Market Value (2022)
US$ 96.10 Bn
Wireless Patient Monitoring Market Forecast Value (2032)
US$ 825.92 Bn
Wireless Patient Monitoring Market CAGR (2022-2032)
Despite high level of medical observation, medical monitoring and record maintenance by a physician or a nurse, it is difficult to keep in mind/track the various patient data/information for over a period of time. Hence, the Patient Monitoring System (PMS) is invented.
To reduce the human error and to lessen the burden of doctor about the patient’s health there exists a methodology for monitoring patients from any location with the use of GSM network and Very Large Scale Integration (VLSI).
PMS measure the physiological signs in continuous or at regular intervals. This would be used in monitoring physiological signals which includes ECG, Respiratory effects, Blood Pressure both in Invasive and Non-Invasive Methods, oxygen levels in human blood, body temperature, and other electrophysiological conditions, etc.
This has led to the improvised version of PMS which can get Wireless Patient Monitoring System (WPMS) into the patient’s life. WPMS made the patient monitoring much sophisticated and reliable to the patients living in the remote areas. The patients can easily send their health information to the respective physicians at any given time from any location at any time. This has led many innovations in the present health care sector with many therapeutic areas covering through WPMS.
The WPMS are majorly used in hospitals and residents which help the nursing staff to easily manage the data of different patients and carry on the ad-hoc emergency cases. The patients are asked to follow proper guidelines on how to use the WPMS at specific periods. Providing data to the physicians helps to maintain records for a longer period.
Working principle of WPMS consists of three elements categorized as patient units, main controller units and observer units. The basic functional principle includes heart rate sensor, temperature sensor, ECG sensors, GPS modems, BP sensors, GSM modems and microcontroller.
The PMS device on multiple sensor and electrodes used for receiving physiological signals like as SpO2Finger Sensors, ECG Electrodes, Blood Pressure Cuff and Temperature Probe to measure the physiological signals.
Wireless Patient Monitoring Systems Market: Drivers and Restraints
There are large number of patient pool prefer to manage health checkup from remote place, increase in the health awareness, the technological advancements in data recording for a longer period of time, therapeutic treatment and growing incidence of cardiovascular disease led to the increase in Wireless Patient Monitoring Systems.
The drawback for the Wireless Patient Monitoring Systems is the high cost, lack of uniform reimbursement.
Wireless Patient Monitoring Systems Market: Overview
The Global Wireless Patient Monitoring Systems market is expected to expand at healthy CAGR owing to increasing adoption of the products across the world. Among end users, hospital end user segment is expected to account for maximum share due to a requirement of advanced healthcare infrastructure and low cost.
Wireless Patient Monitoring Systems: Region-wise Outlook
Geographically, the global wireless patient monitoring systems market is classified into regions namely, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East and Africa. Among all the regions, North America will continue to lead the global market for wireless patient monitoring systems due to high purchasing power.
Asia- Pacific is expected to account for the second largest share in the global market primarily due to increasing number of medical interventions. A regional overview can be a directly proportional to the population.
Wireless Patient Monitoring Systems: Key Players
Key players operating in the global Wireless Patient Monitoring Systems are American TeleCare, Cardiocom, Carematix, Cybernet Medical Corporation, Drager Medical, GE Healthcare, GlobalMedia Group, Honeywell HomMed.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, type of product and applications.
The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Wireless Patient Monitoring Systems Market: Segmentation
The global market for Wireless Patient Monitoring Systems are broadly classified on the basis of product type, application and end user.
Based on Product type, the Wireless Patient Monitoring Systems has been segmented as follows:
- Cardiac Monitoring Devices
- ECG Monitoring
- BP Monitors
- Heart Rate Monitors
- Fetal Heart Rate Monitor
- Respiratory Monitoring Devices
- Respiration Rate Monitor
- Sleep Apnea Monitor
- Hematological Monitors
- Blood Glucose Monitor
- Prothrombin Time Monitor
- Multi-sign Monitors
Based on application type, the Wireless Patient Monitoring Systems has been segmented as follows:
- Asthma Monitoring
- Chronic Obstructive Pulmonary Disease Monitoring
- Congestive Heart Failure Monitoring Device
- Coronary Heart Disease Monitoring Device
- Cancer Monitoring Device
- Diabetes Monitoring Device
- Other Disease Monitoring
Based on end user, the Wireless Patient Monitoring Systems has been segmented as follows:
- Home healthcare
- Nursing homes
- Other (including first responders, institutional, physician offices, and military)