COVID-19 did its fair share of damage, but it also forced the adoption of telehealth technologies and remote patient monitoring within healthcare facilities so patients could contact their doctors from home. Moving online was not a challenge for many and, in most cases, was preferred. Now, individuals wish to remain online as they have formulated strong preferences towards telehealth and remote monitoring. As a result, the U.S. patient monitoring equipment market is increasing into 2027.
WHAT ARE TELEHEALTH AND PATIENT MONITORING DEVICES?
Patient monitoring devices and equipment includes products that are designed to measure and observe changes in vital signs or the neurological, hemodynamic, and cardiac functions of a patient. The devices exist within almost all hospitals, alternate care sites, and patient homes. Patient monitoring devices also diagnose patients with health complications, provide alerts, and track treatments.
Specifically, telehealth refers to the process of transferring medical information via telephone, internet, or networks for use in examinations, diagnosis, and procedures. Monitoring solutions are custom and suit the individual patient, allowing them to manage their health. Remote patient monitoring enables the monitoring of patient conditions outside of typical care settings, such as in the patient’s home.
WHAT ARE SOME OF THE U.S. PATIENT MONITORING MARKET TRENDS?
Trend #1: Growth Due to Technological Development and Population Factors
Typically, market growth for U.S. patient monitoring equipment is stimulated by the increasing aging population and size of the U.S. population in general. Usually, this drives the market as the increase in patients influences the number of procedures across the varying segments. Additionally, advancements in technology such as device connectivity and interoperability will drive the total market. These improvements in technology will help stabilize the price declines across all segments.
Trend #2: Shift Towards Remote Patient Monitoring
As you may have expected from the introduction of this blog, remote patient monitoring is about to take off, thanks to COVID-19. According to iData’s analysts, remote patient monitoring will be the fastest-growing segment, increasing at a CAGR in the mid-teens by 2027. By the end of 2027, the remote patient monitoring market should surpass the pulse oximetry and multi-parameter vital signs segments in terms of value. In addition to COVID-19 fueling the growth, recent improvements in reimbursement policies also contribute to the significant increase.
Trend #3: Shift Towards Less Invasive Devices
I think I speak for most people when I state that, given the option, the majority would rather have a minimally invasive device over an invasive device. Why? Because it seems more comfortable with potentially fewer risks and better outcomes. Unfortunately, not everyone has this choice, but devices are under development, allowing for less invasive devices. As a result, these less invasive devices are gaining popularity. Additionally, an increase in the adoption of lower-acuity patient monitoring devices is underway. These trends occur because of the desire to improve the quality of patient care and the level of monitoring across the care continuum. Furthermore, to realize long-term savings through improved patient outcomes.
Market Recap and Further Insights
Overall, the U.S. patient monitoring equipment market reached $7.4 billion in 2020, an almost 10% increase from 2019. The value of the market increased in 2020, relative to 2019, due to demand from COVID-19 driven cases. iData’s analysts estimate that the market is to reach $10.8 billion by 2027. Other factors such as technological innovations, the increasing population, and shifts towards less invasive devices influence the market increase. For more information on unit sales, average selling prices, market drivers and limiters, competitive market share analysis, and more, follow the link below to receive a free research summary of the market. In addition, we offer a European patient monitoring report as well.