Patient Monitoring Devices to Reach $24 Billion in 2020
Reportlinker Review is a series of posts featuring Innovations, Social and Economic Megatrends to understand the World of Tomorrow. Each post is illustrated with statistics for one industry.
Reportlinker’s Patient Monitoring Industry Review in a nutshell
- North America and Asia two largest markets
- EarlySense develops monitor-less sensor for detecting falls
- Company had received $25 million in funding
How is the Patient Monitoring Devices market ?
The patient monitoring device market will reach $23.8 billion globally in 2020, according to BCC Research. This represents a compound annual growth rate (CAGR) of 7.1% for the period 2015 to 2020.
In 2014, the market was worth $15.9 billion and it was worth $16.9 billion in 2015.
The largest markets, North America and Asia, also are expected to grow. North America will reach $10.3 billion in 2020, growing at a CAGR of 6.7%. Asia will reach $4.8 billion in 2020, growing at a CAGR of 9.1%.
EarlySense, a patient monitor device company, has launched a tool that will allow it to expand into the post-acute care market. The post-acute care market includes rehabilitation centers and nursing homes.
The device, InSight, works with a contact-free sensor placed under a mattress. The sensor monitors movement along with heart and respiratory rates and sends the data to a central display station or a tablet. The station can monitor up to 40 patients.
This eliminates the need for a monitor in patients’ rooms.
It is used to detect when a patient is about to fall. This can allow staff to respond quickly to problems. The goal also is to reduce the number of re-hospitalizations.
Facilities are penalized for re-hospitalizations by the Centers for Medicare and Medicaid Services.
“This means clinicians can detect patient deterioration early, as well as keep patient-fall episodes to a minimum, resulting in fewer hospital readmissions and penalties. Additionally, facilities implementing our solution provide patients and their families a high level of confidence and peace of mind, knowing that clinical teams will be notified at an early sign of risk,” EarlySense CEO Avner Halperin said in a statement.
It is believed a third of people older than 65 experience repeat, serious falls.
While InSight is intended for post-acute care facilities, it also can be used by hospitals.
In June, EarlySense announced it had raised $25 million in financing. This brings the total raised to $100 million. U.S. Food and Drug Administration approval for InSight also was given in June.
Last year, the company received FDA approval for its Chair Sensor Solution device.
Last month, it released a version of InSight that can be used to monitor sleep quality. Results are sent to a smartphone app.
In the past, however, EarlySense has stated it would only introduce consumer products in partnership with a technology company.
ReportLinker Review – Global Patient Monitoring Market
- In 2015, the mobile health market reached $10.3 billion. (source: Visiongain)
- By 2020, the patient monitoring devices market is forecasted to reach $24.7 billion, growing at a CAGR of 5.6%. (source: MarketsandMarkets)
- By 2024, the remote patient monitoring devices market is forecasted to be worth $1.7 billion. (source: Grand View Research)
- Over the period 2013-2018, the remote patient monitoring market is forecasted to increase at a CAGR of 15.4%. (source: TechNavio)