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U.S. Patient Monitoring Industry Outlook
Frost & Sullivan, July 2003
Physician and Nursing Shortage Emphasizes Need for Patient Monitoring Systems
Growth in the aging population in the U.S. and the acute shortage of physician and nursing staff in most hospitals is increasing the need for reliable, easy-to-use patient monitoring devices. The demand for critical care specialists to provide medical services is likely to exceed their supply in the coming years. With a similar shortfall expected in nursing recruits, advances in motion-tolerance and other patient monitoring technologies that can reliably monitor critical care patients will prove to be a boon. The ongoing evolution of patient monitoring systems reduces manual measurements and enables caregivers to devote more time to actual patient care. As more hospital departments move to central stations and data-access through local area networks, the resulting integration and interconnectivity will also enable the simultaneous monitoring of more patients.
This Frost & Sullivan research service analyzes the U.S. markets for patient monitoring equipments. It provides an analysis of market drivers, restraints, and forecasts, identifying areas of growth. The study covers 12 major segments in the industry such as the rapidly expanding diabetes glucose self-monitoring, telemetry, sleep apnea monitoring, external defibrillators, and blood pressure monitoring markets.
Product and Technology Innovations Continue to Develop Markets
Each of the segments of the patient monitoring industry brings unique challenges and trends to the overall industry. Some markets are mature and manufacturers are working on revitalizing them with product and technology innovations such as pulse oximetry and blood pressure monitors.
The double-digit growth for patient monitoring industry should not come as a surprise, says the author of the study. Even as the ER and critical care wards are highly penetrated by traditional patient monitoring units, innovative products that make their way through alternate care and home markets are gaining popularity and these are the markets that can change the face of the industry.
Patient Education and Awareness on Health Conditions Can Help Increase Market Penetration
Half of the diabetic patients do not realize that they have diabetes; sudden cardiac arrest (SCA) is often mixed with heart attack; and obstructive sleep apnea (OSA) is not well known among the public, notes the author. Raising the awareness on such lesser-known health conditions can help markets in the early developmental stage to increase market penetration. Physician- and patient-targeted marketing as well as media coverage and celebrity promotions can be used to gain public attention. Collaborating with industry organizations is another tool for education since institutions often have efficient measurement and campaigns to raise local and national awareness.
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