Wireless Patient Monitoring in North American Hospital Markets

Frost & Sullivan, August 2008, Pages: 71

This research delivers, identifies and analyses the industry that provides the devices for the wireless patient monitoring in hospitals in North America. A forecast and analysis of the revenues and market trends are provided. The forecast period is from 2004 to 2014, with a base year of 2007. Major drivers and restraints, the competitive structure, major challenges and strategic recommendations are discussed.

Market Overview

Improvements in Hospital Wireless Technology Infrastructure Drive Growth in the North American Hospital Wireless Patient Monitoring Markets

Modern wireless patient monitoring devices have become highly automated and integrated with the hospital information system. The deployment of wireless networks in hospitals is on the rise and nearly 70 percent of hospital networks have adopted comprehensive wireless platforms integrating a wide array of wireless devices and services across the facility. "Budget constraints and staff shortages have led health institutions to implement programs that can shorten patient stays in high-acuity departments to reduce cost and reallocate their staff and resources more efficiently," notes the analyst of this research service. "As a result, the demand for monitoring in intermediate or low-acuity care areas, such as step-down units, has risen as more patients are transferred to these areas." Flexible and versatile monitoring solutions can simplify the patient transfer process among departments.

Recent trends point to the growing popularity of wireless bedside (multiparameter) monitors, which enable greater monitoring flexibility. Extensively used in acute care settings such as intensive care units (ICU) or post anesthesia care units (PACU), bedside monitors are nearly ten times more expensive that wireless cardiac monitors. This higher price point translates into higher market growth, allowing manufacturers to rake in bigger margins.

Innovations and Partnerships among Healthcare IT and Patient Monitoring Firms Drive Growth in this Sector

With wireless patient monitoring technology progressing rapidly on multiple fronts, creating a sound value proposition is the key to profitable market penetration. Cost of operation, risk management, workflow efficiency, and patient outcome are all deciding factors for end users. As there is no one-size-fit-all solution, competitors are engaged in developing customized solutions tailor made to suit the evolving needs and conditions. To adapt and remain competitive, patient monitoring companies are successfully utilizing three strategies that diversify and complement their product portfolios. These include aggressive in-house research and development, acquisitions of innovative companies and technologies, and partnerships with leading healthcare IT companies.

"The multidimensional evolution of the healthcare wireless technology has prompted healthcare administrators to formulate strategies for seamless communication and data exchange between healthcare IT and patient monitoring solutions," notes the analyst. "Strong cross-functional teams that can liaise between biomedical engineering and IT to streamline the functioning of existing as well as emerging wireless technologies is the need of the hour." As patient monitoring vendors and IT companies forge partnerships to tackle the increasing complexity of patient monitoring technologies and the proliferation of wireless applications, new levels of expertise are helping develop comprehensive, efficient, and customized solutions to suit individual client requirements.

Market Sectors

Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:

- Wireless cardiac monitoring
-Wireless bedside monitoring

EXECUTIVE SUMMARY
Overview
- Executive Summary

NORTH AMERICAN HOSPITAL WIRELESS PATIENT MONITORING MARKET
- Market Overview
- Introduction and Definitions
- Frequency Bandwidths
- Market Segmentation
- Analysis of Wireless Technologies
- Market Drivers
- Market Restraints
- Product Analysis
- Demand Analysis
- Revenue Forecasts
- Market Engineering Measurements
- Pricing Analysis

Competitive Structure
- Competitive Landscape
- Market Share Analysis

Challenges and Strategies
- Industry Challenges
- Strategic Recommendations

Wireless Cardiac Monitoring Market
- Market Overview
- Revenue Forecasts
- Unit Shipment Forecasts

Wireless Bedside Patient Monitoring Market
- Market Overview
- Revenue Forecasts
- Unit Shipment Forecasts

DECISION SUPPORT DATABASE
Healthcare Infrastructure
- Number of Hospitals
- Number of Hospital Beds

Cardiovascular Disease Statistics
- Incidents of Stroke
- Incidence of Heart Attack
- Prevalence of Hypertension

Patient Demographics
- Male Population Over 65
- Female Population over 65

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