Market participants continue to work toward the integration of information technology with their offerings in order to ensure a seamless transfer of information between devices and hospital information systems.
New analysis from Frost & Sullivan (financialservices.frost.com), North American Patient Monitoring Industry - Investment Analysis, reveals that the market earned revenues of $7.03 billion in 2007 and is expected to demonstrate a CAGR of 7.2 percent in the period 2007-2012.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the investment analysis and growth opportunities in the North American patient monitoring industry, then send an email to Sara Villarruel, Corporate Communications, at svillarruel_pr[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state, and country. Upon receipt of the above information, an overview will be sent to you by email.
"Sleep apnea, hospital wireless, and diabetes blood glucose monitoring are the fastest-growing segments in the North American patient monitoring industry," notes Frost & Sullivan Consultant Sheetal Rajani. "An under diagnosis of sleep apnea, overcrowded specialty areas, and an increasing prevalence of diabetes are the major factors driving growth in these segments."
In particular, the sleep apnea segment holds significant opportunity as one in every five adults in the United States suffers from some form of obstructive sleep apnea (OSA). Industry sources estimate that less than 10 percent of people suffering from this disease have been diagnosed or treated, thus creating a huge market opportunity for device manufacturers. Favorable regulation and increased knowledge about this breathing disorder together with the emergence of new alternatives to current diagnostics tools will aid market expansion.
Similar opportunities exist in the diabetes glucose monitoring market, as the incidence of diabetes within the United States has increased by about 50.0 percent between the years 1998 and 2005. An estimated 54.0 million people suffered from pre-diabetes in 2005. Additionally, according to the National Diabetes Education Program, diabetes could potentially grow at 10.0 percent a year if left untreated. This large population base creates a continuous demand for blood glucose self-monitoring devices. Furthermore, alternate site testing (thigh and forearm) has lowered the perception of pain, in turn bolstering the development of the market.
"Also, the U.S. government has mandated the need for all Americans to have electronic medical records (EMRs) by 2014," says Rajani. "Hospitals are gearing up to face this challenge and as a result, there is a growing need to integrate IT with patient monitoring systems to ensure a seamless transfer of information."
The EMR mandate drives the need for IT convergence with patient monitoring equipment. In order to facilitate a smooth interface, patient monitoring companies must ensure that their devices are compatible with the hospital's information system.
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