The global market for remote patient monitoring devices is expected to grow from $6.1 billion in 2010 to $8 billion in 2017, according to a report by GBI Research, MobiHealthNews reports (Dolan, MobiHealthNews, 3/26).
GBI estimated that the market will grow at a compound annual growth rate of 4%.
The report noted that China and India could be "potentially lucrative markets" for growth because of "huge patient bases and ... underserved" populations (Bowman, FierceHealthIT, 2/27).
Reasons for Growth
According to the report, advancements in wireless and censor technology and increasing life expectancy are driving the need for remote patient monitoring devices.
According to the report, such devices can:
- Help reduce the length of hospital stays;
- Provide continuous monitoring in patients' homes;
- Improve patients' quality of life; and
- Reduce health care costs (MobiHealthNews, 3/26).