Kalorama Report: Staff Shortages Driving Patient Monitoring Device Market
NEW YORK, Nov. 5, 2014 /PRNewswire/ -- Staff shortages and reductions are driving sales of patient monitoring systems, according to Kalorama Information. The healthcare market research publisher said that the market for advanced patient monitoring (systems with remote or wireless reporting functions) is expected to reach 29 billion by year end and will grow at a rate of 9% for the next four years. A need to observe more patients with the same or less staff is making the systems necessary in healthcare institutions. The finding was made in the company's report, Advanced Remote Patient Monitoring Systems, 7th Edition.
"Use of remote patient monitoring can result in more efficient use of healthcare resources, and with expected shortages in staff, stressed healthcare systems are looking at them." said Melissa Elder, Kalorama's patient monitoring device analyst and the author of the report.
The complete report, a review of the industry and market sizing volume, is available from Kalorama Information at http://www.kaloramainformation.com/redirect.asp?progid=86823&productid=8375301.
Among the drivers for purchases of these systems are an increase in outcomes and reduction of hospital stays. Kalorama notes two changes in hospital staffing that will also drive the use of systems.
- The Association of American Medical Colleges (AAMC) estimated that there would be a shortage of over 124,000 physicians by 2025. Universal healthcare is expected to impact the shortage by increasing the demand.
- According to supply and demand projections developed by the U.S. Department of Health and Human Services, there will be a shortage of over 250,000 nurses in 2025.
Kalorama sees the nurse shortage as most significant, as nurses perform the vast majority of the patient monitoring in hospitals, nursing homes, small clinics, and other institutions. Use of new technologies can go a long way toward offsetting the effects of a nursing shortage. Kalorama says that the shortage trend will vary -- during a time of recession, nursing jobs are often cut and in some locations, an overabundance of nurses has been reported. However, the increase in economic outlook tends to open more positions in nursing, and at the same time, nurses choose to work less hours due to a working spouse or other job openings. An increasingly positive economic outlook can exacerbate a nursing shortage.
Patient monitoring includes all products and services that facilitate healthcare providers to diagnose, consult, monitor, and treat patients. However, remote patient monitoring—which is often achieved through the use of handheld devices—allows physicians to perform these functions even in the absence of a doctor.
Kalorama's report contains both the US and global markets for advanced remote patient monitoring systems. It contains market share determinations, profiles companies and estimates market sizing for different types of systems and disease conditions monitored. The report can be found at: http://www.kaloramainformation.com/Advanced-Remote-Patient-8375301/
About Kalorama Information -- Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog.
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SOURCE Kalorama Information
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