Rising demand for remote patient monitoring is driving the market for patient monitoring equipment. The cardiovascular patient monitoring equipment is experiencing the highest growth.
Patient monitoring equipment is among the most basic and necessary medical equipment found in any hospital. These monitors find extensive use in intensive care units, operating rooms, and general care floors. The development of portable monitors has also expanded its use to ambulatory applications. For instance, capnography monitoring is used for ambulatory applications for monitoring of hypoxia condition.
Advanced technology made available the monitoring equipment in every division of healthcare be it respiratory, neurology, blood pressure monitoring and many others but the equipment developed for cardiovascular monitoring are capturing the major share of the monitoring equipment market. The high prevalence of cardiovascular diseases and availability of a wide range of cardiovascular monitoring equipment for every possible cardiovascular condition are the major factors propelling the market of cardiovascular monitoring equipment.
Remote Patient Monitoring
Remote patient monitoring is considered as one of the services which is highly in demand in the healthcare industry. In line with the overall shift in healthcare dispensation toward home health care, remote patient monitoring allows patients to monitor their own healthcare conditions, eliminating the necessity to visit the hospital regularly. The advent of portable monitoring equipment has enabled doctors the freedom to provide their patients with diagnosis services in their homes. The decreased the number of hospital visits also helps in decreasing the incidence rate of hospital acquired infections. Moreover, the associated precision of remote patient monitoring equipment allows doctors a customized and effective treatment or post treatment recuperative plan. The rise in the geriatric population globally is also an additional factor resulting in increased demand for remote patient monitoring services. Furthermore, the growing demand for electronic health records is also leading to increased usage of remote patient monitoring equipment as these equipment are designed such that they offer integration with cloud data bases for data storage and access. However, the remote patient monitoring market sometimes gets restrained due to reluctance of patients to have their daily lives logged and monitored through equipment.
Holter monitors. Holter monitors are battery-operated portable equipment that measure and tape records of patient's heart's activity (ECG) continuously for 24 to 48 hours or longer depending on the monitor used and the condition of the patient. Doctors prescribes this monitor if a patient experiences fast, slow, or irregular heartbeats called as arrhythmias. The device is small in size and attached to the skin with the help of wires with small round electrodes used to monitor the heart. These monitors record the readings when the patient is performing his daily activities including sleeping, walking, eating and working. Holter monitors are gaining demand due to the fact that it removes the probability of false results which may occur due to white coat syndrome. Holter monitors are considered effective clinical tools for noninvasive diagnosis, assessment, and risk stratification of cardiac patients. However, the devices have experienced limited use for pediatric monitoring mainly due to the electrodes and wires connected to it which could harm children.
Event Monitors. Event monitors are the wearable equipment used for recording the electrical activity of the patient's heart periodically for the time period of a month. In contrast to the holter monitors that gather data continuously, event monitors only record the data when an event is occurring or when a patient experiences unfavorable symptoms or when the heart shows irregular activity. For recording the heart's activity, the event monitor is attached with wires to sticky patches (electrodes) placed on the skin of the patient's chest. The monitor is placed in the pockets of the patients or clipped to the belt to take heart's reading. The event monitor not only eliminates the white coat syndrome but also assists doctors by providing monitoring results during the occurrence of events or symptoms. The exact examination data during occurrence of events helps the doctor in providing appropriate treatment to the patient.
Implantable Loop Recorders. Implantable loop recorders are used for monitoring patients for recurrence of any abnormal activity, providing about three years of continuous monitoring. Ambulatory ECG monitors are commonly used for recurrence events, but invention of implantable loop recorders has decreased their demand. The device is useful when symptoms are infrequent as it has the capability to detect recurrence after ablation. However, the disadvantage including undergoing a minor surgical procedure to implant, inability to differentiate supraventricular from ventricular arrhythmias, presence of under or over sensing that may result in exhaustion of memory of ILR and the high cost of device the constraints the doctors from prescribing the implantable loop recorders.
Portable ECG machines. Portable ECG machines or handheld monitoring equipment are capable of detecting, displaying, recording and reviewing the ECG strip and heart rate at any time and place. These equipment are capable of capturing vital information for effective cardiovascular disease management and also provide auto-evaluation results in 30 seconds. Patients simply need to place their hands on the device's electrodes and press the button to initiate tracing ECG signals. The machines are efficient enough to monitor all types of arrhythmias. Low cost of the equipment and their capability to store the data and transfer it to any remote location by connecting with laptop helps the doctor to perform remote patient monitoring and start the treatment immediately.
The market players are offering extensive range of cardiovascular monitor equipment for remote patient monitoring in hospitals. Moreover, these players are investing to a large extent to develop monitors that could inhibit the restraining factors. Few of the innovative products such as insertable cardiac monitors, external wirefree heart monitors, and atrial appendage occluder equipment are expected to show revolutionary market growth in future.
Aiding of various treatment methodologies and making home healthcare and self monitoring a conceivable option for patients, the medical equipment market especially in context to remote patient monitoring has experienced extensive development and innovation in recent years. Large number of equipment such as ambulatory blood pressure monitor and holter monitor had made it possible to monitor the blood pressure and heart activity after short intervals of time respectively. These devices provide analysis results at the time of the abnormality which results in apposite treatment as per the disease condition of the patient, eliminating the probability of false positive results or wrong treatment. In addition to the innovation, a large number of factors such as rising availability of user-friendly portable equipment to doctors, rapidly increasing demand for home healthcare services and the rising prevalence of chronic conditions such as respiratory diseases, diabetes, and cardiovascular diseases are acting as the major driving factors for demand of remote patient monitoring equipment. However, certain factors such as lack of reimbursement coverage and apprehensions related to privacy and security of data restricts some patients and doctors from opting for remote patient monitoring equipment. Among the various remote patient monitoring equipment including heart monitors, body temperature monitors, hematology monitors, and physical activity monitors, the heart monitors were dominating the remote patient monitoring market in 2013, according to Transparency Market Research. High prevalence of cardiovascular diseases all over the world is the major factor which has assisted heart monitors in gaining dominance over others. Moreover, the cardiac monitoring equipment is also expected to see good growth during future owing to the continuously rising incidence rate of cardiovascular disease especially among geriatric population.
In terms of geography, North America is dominating the global remote patient monitoring equipment market and is expected to maintain its position in the near future, Rising healthcare costs in the US, economic stability of patients to purchase expensive monitoring equipment and growing population of baby boomers is assisting market in its growth. Fastest growth is expected in the Asia Pacific region owing to factors such as improving healthcare conditions in emerging economies such as India and China, rising medical tourism in these countries and increasing government support toward healthcare activities.
Patient monitoring equipment, especially cardiac monitoring equipment, is gaining in popularity while technological advancement and innovation continuously makes better equipment available to patients.