Staff Shortages Driving Patient Monitoring Device Sector

These are the latest findings of Kalorama Information (New York, NY, USA), an independent medical market research firm.

While patient monitoring includes all products and services that facilitate healthcare providers to diagnose, consult, monitor, and treat patients, remote patient monitoring, often achieved through the use of handheld devices, allows physicians to perform these functions. The use of such systems has become a necessity in many healthcare facilities and institutions that need to observe more patients with the same or less staff.

Changes in hospital staffing that are leading the change in monitoring needs have been detailed in two recent reports. According to the first, authored by The Association of American Medical Colleges (AAMC; Washington DC, USA), there will be an estimated shortfall of over 124,000 physicians by 2025. The second report by the US Department of Health and Human Services (HHS; Washington DC, USA) projects that there will be a shortage of over 250,000 nurses in 2025.

Kalorama Information sees the nurse shortage as most significant, since they perform the vast majority of the patient monitoring duties in hospitals, nursing homes, clinics, and other settings. The shortage trend varies, since during recessions nursing jobs are often cut in some locations, while an overabundance of nurses occurs in other areas. At the same time, an increasingly positive economic outlook can exacerbate a nursing shortage, as more nursing positions open, while nurses choose to work less hours due to a working spouse or other job openings.

“Among the drivers for purchases of these systems are an increase in outcomes and reduction of hospital stays,” said report author Melissa Elder, patient monitoring device analyst at Kalorama Information. “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.”

Kalorama Information predicts that the market for advanced patient monitoring will reach USD 29 billion by the end of 2014, and will grow at an annual rate of 9% for the next four years.

Related Links:
Kalorama Information
The Association of American Medical Colleges
US Department of Health and Human Services