Wondering where the market for wireless tracking devices for patients is going? Well, according to recent research, the market should explode over the next four years, increasing from $9.6 billion in 2012 to double that within four years, according to market research firm BCC Research.
The research firm is projecting the market for such technology climb at a five-year compound annual growth rate of 16.1 percent between 2013 and 2018.
What technologies are they talking about? Well, it’s a pretty long list, including blood glucose meters, blood pressure monitors, pulse oximetry, stress monitoring devices, pediatric growth trackers and peak flow meters. According the report, these devices will access a variety of wireless protocols, including 3G, RFID, and Zigbee. (They don’t mention Bluetooth, but it will certainly be part of the mix as well.)
As BCC sees it, these devices are poised not only to streamline data collection and storage options, but also provide important analytical data inside and outside the hospital setting. The firm argues that such information is extremely useful in tracking patient health, providing alerts and encouraging adherence to medication will teams.
As I see it, there’s a major divide emerging between those who see these devices in the data they deliver as central to future healthcare, and others — notably EMR-scarred doctors — who feel that they’ll be swamped with data they have no time to parse or work with.
As I’ve mentioned before, I’m doubtful that this cornucopia of data will do the good it can until some sort of middleware emerges to filter this incoming tidal wave of data. But I do think will find a solution soon enough, and then these devices will really shine.