Wireless patient monitoring technology is attracting broad market interest and potential investors, according to a new report from research firm Frost & Sullivan.
Venture capitalists are showing keen interest in the disruptive technology and will play a major role in bringing it to market, researchers say in "Wireless Patient Monitoring Technologies – Evaluation of Funding Prospects."
The report finds that information and communication technologies play a major role in placing WPM technologies within consumers’ reach. VCs realize the WPM market offers long-term returns; however, the lack of standards in interoperability may delay the scaling up of WPM technologies.
“Investment funding in WPM technologies have increased, mainly due to an aging population and a consequent rise in the incidence of chronic diseases,” Technical Insights Industry Analyst Saju John Mathew said in a news release. “There is a growing need to manage patients in remote locations, as hospital costs are escalating and the ratio of physicians to patients is skewed.”
WPM is not only a convenient tool for elderly patients to monitor their day-to-day health, but the technology also helps the government and end-users reduce healthcare expenditure, Mathew said. Therefore, the government needs to encourage reimbursement for healthcare that employs WPM, or end-users may be reluctant to adopt this technology. Similarly, the irregular and diverse safety regulations across different geographies could hinder widespread technology adoption.
Another major hurdle to the global adoption of WPM technology, researchers noted, is the digital divide between developed and developing countries. The lack of standardization of wireless data interfacing sensors and monitoring devices needs attention as soon as possible. Standardization among the different entities in the WPM market is necessary to improve interoperability among devices, choice of system assembly, and other related services.
Additionally, WPM companies need to back their technology with strong evidence-based clinical trials. The report states. It's important to document the technology’s effectiveness, as investors need documented proof before investing.
“The WPM market needs to increasingly integrate evidence-based clinical trials and routine adoption of outcome measures as part of patient assessment,” said Mathew. “The pool of strong, positive data accumulated will encourage VCs to invest in WPM technologies.”
The WPM system should have a simple user interface, be cost-effective and adhere to HIPAA laws for maintaining data security and health information confidentiality, he said. Participants are also working toward providing an integrated suite of technologies including sensors, wireless infrastructure, user-friendly workflow process, collection of data in a central repository and data analytics to use the accrued data to attract more investments, the report said.
