As the price of medical care keeps growing, healthcare professionals are trying to find ways to provide high-quality treatment while saving money. Until recently, this has been a losing battle, but the advent of mobile and wireless technology is giving healthcare providers a tool they can use to cut some of the cost associated with the treatment of patients.
In its recent study, “Wireless Patient Monitoring Technologies - Evaluation of Funding Prospects,” Frost & Sullivan assessed the viability of investing in this technology.
The aim of the research on wireless patient monitoring (WPM) is to examine funding scenarios for this market. According to Frost & Sullivan, the industry is expected to double as technology expands and is made available in more areas. The research provides information of the technology being used at the moment, as well as interested parties in making the investment. This includes private entities including VCs and VC arms of corporates, and tech incubators.
Additionally, it goes into detail about several government grants and incentive funding, as well as future patterns, plans and expectations of investors.
"Investment funding in WPM technologies have increased, mainly due to an aging population and a consequent rise in the incidence of chronic diseases. 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," said Technical Insights Industry Analyst, Saju John Mathew.
WMP is very reliant on information and communication technologies (ICT). If the right infrastructure is not in place to implement this technology, the amount of service that can be delivered will be limited. The service provided by cellular and wireless companies have to have unlimited and dependable coverage.
The critical nature of the service requires a reliable source of wireless and Global Positioning System (GPS) tools.
The WMP market has to come together and improve interoperability regarding all the devices used in the entire process. Wireless data interfacing sensors, monitoring devices, system assembly and other components must be examined early on to avoid conflict later.
The lack of standards in the industry could also create conflict delaying full implementation across the board. This becomes a bigger hurdle in developing countries where standardizations are lax.
While the technology is proving to be reliable, patients using the technology must be convinced that it works. The demographic for the technology is mostly comprised of the elderly, who have traditionally been reluctant to use technology. By implementing incentives for the patient as well as service provider, the technology can be adopted by a larger segment of the population.
The WPM market is full of great potential, and if the infrastructure necessary to make it work is in place, it can be a great investment.
Edited by Braden Becker