Business consultancy Frost & Sullivan has made a series of predictions for the future of the patient monitoring device market, following its recently published analysis of investments and trends in the industry.
The firm have suggested that artificial intelligence, brain-computer interface (BCI), wearables, smart prosthetics/implants, nano-robotics and smart fabrics are the top six trends in the industry. These predictions have been inspired by Frost & Sullivan’s recent analysis, Patient Monitoring Industry—Analysis of Investment and Trends, 2018.
As patient monitoring technology has improved, the ad hoc interval observations undertaken by nurses and other medical staff have in many cases been replaced by continuous monitoring devices that can track multiple biometrics. The six technologies outlined by Frost & Sullivan are all focused on providing real-time, measurable monitoring.
Recent developments in wearable technology include a wearable sensor to detect hidden anxiety and depression in children, developed in a joint research programme between the University of Vermont and the University of Michigan.
Meanwhile, researchers at the University of Chicago have been working on bringing sensory feedback to brain-controlled prosthetics, and at the University of Pennsylvania scientists have developed nano-robots so small that they can be injected into the body through a hypodermic needle.
A University of Massachusetts project has also been working on developing pyjamas made out of smart fabrics that monitor heartbeat, breathing and posture, and could be employed to monitor the health of cardiac patients.
Frost & Sullivan global director for advanced medical technologies Sowmya Rajagopalan said: “In the future, patient monitoring data will be combined with concurrent streams from numerous other sensors, as almost every life function will be monitored and its data captured and stored.
“The patient monitoring market is expected to be worth more than $350 billion by 2025, as the focus is likely to move beyond device sales to solutions.”
The growing patient monitoring device market has caused a drastic surge in the amount of data available to clinicians, and many healthcare providers are turning to digital analytics to manage it all.
Predictive analytics not only present a comprehensive overview of a patient’s current health, but allows for the prediction of future illnesses. Such technologies attracted $566.3m in investments in 2018, according to Frost & Sullivan.
The US Food and Drug Administration (FDA) has recently proposed a new regulatory framework for artificially intelligent medical devices, and issued guidance to drive the development of BCI devices.