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Market to Shift from Stand-alone Monitors to Integrated Solutions and Reach a Size of $13.17 Billion in 2024
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The economic burden for global critical care is estimated at $270 billion and intensive care unit (ICU) mortality in developed countries is still in the range of 10% to 20%. Advancements in effective patient monitoring in the ICU can not only help reduce the mortality rate but also be beneficial in improving patient and healthcare staff experience. Further, external factors like value-based care adoption and consolidation of hospital systems are expected to provide strong impetus for the development of more efficient and cost-effective critical care monitoring solutions.The revenue growth from the sale of standalone bedside monitors is expected to decline gradually over the years due to the decrease in ICU bed utilization and the improvements in preventive care. However, the rise in demand for improved care quality is expected to drive the overall critical care solution market and push market participants to shift their focus from products to solutions. ICU digitalization is seen as a major trend across regions. Companies are already actively working and commercializing solutions for data management, clinical decision support systems and wireless monitoring. With the adoption of new-age technologies like advanced sensors, telemetry, artificial intelligence (AI) and cloud computing, effective integration and assessment of data from diverse sources like imaging, clinical notes and patient history has become possible, thus leading to improved health outcomes and patient experience. Digitalized solutions have also led to a reduction in care/medication, hospital stay, readmission and staff workload, resulting in an improvement in overall cost efficiency for critical care.
This study outlines the background and current trends in the critical care patient monitoring industry that are driving the shift in business models and product innovations, and also presents the top 3 growth opportunities. It analyzes market drivers/restraints, provides growth forecasts for the market for the next 5years till 2024, as well as gives a revenue segmentation break-up by region and solution categories. Further, it provides key insights into trends that are reshaping the future ecosystem of critical care monitoring, considering strategic initiatives and collaborations by established participants as well as new technology advancements/disruptions by start-ups.
Key Issues Addressed
Author: Kaustubh Suresh Savant
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