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The Shift from In-hospital Care to Home-based Care is Expected to Drive the Patient Monitoring Industry in the Forecast Period
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The study aims to analyse and forecast future trends for the US and European patient monitoring solutions market. The industry is transitioning and the focus of patient monitoring solutions market participants has been evolving significantly. The study provides key market breakdowns, trends, strategies, and challenges impacting the US and European markets. Market measurements have been analyzed for 2018. Market analysis is provided by care setting including acute care setting, extended care setting, and home care. Key mergers and acquisitions and technologies have also been listed. Strategies adopted by OEMs (like Masimo, Baxter, Medtronic, Biotronik, Philips, Nihon Kohden, Hill Rom) growth analysis, competitive landscape, future technology trends, and Tier II suppliers have been discussed. The base year for the study is 2018. A growing number of OEMs are starting to look at monitoring devices as a solution in response to the increasing pressure from governmental authorities to meet the stringent cost constraints and the need to sell efficiency solutions. Facing budget constraints and a shift toward value-based care, the healthcare industry is changing in all facets, including patient monitoring. Well established and mature, the patient monitoring industry is saturated in developed countries. The change seen in this segment is primarily related to optimization; using resources more efficiently through improved processes and reducing inpatient cost through better remote care are two integral aspects. The goal of patient monitoring is to warn patients and care givers of early or potentially dangerous health deterioration signs in a patient. Current processes are effective but can be made more efficient while reducing cost and staff requirement. The industry is seeing a shift to home-based care from in-hospital care, especially for patients with chronic illness. This key demographic must continue to be monitored outside of clinical settings to keep costs in check and mitigate the strain readmissions place on the healthcare systems. Patients demand certain criteria (less cumbersome, less invasive, more accurate devices) and innovation on current solutions is needed to meet their needs. The market may be mature but sees exciting innovation opportunities in existing devices.
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Author: Sowmya Rajagopalan
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