Recent advances in technology have resulted into a new healthcare interventional approach and demand for lowering of the overall cost of treatment. This has led to the development of online patient monitoring devices. In online patient monitoring patient are continuously observed and analyzed without being hospitalized. This technique is alternatively known as remote patient monitoring or mobile patient monitoring as well. Healthcare industry across the globe is undergoing great reforms as online patient monitoring devices are dramatically changing the techniques and approach for medical practitioners to track their patients’ wellness and managing chronic conditions. As of October 2012, with the implementation of Medicare Readmission Reduction Program, hospitals may be penalized in United States with high readmission rate and this factor is serving as a considerable driver for online patient monitoring devices and services.
Government regulation under Affordable Care Act (ACA) and the Centers for Medicare and Medicaid (CMS) which has led to industry wise paradigm shift to perform all medical and surgical procedures within a stipulated budget and that too with best outcomes. In past few years mobile patient monitoring devices along with other online patient monitoring equipments have seen a tremendous acceptance especially in developed economic countries with respect to monitoring and managing chronic conditions such as blood pressure, pulse oximeter, weight checks and glucose levels among others. Some of the novel devices not only monitors and sends report to healthcare experts but also warns and suggests recommendations have been gained prime focus and acceptance in past.
There is an absolute shift in techniques and ways the patient has been treated. It had started with the hospital based admission and treatment then came the home healthcare where nurses or doctors used to come at home for diagnosis or regular check up. The next wave in healthcare is online patient monitoring and virtual care. Some of the key drivers for online patient monitoring include decreases cost of care, reduced readmission rate, inclination towards Epharm and ageing of baby boomer population with restricted time to visit clinics on a regular basis for diagnosis. Many leading healthcare companies like OMRON Corporation, Zoll Medical Corporation and others have come with variety of wearable devices which resembles to a wrist watch but can monitor multiple parameters such as blood pressure, glucose level and other conditions at a single stretch and that too continuously.
Government interventions especially in the United States and Europe to curb overall medical expenditure to control the reimbursement amount has led to the demand for mobile healthcare devices and other remote patient monitoring devices. Similarly inclination of companies towards rural sectors reformation will hold pool of opportunities for existing and other interested companies Restraints to device comprise need for strong wireless connectivity every time. High cost of devices, associated maintenance cost and chances of device failure affects the acceptance and trust for the devices.
Geographically the growth and contribution with respect to revenues is majorly contributed by the United States and Europe due to presence of advanced healthcare setup. Asia-pacific and Rest of the World market is still at a nascent stage barring a few countries like Japan, Singapore and Australia where acceptance and deployment have started. In near future with the reduction in cost of the devices due to technological obsolescence will increase the purchase and inclination towards online patient monitoring devices in these regions as well. Some of the prominent players in the market include Boston Scientific Corp., Medtronic Inc., Philips Healthcare and St. Jude Medical Inc. among others.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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