Rising pool of critically ill patients necessitating medical institutions to upgrade their specialty care department is prophesied to positively influence the critical condition surveillance systems market over the 2020 – 2030 forecast period.
High volume of patients that require care in critical care units (CCU) or specialty care units has led to the need for upgrade of general care floor (GCF) units of hospitals. In a usual format, general care floor units are less equipped than critical care units that mostly cater to patients who require less care. However, dearth of bed and ICU staff in critical care units has necessitated general care floor units to be upgraded, if not fully converted, to critical care units. This involves installation of critical condition surveillance system for uninterrupted monitoring of critically ill patients.
The report on critical condition surveillance systems market provides a pinpoint analysis of demand dynamics, growth trends, and opportunities in the said market over the 2020 – 2030 forecast period. Furthermore, the report evaluates growth of the global critical condition surveillance systems market in key regions and their revenue share by the end of the forecast period. Valuable insights into growth strategies of prominent players, and projections of their revenue share by the end of the 2020- 2030 forecast period is another highlight of this report.
The critical condition surveillance system market marks a largely consolidated vendor landscape, with major share held by large players. Extensive R&D for novel technologies and product improvement is the focus of keen players in the critical condition surveillance systems market. Some players are also engaging in inorganic growth strategies such as mergers and acquisitions and partnerships to benefit from the clinical and technical expertise of partnering company.
Some large players in the critical condition surveillance systems market are GE Healthcare, Health Monitoring, Cisco, and CareFusion.
Surge in incidence of medical errors in critically ill patients that can sometimes lead to adverse health outcomes is driving the uptake of critical condition surveillance systems. Critical condition surveillance systems help medical institutions to reduce errors, ensure timely assessment and intervention for critically ill patients, and also reduce the risk of preventable as well as non-preventable complications. In the U.S. alone, millions of patients sustain medical injuries due to medical errors each year. These preventable mistakes sometimes result in adverse health outcomes or sometimes even death.
An ageing population in the west who is keen on living independently is expected to be a key driver of the critical condition surveillance systems market. The imminent retirement of the Baby Boomer generation in the next decade susceptible to medical ailments is anticipated to result in spurt in demand for critical condition surveillance systems. The keenness of critically ill patients within this population to receive healthcare within the comfort of their homes, coupled with an innovative approach to render safe patient care is poised to display solid demand for critical condition surveillance systems.
On the downside, critical condition surveillance systems carry risk of breach of patient health record. Critical condition surveillance systems need to be equipped with software applications to detect proper encryption, and if there is breach of data while transmitting.
North America is the leading region in the critical condition surveillance systems market on account of its growing geriatric population, state-of-the-art healthcare facilities, and appetite for latest technology in the healthcare field.
Europe is another key region in the critical condition surveillance systems market. However, led by China and India, Asia Pacific is expected to chart a notable growth trajectory in the critical condition surveillance systems market over the forecast period.