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 study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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