Patient monitoring equipment has been around since the inception of modern healthcare facilities. Healthcare industry's effort toward providing efficient and cost-effective healthcare solutions has a colossal influence on the patient monitoring devices sector, resulting in numerous healthcare reforms. Taking healthcare services to the masses in the most cost-effective manner is the prime focus of governments. Stakeholders in the healthcare system have realized that traditional healthcare models fail to provide effective medical services. It is in this scenario that technology is seen as a possible option to improve overall functioning of medicare systems. Telehealth, remote patient monitoring (RPM), and mHealth are examples of how technology can provide value-based medical care. Technological advances such as the development of wireless monitors have fueled the growth in the global multiparameter patient monitoring equipment market.
Healthcare around the world is under increasing pressure with many healthcare providers now recognizing the urgent need for a wider system transformation. Vast sums spent dealing with patient safety issues are wasted, unnecessary, and unsustainable. Monitoring patients better to know their status at all times is one of the few proven actions that can be taken to address this crisis. The focus needs to shift to one that actively promotes good health practices, enables providers to move from reactive to proactive delivery, and move the burden of acute care from the hospital to the home.
As healthcare moves to self-care, consumers will likely demand easy-to-use platforms, high-quality care, and secure health and personal information in the near future. Many will want to keep a human connection with their physicians, even if connected over the phone, video, or the Internet. So it will be incumbent upon manufacturers and care providers to develop products and services that meet consumer expectations while taking advantage of IoT technology's benefits – and to educate consumers, both as patients and caregivers, to recognize and understand the value for them as well.
Indian Market Dynamics
The Indian patient monitoring equipment market, which was valued at 466.45 crore, with 46,700 units in 2015–2016, is poised to reach 500 crore by 2016. This includes the organized and unorganized segments. Most of the equipment is imported. Skanray and some models by BPL constitute the indigenous range, which are primarily popular in Tier II and III cities.
Philips is the clear leader in this segment. Mindray and GE have aggressive presence. Nihon Kohden has had excellent sales in 2015, and joined the leading brands. Mindray and Philips have had success with their recently launched entry-level models.
The patient monitoring market in India primarily finds its place among the urban and metro population of the country. The Indian patient monitoring market is highly fragmented and is catered by many domestic and international players. The patient monitoring market is highly technology based and thus manufacturers have to keep upgrading the product range with latest technology before it becomes obsolete. The product range is highly segmented based on technology and price range. The Indian market has a pool of underserved patients in the rural and Tier III cities of the country. Manufacturers have strategies in place to target this class of consumers.
The global market for patient monitoring equipment is expected to reach USD 24.8 billion by 2020 from USD 19.95 billion in 2016, growing at a CAGR of 5.6 percent from 2016 to 2020, estimates MarketsandMarkets. Decrease in the size of monitoring devices, enhanced utility, performance and sensitivity, usability and portability of devices, and increasing availability of remote/wireless patient monitoring equipment and systems are fueling the market growth.
The multiparameter patient monitor segment is a high-volume market that has demonstrated continuous growth, primarily driven by expanding healthcare infrastructure, increasing demand for critical care (e.g., emergency rooms, intensive care units, etc.), and broad use of multiparameter products. The global multiparameter patient monitoring equipment market is highly competitive and characterized by the presence of established players with strong product portfolios and high development activities.
The top manufacturers are investing in product development and expansion in growing geographical regions to create a unique market share for themselves. Vendors are adopting organic growth strategies such as improvements in display clarity, simplicity of the device, and cost over effectiveness to gain a competitive advantage other players.
Significant growth in the patient monitoring equipment market has been hampered by the economic slowdown, stringent government regulation of hospital operations and processes, and unstable reimbursement policies.
As the technology of remote monitoring continues to grow and evolve in 2017, follow-up care for chronically ill and postsurgical patients will move out of the hospital and into the home, enabling care providers to deliver virtual healthcare services. Technological advancements ushered in RPM and wireless monitoring systems will soon change the market dynamics for patient monitoring procedures.
RPM has long been pitched as the panacea for the increasing healthcare burden of rising chronic diseases and an ageing population. As we look forward to the expansion of RPM, patient centric experiences with intuitive UI need to be designed to allow RPM to achieve its full potential.
From the entry of remote monitoring, to the development of new wireless monitors, there are many advancements being made in the world of patient monitoring equipment, and it will be fascinating to witness how these forthcoming technologies evolve to change the face of the healthcare industry.