Clinicians are looking to use medical devices that communicate and integrate the clinical, physiologic, and biologic information necessary to predict adverse events, prevent medical errors, propose the most rational therapy, and ensure it is delivered properly.
The digital technology revolution in healthcare has changed the way hospitals connect and communicate. Convergence of new measurement technologies, patient demographics, and managed care cost initiatives are driving patient monitoring away from caregiver facilities and into patients' homes. Remote monitoring equipment has come in the forefront of wearable devices and sensors, and advances in data integration and interoperability have revolutionized patient monitors.
Indian Market Dynamics
The Indian patient monitoring equipment market, which was valued at 466.45 crore, with 46,700 units in 2015-16, 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 has joined the leading brands. Mindray and Philips have had good 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 they become 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.
Today we enter into a new era where, thanks to wearable or implantable sensors, patient monitoring will become possible from home. It will create as many opportunities as it raises questions: who should regulate the use of these new products and software applications; what and where is the frontier between medical and consumer products; can patient trust the measurements; what should be monitored and in whom; who is going to receive, interpret, and protect the information; what is the impact on patient care; and who is going to pay for this?
Interoperability is the key to a range of ongoing and potential improvements in our healthcare system. Electronic health records (EHRs) is just the beginning. The goal is for doctors, nurses, patients, family members, researchers, and insurers to share useful medical data. This holistic approach could create communities of healthcare awareness to provide patient with knowledge, support, and the feeling that they are not alone.
Besides its safety advantages, connectivity opens the door to data integration. Integration of all monitored variables together with the patient's history and laboratory tests coming from electronic medical record (EMR) system opens the doors to the development of smart systems (artificial intelligence) able to suggest a diagnosis or a treatment, and even to deliver therapy. Connectivity and data integration may allow the development of controllers able to process multiple parameters at the same time and guide or unload clinicians in more complex clinical situations.
Data integration is also the cornerstone of predictive analytics. Algorithms have been developed to predict cardiorespiratory deterioration. In this regard, predictive analytics may be useful to trigger the intervention of a rapid response team (RRT) and accelerate ICU admission (for patients in the ward or the emergency department) or to postpone ICU discharge for patients who are about to leave the unit. Although a very exciting and promising research field, one has to acknowledge that these systems will never be able to predict the unpredictable, i.e., external interventions or accidents, which are often the cause for changes in hemodynamic status and patient outcome.
In the future, clinicians will use medical devices that communicate and integrate the clinical, physiologic, and biologic information necessary to predict adverse events, prevent medical errors, propose the most rational therapy, and ensure it is delivered properly. Many questions remain unanswered, and studies will have to demonstrate that in silico progress has clinical value and ideally it is cost effective. But considerable intellectual and financial investments are already made, from small and innovative start-ups to giants, to ensure that some of these new ideas and products soon become a reality.
Indian Market Dynamics is based on market research conducted by Medical Buyer in November 2016.