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Further, IoT applications in healthcare facilitate important tasks such as to improve patient outcomes, and also take some burden off health practitioners. Internet of Things (IoT)-enabled devices have made remote monitoring in the healthcare sector possible, unleashing the potential to keep patients safe and healthy, and empowering physicians to deliver superlative care. Furthermore, growth in IoT healthcare applications is indeed projected to accelerate as the Internet of Things is a key component in the digital transformation of the healthcare industry and various stakeholders are stepping up their effort in this field.
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Patient monitoring systems are used to measure, record, distribute and display combinations of biometric values such as heart rate, blood oxygen saturation levels (SPO2), blood pressure, and temperature. They are used for monitoring patients regularly, which can help avoid serious problems. This reduces the number of emergency department visits, and duration of hospitalization. This is attributed to the large undiagnosed patient population, improving access to healthcare systems, and a high risk of developing chronic disease due to rapid urbanization. In addition, the increase in incidences of chronic diseases, such as diabetes and COPD, are responsible for the high growth rate. Furthermore, according to the IHS (Information Handling Services), more than four million patients are expected to monitor their health conditions remotely by 2020. This is a 34% increase in remote patient monitoring (RPM). Moreover, technological giants such as Google, Apple, and Amazon are tapping into the RPM market; which leads to drastic changes in healthcare.
In addition, Patient monitoring devices are used to continuously measure or observe the physiological parameters of a patient. According to a study by Elliot and Coventry, it is important that the following eight parameters of a critically ill patient should be monitored: oxygen saturation, blood pressure, temperature, pain, pulse, level of consciousness, urine output, and respiration rate. All these parameters can be easily monitored with the help of various patient monitoring devices.
Though most of the markets are dropping down, COVID-19 outbreak has positively affected various healthcare related markets, one of them being patient monitoring systems. At present, the patient monitoring systems market is witnessing a tremendous growth. As these are playing a crucial role to combat the pandemic and monitor patients. Patient monitoring systems including cardiac monitors, respiratory devices and temperature monitoring devices are facing a huge demand, owing to their immense usage in patient treatment along with IoT technology. In addition, IoT, specifically and especially when combined with other transformative technologies such as Cloud and Artificial intelligence (AI). This led to wide range of applications of IoT in healthcare during this crisis.
The major factors that contribute toward the growth of the patient monitoring system market include increase in geriatric population, increased adoption of smart devices & wearable’s, and technological advancements. In addition, rising incidence rates of chronic diseases such as COPD, genetic diseases, respiratory diseases, and others also contribute toward uplifting growth of the patient monitoring systems market. Furthermore, collaborations between companies, hospitals, and academic institutions are expected to lead to the launch of new products, which would help to increase the market revenue and boost the market growth. However, data privacy & security issues and lack of awareness among public in developing country like U.S. Moreover, government regulations and reimbursement issues can also hamper growth of the U.S patient monitoring system market.
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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
U.S. PATIENT MONITORING SYSTEM MARKET SEGMENTATION
The U.S. patient monitoring system market is segmented into a component which is further classified into device type is sub-segmented, service type and connectivity technology. By device type sub segmented hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices, fetal neonatal monitoring devices, respiratory monitors, multiparameter monitoring devices, remote patient monitoring devices, and temperature monitoring devices. The service type segment is further divided into consulting, foam dressings, system integration & deployment, and support & maintenance. The connectivity technology type segment is further categorized into cellular IoT, LoRa, NB-IoT, Wi-Fi, SIGFOX, wire line, wireless personal area network (WPAN), and others. Cellular IoT type is further subdivided into 3G and 4G.
Component segment review
On the basis component, the devices segment acquired largest market share in 2019, and is anticipated to maintain to forecast period. The cardiac monitoring devices segment dominated the patient monitoring devices market throughout the forecast period. This is attributed to rise in prevalence of various cardiovascular diseases such as congestive heart failure and stroke each year across the globe.
The report provides a comprehensive analysis of the key players operating in the U.S.
patient monitoring system market, namely Apple Inc., Alphabet Inc. (Google), Abbott Laboratories, Boston Scientific Corporation, International Business Machine Corporation (IBM), General Electric Company, Johnson and Johnson, Nihon Kohden Corporation, Medtronic Plc, Masimo Corporation.
Other players in the patient monitoring system market include (Profiles not included in the report): – Cisco Systems Inc., Koninklijke Philips N.V., Microsoft Corporation, Schiller AG and among others.
KEY MARKET SEGMENTS
– By Component
– Device
? Hemodynamic monitoring devices
? Neuromonitoring devices
? Cardiac monitoring devices
? Fetal neonatal monitoring devices
? Respiratory monitors
? Multiparameter monitoring devices
? Remote patient monitoring devices
? Temperature monitoring devices
? Others
– Service
? Consulting
? System Integration and Deployment
? Support and Maintenance
– Connectivity Technology
? Cellular IoT
– 3G
– 4G
? LoRa
? NB-IoT
? Wi-Fi
? SIGFOX
? Wireline
? Wireless Personal Area Network (WPAN)
? Others
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Table of Contents:
- Introduction and Scope
- Definition and Forecast Parameters
- Methodology and Forecast Parameters
- Information Sources
- Latest Trends Summary
- Regional Trends
- Product Trends
- End-Use Trends
- Business Trends
- Industry Insights
- Industry Fragmentation
- Industry Landscape
- Vendor Matrix
- Technological and Innovative Landscape
- Market by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- Company Profiles
- Company Overview
- Financial Elements
- Product Landscape
- SWOT Analysis
- Systematic Outlook
Some of the Key Questions Answered in this Report:
- What is the Market dimension at the regional and country-level?
- What are the key drivers, restraints, opportunities, and challenges of the Market, and how they are anticipated to influence the market?
- What is the international (North America, Europe, Asia-Pacific, South America, Middle East and Africa) income value, manufacturing value, consumption value, import and export of Market?
- Who are the world key producers of the Market Industry? How is their working state of affairs (capacity, production, sales, price, cost, gross, and revenue)?
- What are the Market possibilities and threats confronted via the carriers in the world Market Industry?
- Which application/end-user or product kind may also be seeking for incremental boom prospects? What is the market share of every kind and application?
- What targeted method and constraints are keeping the Market?
- What are the distinct sales, marketing, and distribution channels in the world industry?
- What are the upstream uncooked substances and manufacturing gear of Market alongside with the manufacturing technique of Market?
- What are the key market tendencies impacting the increase of the Market?
- Economic have an impact on the Market enterprise and improvement vogue of the Market industry.
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