Patient monitoring systems are considered highly crucial in the treatment of critically ill patients. As immediate and accurate decision-making are imperative for effective patient care, patient monitoring systems are frequently used to collect and display physiological data. The method of collecting patient-critical data using non-invasive sensors have thus become a widely adopted method across hospitals and nursing homes. Nowadays, the demand for compact patient monitoring systems is also rising from the household sector to record routine but necessary data efficiently.
Considering the functions offered by patient monitoring systems, experts predict their demand to increase at a moderate pace over the forthcoming years. The increasing incidence of lifestyle diseases, rising use of home and remote monitors, and recent technological advancements have helped the market in achieving significant growth over the last few years. Since aging people are more vulnerable to chronic ailments, a rise in their number also creates high demand for patient monitoring.
Despite witnessing favorable growth, unpredictability of reimbursement policies is likely to hamper the market’s expansion especially across under-developed economies. Nonetheless, experts recommend companies to invest in neuromonitors, respiratory monitors, and remote patient monitoring (RPM) in the near future. Of these, the demand for remote patient monitoring is expected to surge at an exponential pace.
RPM systems facilitate efficient healthcare delivery to patients either in remote areas or those settled outside the conventional clinical setting. The device enables transmission of real-time patient information for remote clinical review. The market for RPM systems draws immense focus owing to stringent government regulations compelling reduction in healthcare expenditure and hospital stays. Remote patient monitoring enables keeping check on patients, round-the-clock thus minimizing hospital readmission and reducing time invested in physician visit. This helps in considerably bringing down the healthcare costs.
The demand for remote patient monitoring systems is expected to surge with the rise in aging population and their choice to live independently outside any organized clinical set-up. Besides this, the increasing number of insured patients covered under Affordable Care Act, or other similar reforms around the world and the stricter reimbursement rules have put healthcare providers under immense pressure to manage a larger patient pool at lower cost.
Considering the paradigm shift of the healthcare industry towards an outcome-driven system, the demand for advanced patient monitoring technologies stands positioned for growth. Spurred by the increased proliferation of high-speed Internet and advanced software applications, the healthcare industry has witnessed the most crucial developments in the patient monitoring technology than ever. The advent in IoT-driven medical services and devices featuring actuators, sensors, and other mobile communication methods using which patient data can be transmitted onto a cloud-based platform has also created lucrative opportunities for the market.
Furthermore, the healthcare providers around the world are increasingly adopting computing technologies, which provide better operational efficiency and cost benefits to healthcare organizations. This is likely to spur the uptake of patient monitoring globally. However, privacy concerns, vulnerability of sensitive patient data when transmitting via cloud platform, and other security issues related to the devices may hamper the widespread adoption of advanced patient monitoring to an extent.