Recent advancements in technology coupled with new healthcare interventional approaches, demand lowering of the overall cost of treatment and increasing use of the internet are the major factors driving the online patient observation market. Furthermore, reduced readmission rate and inclination towards the rising geriatric population are also the driving factors for the market. As in mobile patient monitoring, patients are observed and analyzed without being hospitalized, the healthcare industry all over the world is undergoing huge reforms. Online patient monitoring devices are continuing to change the approach and techniques for medical practitioners to track the record of their patient’s wellness and managing chronic conditions. After the Medicare Readmission Reduction Program, clinics and hospitals with higher readmission rate are penalized and this factor is impacting the online patient observation market positively.
The online patient observation market is analyzed on the basis of its product types. It includes sensor technology devices, internet connected devices and smart & portable devices. The smart & portable patient monitoring devices dominate the market since it has seen a tremendous acceptance. The acceptance is high especially in the developed countries with respect to managing and monitoring chronic conditions such as pulse oximeter, blood pressure, glucose levels, and weight checks among others. Many leading healthcare companies like Zoll Corporation and OMRON Corporation have developed a variety of wearable devices that resembles to a wristwatch, are efficient to monitor multiple parameters such as glucose level, blood pressure, and other conditions at a single stretch and that too continuously. Some mobile devices not only monitor but also warns and suggests recommendations which have been gained prime focus and acceptance in the past.
Globally, the online patient observation market growth and contribution with respect to revenues are dominantly contributed by North America. The presence of sophisticated healthcare infrastructure, continuous R&D initiatives, and the presence of advanced healthcare setup are the major factors driving the market in these regions. However, Asia Pacific is still at an embryonic stage barring a few countries like Australia, and Japan where acceptance and deployment have started due to factors such as reduction in cost of devices and increased purchases in these regions.
The key online patient observation market players include Medtronic Inc., Boston Scientific Corp., and St. Jude Medical Inc.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.