The future of medical care lies with the advanced patient monitoring systems
21 Jun 2022
What could be a better time for the medical sector to adapt to technological advancements than this? Since the COVID-19 outbreak, the medical sector was overwhelmed by treating an ever-increasing number of Covid-19 patients and offering accurate and timely treatment and diagnosis to minimize causalities. During such a trying period, patient monitoring systems played a vital role.
The objective of a patient monitoring system is to give early warnings if there is deterioration in health. The system can monitor vital signs such as respiration and heart rate of a patient. The remote patient monitoring systems witnessed huge demand during the pandemic as medical professionals can monitor multiple patients at the same time without compromising anyone’s health. Moreover, doctors can remotely monitor physiological factors including blood glucose level, BP, and heart rate, and plan their treatment accordingly. This has helped the telemedicine industry as well.
In countries such as the U.S., there is a high demand for patient monitoring systems. As per the report published by Allied Market Research, the U.S. patient monitoring systems marketis anticipated to reach $22.58 billion by 2027, manifesting a CAGR of 5.21% from 2020 to 2027. The U.S. patient monitoring systems market is fuelled by rapid collaborations between companies, hospitals, and research institutions. Moreover, the launch of new products is expected to boost the market revenue.
BioIntelliSense,a health monitoring & clinical intelligence company and Renown Health has recently announced a strategic collaboration to offer uninterrupted medical-grade patient monitoring service from in-hospital to home. Renown Health is a not-for-profit healthcare network of hospitals and care facilities that serves across Nevada and northeast California. The motto of this collaboration will be to offer convenient, efficient, and customized healthcare through real-time remote monitoring for both in-hospital and at-home patients.
In another news, Datos Health, a worldwide leader in remote patient care, announced its plan to enter into a strategic partnership with Redox, the company that helps in interoperability in healthcare. The partnership will implement automated clinical workflows for patient care and monitoring.
Apart from the above-mentioned trends, the U.S. patient monitoring systems market growth is attributed to the rise in the geriatric population and the acceptance of technology in the medical sector. Moreover, the market is expected to witness a rise due to the increase in the adoption of artificial intelligence and data analytics. Medical sector organizations have become more open to the deployment of Internet of Things-based healthcare applications to offer excellent patient care and improve data safety. Thus, in the future, patient monitoring systems will be a dominating segment of the healthcare sector.
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.