Number of pages: 100 | Report Format: PDF | Published date: 12 September, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global online patient observation market was pegged at ~US$ 30.5 billion in 2021 and is expected to witness a CAGR of ~22% during the forecast period.
Digital technologies are used in online patient observation to gather medical and other types of health data and send it to a healthcare provider. The patient's home can be used to collect the data, saving money on nursing and hospital expenses. By removing the need for expensive healthcare equipment, this digital device rapidly transmits real-time patient data, providing a number of benefits including enhanced access and quality of care, streamlined clinical care, improved acute management, and rapid improvement in patients' health state. This makes it possible for the tendency to move away from traditional healthcare systems and toward digital patient monitoring devices.
The market for online patient observation is primarily driven by recent technological breakthroughs along with innovative healthcare interventional procedures, demand for lowering the overall cost of treatment, and rising internet usage. Furthermore, Reduced readmission rates and a propensity for the growing elderly population are further market-driving drivers. The healthcare sector is going through significant changes all around the world, much like mobile patient monitoring, where patients are monitored and evaluated without being hospitalised. Furthermore, medical professionals' approaches for keeping track of their patients' health and managing chronic illnesses are changing as a result of online patient monitoring devices. The Medicare Readmission Reduction Program penalises hospitals and clinics with a high readmission rate, and this development is helping the market for online patient observation.
The global online patient observation has been analysed into three perspectives by type, end user and region.
Online Patient Observation Market by Type
Based on type, the global online patient observation market has been segmented into wireless sensor technology, Mhealth, telehealth, wearable devices, remote patient monitoring. The wearable digital device segment dominated the global market for online patient observation market due to the expanding technological developments in wearable medical devices and the rising prevalence of chronic diseases. Furthermore, the market demand for wearable medical devices is being driven by the increased penetration of smart devices and an increasing number of smartphone-based healthcare apps, which is accelerating market expansion. Smart electronic gadgets that patients or customers can readily wear, such as smart watches, Fitbit, and others, are referred to as wearable technology in the medical industry.
Online Patient Observation Market by End User
Based on end user, the global online patient observation market has been segmented into providers, hospitals, clinics, homecare, patients, and payers. Due to the large number of patients and tests performed there, the hospitals and clinics segment is anticipated to have a significant market share. Additionally, significant future growth is anticipated in the home care segment.
Online Patient Observation Market by Region
Based on region, the global online patient observation market has been segmented into North America, Europe, Asia Pacific and Rest of the World. North America is predicted to hold the biggest revenue share in the global market for digital patient monitoring devices. Since the rising prevalence of diabetes and the strategic measures taken by the private organizations engaged in providing digital patient monitoring devices. Furthermore, the rising prevalence of diabetes among both male and female populations in the United States is the main factor driving the market for online patient observation market. For instance, according to the Centers for Disease Control and Prevention, around 10.5% of the country's population, or 34.2 million people, have diabetes in the United States as of 2018. In the US, there were approximately 26.9 million people with diabetes who had been diagnosed, including 26.8 million adults.
In addition, it is anticipated that the Asia-Pacific area would have significant growth throughout the projected period due to increased healthcare costs and a rise in disposable income. During the projection period, the market is furthermore anticipated to grow as a result of the rising elderly population in China, Japan, and India. Moreover, according to the National Institute of Population and Social Security, the senior population in Japan is expected to comprise 30% of the entire population by 2025, followed closely by 35.3% by 2040, which would further support the explosion and adoption of online devices.
Some of prominent players in the global online patient observation market include