May 17, 2024

Patient Monitoring as a Service is driven by increasing prevalence of chronic diseases

Integrated patient care systems enable seamless communication and information sharing between patients and healthcare providers. These systems provide remote monitoring of vital signs, symptoms, and daily activities of patients. Doctors and nurses can continuously monitor patients and intervene immediately in case of any abnormalities. This reduces hospital visits and length of stay, thereby improving outcomes and lowering costs. Integrated patient care systems also enable efficient management of large patient databases for population health management. The data collected aids in predictive analytics for disease prevention and management. With rising chronic disease burden worldwide, demand for such centralized patient monitoring has increased significantly.

The global Integrated Patient Care Systems Market is estimated to be valued at US$ 33,450 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Development of 5G technology and transition to cloud-based integrated patient care systems are two important trends influencing market growth. 5G networks offer low latency, high speed, and ability to connect millions of devices simultaneously. This enhances capabilities of remote patient monitoring systems. Moreover, 5G allows real-time transmission of high-volume patient data such as X-rays, CT scans from anywhere. Transition to cloud-based systems allows instant data access to all authorized healthcare providers. The cloud infrastructure also reduces maintenance costs and enables quick seamless software upgrades. With increasing focus on value-based care, providers are shifting to integrated care models which are scalable on cloud platforms. These technology advancements are therefore expected to drive further adoption of integrated patient care systems.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as the market is fragmented. However, established players have significant resources and customer loyalty.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, customized solutions increase switching costs.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as integrated patient care systems require components and services from multiple suppliers.

Threat of new substitutes: Threat of substitutes is moderate as other organizational approaches can achieve cost savings and improved outcomes.

Competitive rivalry: High as the market is dominated by few large players and characterized by frequent M&A activities.

Key Takeaways

The global Integrated Patient Care Systems market is expected to witness high growth. The market size for 2023 is US$ 33,450 Mn and is forecast to reach US$ 56,580 Mn by 2030 at a CAGR of 6.8%.

Regional analysis: North America dominated the market in 2023 with a share of over 35%, followed by Europe. Asia Pacific is expected to witness the fastest growth during the forecast period due to increasing healthcare expenditure and rising disease prevalence in the region.

Key players: Key players operating in the Integrated Patient Care Systems market are Grifols, S.A., SK Plasma, Fusion Healthcare, Takeda Pharmaceutical Company Limited, LFB, Octapharma AG, CSL Limited, Bio Products Laboratory Ltd., China Biologic Products Holdings, Inc., and Kedrion. These players are focusing on new product launches and geographical expansion to gain market share.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it

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