Tag: Patient monitoring

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Product Segmentation Engagement helps a Patient Monitoring System Manufacturer to Devise Effective Product Strategies and Improve Sales Performance

Patient monitoring

LONDON: Infiniti Research, a global market intelligence solutions provider, has announced the completion of their latest product segmentation engagement for a patient monitoring system manufacturer. The patient monitoring system market is expected to achieve significant growth since these devices are extensively used in the healthcare industry. Market growth of the patient monitoring system is mainly due to factors such as growing elderly population size, rising incidences of an unhealthy lifestyle, and technological developments like the portability of equipment.

 

“Patient monitoring system manufacturers are expanding their customer base from hospitals and finding application in clinical settings, rehab centers, and even in patient’s homes. With the help of robust segmentation engagements, companies in the medical devices space can profile the right customers and channelize their efforts and resources accordingly.” says an expert at Infiniti Research.

 

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The solution offered helped the patient monitoring system manufacturer devise an effective marketing plan to effectively distribute their products across the potential segments. The solution also helped the client showcase new products and penetrate niche market segments.

Additional Benefits of the Product Segmentation Engagement

 

  • Improve product launches and enhance brand awareness
  • Identify the potential competitors and the product positioning strategies to fine-tune offerings
  • To know more, request a free proposal

To know more about how our product segmentation engagement solution helped the patient monitoring system manufacturer

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Advances in Medical Technology to Change the Future of Pharmacies

Medical technology has progressed leaps and bounds over the last few years with the help of big data, analytics, automation, medical innovation, and real-world evidence. However, a modern-day pharmacy hasn’t changed much over time. Pharmacies are still seen as an outlet to buy drugs mentioned IR_Brochureon the prescription.  But the future for pharmacies is set to change for good with developments in medical technology.

Pharmacies are trying to shift their focus away from a distributor of medicine to providing a broad range of services. In addition to that, they will also act as a consultant and exchange vital data with healthcare professionals and medical manufacturers to facilitate treatment.

Here are some of the possibilities on how medical technology can have an impact on pharmacies:

A Truly Digital Platform

The future of pharmacies like traditional brick and mortar store is gradually shifting to a digital platform. The pharmacies can directly capture the prescription from the doctor and delivered to the patient’s address on time. Not only that, but also it can send reminders to consume medicine on time, and forecast patient medication requirement.

On-Demand Medicine Personalization

Advances in medical technology have given rise to 3-D printers which can be used in creating the medicine on-demand. Such machines are capable of producing the medicine with exact doses with customized components at an affordable price range.

Transition from Drug Distribution to Health Management

Medical technology enables pharmacies to have access to patient data to help in filtering patients and manage their treatments. In addition, pharmacies would also be able to act as an advisor in recommending doses for people taking multiple medicines, advice for minor ailments, and deliver public health services.

Easy Access to Information

An average patient would not know the chemical composition or the properties of the drug being prescribed to them. Even looking at the information in the labels would not help the case. The medical technology has progressed vastly regarding maintaining data, traceability, and information dissemination. This could mean that by scanning a simple code on the label could provide information like place of origin, chemical components, mode of treatment, possible side effects, and recommended dosage on your smartphone.

For more information on recent news and developments in medical technology

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Market Opportunity Analysis Assists a Cardiovascular Devices Manufacturer to Devise Meaningful Market Strategies

Over the years, the healthcare landscape has become more sophisticated with the presence of numerous competitors. Consequently, to retain their foothold in the market, large organizations across the healthcare sector have started devising effective market strategies to penetrate new and niche markets. Also, with the rising demand for healthcare services, businesses have started capitalizing on this opportunity to identify the potential customers and their specific needs. To identify opportunities across different target segments, organizations have started opting for effective market opportunity analysis solutions. Market opportunity analysis helps organizations gain a track of the market attractiveness and dynamics of the cardiovascular device market. Moreover, market opportunity analysis helps businesses perform a robust SWOT analysis and identify the presence of substitute products that are readily available and are good enough to satisfy the customer’s demands.

The market opportunity analysis solution offered by Infiniti Research helps the client assess and quantify the market to choose the right products and services. Also, the solution further helps the client understand the characteristics and purchasing ability of potential customers in the market. Consequently, the solution helped the client estimate the price of the products and services and provide value-added services at reasonable costs.

The Business ChallengeIR_Brochure

A leading cardiovascular devices manufacturer wanted to gain insights in terms of the usage of their solution in the healthcare environment. The primary aim of the client was to identify their competitors, benchmark their offerings, and tap potential markets. The client wanted to analyze the market for the cardiovascular device and devise effective strategies to penetrate different markets.

Our Approach

To gain an in-depth understanding of potential market opportunities, the client approached Infiniti to identify the custom market to be analyzed. To analyze the market scenario, Infiniti’s market opportunity experts carried out a blended research approach comprising of interviews and discussions with leading stakeholders in the medical devices sector. Also, Infiniti’s market opportunity experts compiled data across secondary sources such as hospitals, and healthcare reports. The experts also collated information through a set of presentation slides with analyst recommendations and breakdown of the markets by solutions, vendor names, and projected growth rate.

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Market Opportunity Analysis Solution Benefits:

  • Identify the list of major competitors and their solutions in the market
  • Devise robust market strategy, sales plan, and benchmark the market performance
  • Gain a comprehensive overview of the market, products, and stakeholders
  • Identify the potential opportunities and capture near-term benefits
  • Access relevant opportunities in the market and develop winning strategies

Benefits of Our Integrated Approach

In a span of eight weeks, the client was able to gain actionable insights on the use of cardiovascular devices within the healthcare segment. Also, the market opportunity assessment was able to help the client analyze the current technological landscape as well as assess alternative technologies in the cardiovascular device market. Moreover, the client also able to create robust market sizing models to enter niche/emerging markets.

A must-read case study for strategy experts and decision makers looking to develop an an understanding of the healthcare market.
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Market Assessment Study on Wristbands Helps a Leading Technology Provider

Over the last few years, wristbands have evolved drastically from a being a fashion accessory to an electronic device that can monitor health. Wristbands find extensive applications in the healthcare and hospitality segments in keeping the caregivers updated about the needs of the patients. In a hospital setting, the barcoded wristbands fulfill the ‘five rights’ of patient care – right patient, right medication, right dose, right time, and right method of administration. Moreover, RFID wristbands assist caregivers and healthcare professionals in scanning and identifying patients and further verifying the patient’s medications, specimens, and charts. Most hospitals have also introduced wristbands with standardized colors to identify patients with specific conditions. Frequently known as medical alert bracelets, the wristbands are classified into red, yellow, purple, pink, and green.

  • Red-allergy
  • Yellow-fall risk
  • Purple-do not resuscitate
  • Pink-restricted extremity
  • Green-latex allergy

With years of experience in market research, the market assessment experts at Infiniti offered valuable and strategic insights into the market landscape of wristbands in terms of market segmentation, challenges, and the growth drivers.

The Business Challenge

A leading technology company based out of the US wanted to gain an understanding of the growth prospects of wristbands in the target regions. The client also wanted a better understanding of the adoption patterns of disposable, single-use, non-electronic wristbands in the healthcare and hospitality industry, which would help the client implement a strategic development plan and assess potential growth opportunities in the market.

Our Research Methodology

By following a blended research approach, the market research experts carried out exhaustive primary research comprising of interviews and discussions with market stakeholders across the business landscape. Our experts collated information from market leading industry experts, business executives, manufacturers, buyers, purchasers, consultants, analysts, and members of trade association. As a part of secondary research, the analysts compiled information from a broad range of public and proprietary databases such as paid industry databases, annual reports, media platforms, news aggregators, industry forums, and company presentations.

Want to learn more about Infiniti’s research methodology?

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Our Solution Helped the Client

  • With the current and forecasted market size for the wristbands across multiple industry verticals
  • Obtain actionable insights on the competitive share analysis, market trends, and challenges in the market
  • With a detailed characterization of the current competitive landscape
  • Identify the potential competitors at the regional and global level

Benefits of Our Integrated Approach

Infiniti’s market assessment solutions helped the client plan their market entry strategy and target the most relevant customer segments. The client was able to assess the adoption patterns of disposable wristbands in the healthcare and hospitality sectors. Also, the study assisted the client understand the growth potential of the market and make informed business decisions.

A must-read case study for strategy experts and decision makers looking for effective market assessment solutions for wristbands.

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Top 3 Ways in which Big Data Can Transform Patient Monitoring

As the traditional healthcare industry is moving towards an era of open information, big data has emerged as a potent tool to provide smart, data-driven thinking. Until recently, most stakeholders in the medical industry had underinvested in information technology. However, with technology seeping into the life sciences industry, there has been an enormous collection of data which can be used to bring down the treatment costs, prevent diseases, and improve the overall quality of life.

Big data in patient monitoring: The tipping point

The quest for innovation in patient monitoring, along with the convergence of several changes in the health care industry are the two reasons for the adoption of big data. Five major changes which created a tipping point for the adoption of big data are:

  1. High demand for better data
  2. Availability of relevant data in the form of EHRs
  3. Adoption of analytical tools for patient care
  4. Market-friendly policies by governments across the globe

Top three ways in which big data is transforming patient monitoring

  1. Electronic health records (EHRs)

EHRs use big data on a huge scale. These digital records store crucial patient information like their medical history, results of lab tests, demographic detail, among others. The data collected in these electronic documents, enable doctors to get a clear picture of the patient history and facilitate better and timely delivery of the healthcare services.

Another major advantage of adopting big data is that now patients can easily keep track of their prescriptions and lab tests. So, by integrating the EHRs across various medical facilities, patients have experienced reduced number of unnecessary hospital visits and lab tests.

  1. Telemedicine

Digitization, smartphones, wireless devices, and online video conferences have set the ball rolling for delivery of remote clinical services. Telemedicine is in full bloom today, all thanks to these technological innovations. The data collected from these devices can be easily shared which makes diagnosis a lot easier. Apart from remote patient monitoring, big data also helps in predicting acute medical events and prevent deterioration of patient’s conditions.

Another major way in which big data has changed telemedicine is by providing real-time data with which operations from remote locations using robots.

  1. Predictive analytics and informed strategic planning

Quick decisions need to be taken when it comes to treating patients suffering from multiple complex conditions. The role of data becomes even more important in this context. Big data provides insights which help doctors make informed decisions and improve the overall treatment process. These insights also help in predictive analytics, as it becomes easier to foresee which patient is at the risk of diabetes or cardiovascular diseases.

Most of all, the use of big data in patient monitoring enables academics and care managers to review the healthcare delivery strategy and work towards informed strategic planning.

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