The global patient monitoring system market is estimated to reach $26 billion by 2022.
Globally, the patient monitoring system market is expected to achieve significant growth since these devices are extensively used in the intensive care unit (ICU) and other areas of the hospital, home outpatient treatment locations, and patient transport venues. Market growth of the patient monitoring system is mainly due to growing elderly population size, rising incidences of unhealthy lifestyle, and technological developments like portability of equipment. Vital signs monitors transmit data wirelessly directly to the electronic patient record, generating alerts if the data is outside preset parameters. Additionally, patient monitoring system manufacturers are also expanding their user base in the hospital and finding application in rehab centers, clinical settings, and homes.
Although the patient monitoring system market around the globe is proliferating, several challenges are restricting the growth prospects of the market. A few of them include:
- Increased complexity of medical devices and equipment: Today, the increasing complexity of patient monitoring system results in difficult diagnosis and repair processes and spurs the cost of field service. This is subsequently raising the cost of training field service technicians.
- More demanding and diverse customer base: Customers of today have more choices and are demanding superior patient monitoring system and medical devices in today’s dynamic environment. They are also trying to get more out of their reduced capital and expense budgets by demanding higher incentives.
Such challenges are compelling patient monitoring system manufacturers to leverage the use of robust product segmentation engagements. 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. These solutions also help companies to identify opportunities to discontinue specific products that are not performing well in the market; thereby, reducing excess costs.
The Business Challenge
- The client: A patient monitoring system manufacturer
The client, a renowned patient monitoring system manufacturer, was facing predicaments in profiling the key product segments. Consequently, they wanted to gain better transparency into the market space and devise effective strategies to improve sales performance. The patient monitoring system manufacturer also wanted to identify their potential competitors and their product positioning strategies to fine-tune their offerings.
The product segmentation experts at Infiniti carried out extensive research comprising interviews and discussions with leading stakeholders in the medical device space to help the client fine-tune their offerings. The experts also compiled information from a wide array of sources such as paid industry databases, company presentations, and industry forums.
The Solution and the Business Impact
With the help of Infiniti’s product segmentation engagement, the patient monitoring system manufacturer was able to devise an effective marketing plan to distribute their product offerings effectively across the potential segments. Additionally, the client leveraged innovations to improve product launches and enhance brand awareness. This further helped them showcase new products and penetrate niche market segments.
The future of patient monitoring and medical device connectivity is all about empowering people of all ages to be more in control of their health — and, with that, their lives. Wireless technologies that eliminate the need for bedside transmitters are part of that future as that is one less device that needs to be carried around or managed. Additionally, more mobile apps that integrate seamlessly into people’s daily routines and give them the freedom to go about living their lives with more confidence and less worry are expected to proliferate
A must-read case study for strategy specialists and decision makers looking to develop a better understanding of the latest medical devices trends