An ever-increasing advancement in medical science alongside the demand for innovative healthcare solutions enables medical devices like physiological monitors to set a strong foothold in the healthcare industry. And, as chronic diseases like cardiovascular disorders, diabetes, and respiratory ailments take over, the need for such devices for real-time monitoring intensifies. For example, as per the World Health Organization (WHO), chronic conditions such as cardiovascular diseases, cancer, diabetes, and respiratory illnesses are expected to be responsible for 86 percent of the projected 90 million annual deaths by 2050. This prediction signifies a substantial 90 percent rise in absolute numbers compared to the statistics from 2019. It underscores the importance of effective preventive measures, early detection initiatives, and enhanced management strategies.
Not only this, Physiological monitors enable healthcare providers to remotely track patient health, leading to improved outcomes and reduced hospital readmissions, in turn garnering healthcare professionals’ attention. Technological innovations, including wearable monitors and IoT integration, have also played a crucial role in expanding the capabilities of these monitors. As per MarkNtel Advisors, The Global Physiological Monitors Market size was valued at USD 41.11 Billion in 2022 and is projected to grow at a CAGR of around 6.87% during 2023-28.
The integration of artificial intelligence and data analytics enhances the accuracy of patient data interpretation, resulting in improved diagnosis and personalized treatment plans. What has made the device even more popular is the surging trend of home-based healthcare, allowing individuals to proactively monitor their health at their home comfort. Finally, Government support and investments in healthcare infrastructure have been the icing on the cake.
Cardiology Application Grabs the Maximum Adoption, Among Others
Cardiology application garners the maximum adoption of physiological monitors. This dominance can be attributed to the pervasive prevalence of cardiovascular diseases globally. As these diseases continue to affect individuals worldwide, cardiac monitoring devices have evolved into indispensable tools, serving the needs of both inpatient and outpatient medical settings. These devices influence the diagnosing, managing, and monitoring of various cardiac conditions. They offer real-time insights into heart rhythms, enabling the early detection of irregularities. As a result, leading industry players heavily invest in developing such devices, aiming to provide advanced diagnostic capabilities. Their goal is to equip healthcare professionals with the means to access clinically relevant data swiftly, thereby enhancing patient care and ultimately saving lives.
Asia Pacific to Embrace More Such Advancements
The burgeoning diabetic populations in countries like China and India have set the stage for a surge in the demand for physiological monitors. These nations, home to some of the world's largest diabetic communities, are facing an alarming trajectory in diabetes prevalence. This impending health crisis underlines the need for heightened awareness and proactive diabetes prevention efforts. As the number of individuals at risk of diabetes-related complications grows, the demand for physiological monitors, paramount in managing diabetes, is expected to rise significantly.
India is facing a grim projection with regard to cardiac health. By 2030, it is anticipated to witness a staggering number of cardiac-related deaths on a global scale. Cardiovascular diseases account for a substantial portion of these fatalities within the country. This alarming trend not only underscores the urgent need for enhanced cardiac care but also reinforces the crucial role of physiological monitors in early detection, monitoring, and management of cardiac conditions.
Industry Updates
In July, Xplore Lifestyle introduced CardiacSense, the world's first medical-grade watch designed for heart monitoring. This significant advancement in health monitoring, particularly in cardiology, resulted from a collaboration between Xplore Lifestyle, a pioneering MedTech solutions provider in India, and an Israeli company. The watch incorporates cutting-edge technology to monitor cardiac and other vital signs, and its user-friendly design ensures comfortable wear.
In June 2023, BIOTRONIK unveiled an innovative implantable cardiac monitor integrated with artificial intelligence, aiming to enhance the efficiency of monitoring cardiac arrhythmias.
At Arab Health 2023, UltraLinQ Healthcare Solutions introduced a groundbreaking patient monitoring concept for the diagnosis of cardiac arrhythmias, offering an end-to-end solution.
In May 2023, Abbott, headquartered in Abbott Park, Illinois, announced that the U.S. Food and Drug Administration (FDA) had granted clearance for its Assert-IQ™ insertable cardiac monitor (ICM). This clearance offers physicians an additional option for diagnosing and continuously monitoring individuals with irregular heartbeats. Abbott's expanding range of connected health devices now empowers doctors to remotely manage and provide care to their patients.
In December 2021, researchers from the University of Buffalo developed an AI model capable of analyzing metabolic and cardiovascular biomarkers to identify potential health risks in patients. This technology holds the potential to revolutionize personalized healthcare by enabling proactive measures to be taken to prevent serious health issues from arising.
The Bottom Line: As the healthcare industry continues to emphasize preventive care, physiological monitors offer promising opportunities for industry players seeking efficient, user-friendly, and non-invasive monitoring solutions.