Philips leading the movement to ‘monitoring as a service’
The growing interest in the movement from capital expenditure (CAPEX) to OPEX is also linked to the movement from the concept of patient monitoring to broader patient management. "Monitoring as a service" is being driven by Philips, which has been developing an end-to-end monitoring ecosystem with its Enterprise Monitoring as a Service (EMaaS). EMaaS allows clinicians to follow their patients throughout the entire care journey from admission to discharge, and their transition across care settings and different levels of acuity. The ecosystem enables data acquisition and access, integrated clinical services, and clinical process optimization. These elements aim to improve workflows, facilitate early deterioration detection, build clinical capabilities, scale up processes through agile cloud-based solutions and subsequently help clinicians make complex clinical decisions. Other vendors will follow Philips' footsteps if this model proves successful.
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The pandemic has injected new life into what was a saturated patient monitor market. Demand has transitioned toward innovative solutions that help to facilitate healthcare providers to:
1. Offer flexibility to changing healthcare demands
2. Increase the level of patient safety and reduce avoidable errors
3. Empower healthcare professionals with actionable information to ensure patient care is optimized
4. Help to improve cost efficiency
With new solutions and cost models coming to the market, the patient monitor market will be a dynamic market moving forward. Vendors will need to ensure their monitoring portfolio meets the demands of the expanding customer base with new, innovative solutions and cost models.
About the author: Kelly Patrick is a principal analyst at Signify Research, an independent supplier of market intelligence and consultancy to the global healthcare technology industry. Its major coverage areas are Healthcare IT, Medical Imaging and Digital Health, and its clients include technology vendors, healthcare providers and payers, management consultants and investors. Signify Research is headquartered in Cranfield, U.K.
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