Market Trends of Interactive Patient Care Systems Industry
Inpatient Solutions Segment is Expected to Witness Significant Growth Over the Forecast Period
Inpatient solutions refer to interactive patient care systems in hospitals and clinics where the patients are kept for recovery and rehabilitation. Factors such as the rising number of hospitalizations worldwide due to various chronic diseases and the increasing prevalence of chronic diseases such as cancer, diabetes, and asthma, among others, are expected to boost the growth of the studied segment during the forecast period.
For instance, according to the data published by the Canadian Institute for Health Information in February 2023, there were almost 2.9 million acute inpatient hospitalizations in Canada in 2022, which increased from 2.7 million in 2021. Thus, the high hospitalization rate in Canada is also expected to boost the adoption of interactive patient care systems, likely driving segment growth.
Moreover, the rising prevalence of various chronic diseases worldwide is also expected to drive segment growth, as it would also increase inpatient hospitalizations, thus increasing the demand for interactive patient care systems. For instance, according to the article published by PubMed in March 2022, when the research was conducted in primary healthcare centers in southern Sweden, the overall prevalence of heart failure (HF) was 2.06%. 99.07% of the patients with HF were associated with multimorbidity. Thus, the target population's high burden and persistent risk of CVD are expected to drive segment growth.
Therefore, the inpatient solutions segment is expected to grow significantly over the forecast period. It is due to the abovementioned factors, such as the rising hospitalization rates and the increasing prevalence of various chronic diseases.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a significant market share due to the easy availability of technologically advanced products and the increased adoption of interactive patient care systems. Moreover, the rising prevalence of various chronic diseases and the increasing geriatric population in the region are also among the key factors contributing to the growth of the studied market in North America.
For instance, according to the data updated by the Canadian Institute for Health Information in July 2022, it was estimated that about 2.4 million Canadians had heart disease in 2022. Thus, with the increasing burden of conditions across the country, interactive patient care system adoption is expected to increase, driving market growth.
Moreover, the rising activities, such as expansions and product launches by market players in the country, are also expected to enhance segment growth. For instance, in March 2022, GetWell expanded its population health offerings. It includes interactive patient care platforms to help payers and at-risk providers tech-enable and scale their programs to engage more members.
Therefore, owing to the factors mentioned above, such as the high prevalence of various chronic diseases and the increasing activities by market players, the growth of the studied market is anticipated in the North American region.
