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The healthcare sector is witnessing an emergence of several challenges, due to the covid-19 crisis. According to the Centre for Disease Control and Prevention (CDC), every day 1 in 31 American patients are affected with at least one Hospital-Acquired Infection or HAI. The HAIs have result in associated deaths of over 80,000 Americans each year. Moreover, due to the rise of chronic illnesses like cancer, AIDS, diabetes, Alzheimer’s, and cardiovascular diseases, the demand for hospitalized care is expected to grow. Hence, technologies like RFID tags for asset management, and patient management remain key to improving healthcare. Furthermore, federal funding programs like Medicaid place an increased emphasis on efficacy of care, and digitalization for healthcare facilities. The federal funding also remains a key source of revenues for most hospitals, and day care facilities. Additionally, according to the 2020 US Census Bureau, the average elderly population of baby-boomers has crossed 65 years, driving increased need for effective chronic care. The RFID technologies can provide digital mapping for asset location of important equipment like surgical trays. Moreover, these can also track average spent time by nurses for physiotherapies for patient with cardiovascular diseases. The rise in chronic illnesses, and growing demand for digitalization from hospitals will drive major growth for players in the global web-connected medical devices market.
Wearable Technology Promises to Build New In-Roads in Patient Care
According to the US department of commerce report published in 2020, the wearable technology has become feasible for hospital use. The technology promises several advantages for clinics in areas like chronic care, as wearable textiles for patients can monitor blood pressure, temperature, humidity, and a range of other clinical vitals. Furthermore, due to high-quality innovation in countries like the US, and growing investment by major tech giants like Apple, Google, and Amazon, the horizon for digitalization continues to remain promising. The growing demand for wearable technology by patients, increased need for digitalized patient management, and high-costs of conventional file-based patient management systems will drive tremendous growth for the global web-connected medical devices market.
Demand for Emergency Services to Remain a Key Driver for Growth
After a decline in opioid in 2019, the opioid crisis has raised its ugly head again in 2020. According to the CDC, the crisis has resulted in over 80,000 deaths, due to overdose in 2020. The crisis remains a worsening picture, as the deaths have increased by over 18% in 2020. Furthermore, 25 states witnessed over 20% rise in cases. Similarly, challenges like motor crashes, and chronic illnesses also continue to hamper the health of the American people in large numbers every year. This is expected to drive growth of emergency services, and technologies like digital management. Digital management of emergency care can provide patients with access to emergency cares with a simple touch. Moreover, the technology can be accessed via telephones, smartphones, and web to expand its reach to the elderly. Furthermore, large number of disabled individual are desperately in need of services in rural areas to access healthcare in line with their urban counterparts. Hence, arenas like tele pharmacy, digital management of emergency services, and other web-connected medical devices continue to grow. The rising cost-effectiveness of digital technologies, and increased awareness about their benefits will drive strong growth of the web-connected medical devices market.
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