GE HealthCare Gains FDA Approval for CARESCAPE Canvas
Published: May 11, 2023
Cranfield, UK, 11th May 2023 – In April 2023, GE HealthCare announced that it received FDA approval for its CARESCAPE Canvas patient monitoring platform. CARESCAPE Canvas has been approved for use in the EU since June 2022, and was a focus product at ESICM in October 2022. GE HealthCare claims ‘CARESCAPE Canvas is a unified monitoring approach for your entire hospital ecosystem. It offers individualized monitoring of patients and bed-specific scalable levels of acuity while retaining the same intuitive user experience everywhere’.
Flexibility is in high demand
The surge in demand for healthcare resources during the pandemic alongside the staffing crisis has heightened demand for solutions that can drive efficiency. This has provided the impetus to get things right and innovate solutions targeted for use in the new normal. As such hospitals are now seeking comprehensive solutions that can maximise their budgets and help cater to a diverse patient population. The pressure on physician and nurse resource has also driven the need for easy-to-use and intuitive solutions, and greater need for product standardisation to maximise training availability.
Whilst at ESICM Signify reported the growing demand from clinicians for flexible solutions that can be utilised across the care pathway, moving between facilities in addition to having the ability to flex up monitoring capabilities when requirements change. The importance of flexible solutions was also highlighted during the pandemic, due to the mass surges in patient requirements for monitoring in high-acuity departments, with subsequent diversion to OR facilities.
GE HealthCare’s approach
The CARESCAPE Canvas solution enables a flexible approach to patient monitoring, enabling healthcare providers to adjust monitoring parameters to cater to the changing level of acuity requirements. GE HealthCare’s approach will enable healthcare providers to adjust the Canvas platform to cater to changes in demand across clinical settings, helping to minimize costs and maximize the ability to increase the acuity of solutions when required. The ability to standardise on one platform will also reduce the need for training on numerous devices and reduce any data integration issues. Although the appeal of Canvas’ flexibility is high, the solution works toward a OPEX purchasing model. The US has been ahead of many countries in the movement toward longer-term partnerships with OPEX increasingly integrated into purchasing agreements. However, many public funded healthcare systems historically purchase through CAPEX processes, creating a hurdle for GE HealthCare to overcome in many countries outside of the US, possibly slowing initial uptake.
Alongside its Canvas solution, GE HealthCare also launched the Portrait Mobile wearable continuous monitor in 2022. Although Portrait has CE marking, it has yet to receive FDA approval. The launch of Portrait was also a progressive move for GE HealthCare to enter the mobile continuous monitoring segment, which is a smaller yet growing segment within the wider patient monitoring market. Portrait is capable of measuring core parameters necessary for in-ward monitoring (respiratory rate, SpO2 and pulse rate). The solution connects into the Edison suite enabling central monitoring of patients within the ward, to help reduce the burden on caregivers. This further echoes GE HealthCare’s strategy to progress its digital capabilities to improve decision making and workflow efficiencies. GE HealthCare disclosed its recent quarterly financials in Q1 2023 suggesting high single-digit (7%) growth for its Patient Care Solutions product line.
What are the other Vendors doing?
Whilst GE HealthCare has focused on product innovations in the hospital sector, Philips has been busy innovating its remote patient monitoring solutions through its acquisition of BioTel. In March 2023, Philips announced the launch of its Virtual Care Management platform. The telehealth platform includes a ‘Comprehensive portfolio of flexible solutions and services to help health systems, providers, payers and employer groups more meaningfully motivate and deeply connect with patients from virtually anywhere.’ Philips will be able to maximise its existing installed base in the patient monitoring market to facilitate the movement of acute patients into the home. Signify Research has prepared a deeper dive into the product launch and the wider impact on the remote patient monitoring sector in this insight.
Mindray has been investing into the hospital segment thorough its development of an integrated clinical device platform. The M-Connect platform provides a complete connectivity platform enabling data integration and bi-directional communication between medical devices to ensure a more comprehensive approach to patient care. With its complete solution offering across monitoring, respiratory care, infusion and anaesthesia, the Mindray threat is becoming more apparent than ever. Recent government initiatives in China have focused on building the necessary hospital infrastructure to support a digital system and as such Mindray’s offering is positioned well to gain in further traction in its domestic market. Like GE HealthCare, Mindray has also launched a wearable monitoring solution, the mWearTM, nodding its head to the progressive need for continuous mobile patient monitoring.
The future of patient monitoring
Following the surge in demand for patient monitors during the pandemic, global market growth is projected to remain relatively flat in the coming years. 2021 and 2022 saw a reset in demand with much of the same expected in 2023. Monitoring vendors will need to seek pockets of opportunity in hospital expansion and infrastructure improvements, largely in the emerging regions. Mature regions are looking to reduce the strain on hospital facilities and the need for patients to be hospitalised, seeking preventative solutions. Despite supply issues starting to remediate, inflation is still high driving up costs and limiting volume opportunity. Vendors that develop solutions that offer greater flexibility and clinical support whilst reducing overall costs of healthcare will take the winning share. As such, market competition will continue to be fierce in the coming years and product innovation is expected to continue, to ensure vendors hold their market share ranking.
This is an interim update of our analysis on the global market for Patient Monitors, to be published in July 2023. The report will provide:
- A fresh updated analysis of the patient monitor market from an analyst team with extensive industry experience.
- Dedicated chapters for each of the major regions, with analysis of the sub-regional and country variations, competitive landscape, vendor market shares and the trends driving/inhibiting growth.
- Assessment of the installed base of the patient monitors by product segment on a sub-regional level
- Strong focus on meaningful and useable data, accompanied by actionable analyst insights.
- Analysis of the innovative solutions entering the market.
About Kelly Patrick
Kelly joined Signify Research in 2020 as a Principal Analyst. She brings with her 12 years’ experience covering a range of healthcare technology research at IHS Markit/Omdia. Kelly’s core focus has been on the clinical care space, including patient monitoring, respiratory care and infusion. Kelly holds a BSc degree with honours in Pharmacology from the University of Leeds.
About the Clinical Care Team
The clinical care team provides market intelligence and detailed insights on the clinical care equipment and IT markets. Our areas of coverage include patient monitoring, diagnostic cardiology, infusion pumps, ventilators, anaesthesia and high-acuity IT. Our reports provide a data-centric and global outlook of each market with granular country-level insights. Our research process blends primary data collected from in-depth interviews with healthcare professionals and technology vendors, to provide a balanced and objective view of the market. The Clinical Care team will be further assessing the recent developments in the patient monitors market in its upcoming Patient Monitor – Interim Update – 2023 report.
About Signify Research
Signify Research provides healthtech market intelligence powered by data that you can trust. We blend insights collected from in-depth interviews with technology vendors and healthcare professionals with sales data reported to us by leading vendors to provide a complete and balanced view of the market trends. Our coverage areas are Medical Imaging, Clinical Care, Digital Health, Diagnostic and Lifesciences and Healthcare IT.
Clients worldwide rely on direct access to our expert Analysts for their opinions on the latest market trends and developments. Our market analysis reports and subscriptions provide data-driven insights which business leaders use to guide strategic decisions. We also offer custom research services for clients who need information that can’t be obtained from our off-the-shelf research products or who require market intelligence tailored to their specific needs.
More InformationShare on LinkedIn
Patient MonitorsPublished in July 2023
This is a new Market Report on the global market for Patient Monitors – World – Interim Update – 2023, published in July 2023.
Find out more
Patient Monitors and Diagnostic Cardiology – Market Intelligence ServiceOngoing series of reports, data and insights delivered over the year
Patient Monitors and Diagnostic Cardiology – Market Intelligence Service
This Market Intelligence Service provides rolling 12-month coverage of the Patient Monitor and Diagnostic Cardiology markets.
Find out more