Patient Monitoring Devices Market; Size, Share, Growth & Trends Analysis
Patient monitoring devices are proven effective to improve patient outcomes significantly, providing clinicians with actionable insights to make accurate clinical decisions promptly. With patient monitoring devices, healthcare providers can treat more patients with available resources, boost revenues while optimizing costs, improve patient care, and provide an excellent experience to patients.
As a result, patient monitoring devices market witness a huge demand and consecutively, the market of these devices is garnering huge traction across the globe. Patient monitoring devices market size is witnessing an outstanding growth over the past couple of years. Indeed, technological advancements happening in the field of Medicare is supporting the market to climb on the furthered heights on the global platform.
Acknowledging the growth, the market perceives currently; Market Research Future (MRFR) in its recently published study report asserts that the global patient monitoring devices market will register spectacular growth records by 2022, posting a striking CAGR throughout the forecasting period (2017 – 2022).
The ability of these devices to provide real-time analysis of a patient’s health parameters efficiently acts as a major driving force pushing up the market growth. Additionally, factors such as increasing demand for flexible health monitoring and management and continuously evolving sensor technology.
Increasing usages of the Internet along with the proliferation of IoT in the medical sector are helping the market to expand pervasively, providing good outcomes to patients with real-time patient tracking, monitoring, and drug management.
Growing population, spreading awareness among people towards keeping good health coupled with the augmenting uptake of these devices fuelled by the improving economic conditions are fostering the market growth to an extent.
Besides, factors fostering the market growth include growing geriatric population, increasing prevalence of vascular disorders & heart diseases fuelled by the changing lifestyle, inclination towards the sedentary lifestyle, and growing obesity disorders among people.
On the other hand, factors such as prices of these devices along with the skepticism of physicians towards the advancement & efficacies of these devices are likely to impede the growth of patient monitoring devices market.
Nevertheless, surging healthcare expenses alongside the increasing prevalence of chronic diseases are encouraging healthcare stakeholders to follow remote health management and patient monitoring seriously. This, in turn, will support to the market growth, contributing it to a great extent.
Fervent players driving the market for the patient monitoring devices include Roche Diagnostics, GE Healthcare, BIOTRONIK SE & Co. KG, Siemens Healthcare, Abbott Laboratories, Philips Healthcare, Spacelabs Healthcare, CAS Medical Systems, Inc., Honeywell International, Inc., and Shenzhen Mindray Bio-Medical Electronics Co.
Patient Monitoring Devices Market – Segments
MRFR has segmented the analysis into three key dynamics; for better understanding: –
By Product type : Central monitoring stations, Portable bedside monitors, Electrocardiogram (ECG) Devices, Hemodynamic Monitoring Devices, Fetal and Neonatal Monitors, Respiratory Monitors, Weight Management Monitors, and Temperature Monitoring Devices, among others.
By End-users : Hospitals and clinics, Ambulatory care centers, and Homecare among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
Patient Monitoring Devices Market – Regional Analysis
The North American region is estimated to lead the global patient monitoring devices market with a significant market share. Factors such as the growing prevalence of chronic diseases, patients suffering from different lifestyle diseases, and the increase in the geriatric population are contributing to the growth of the regional market. Huge uptake of continuous monitoring technology alongside the rise in the adoption rate of remote patient monitoring devices is fostering the market growth in the region.
The European region is another lucrative market for patient monitoring devices. Augmenting demand to move to a more wireless and streamlined operation in major health facilities as well as in the homecare settings is predominantly driving the market growth.
Tremendous advancements in medical technologies is a key driving force pushing up the regional market. Countries such as Germany and the U.K. backed by their well-developed medical devices markets which are led by enormous investments account for the major contributors to the growth in the regional market.
The Asia Pacific region is rapidly emerging as a promising market for patient monitoring devices due to the technological growth in India and China. AI-based remote patient monitoring solutions have become a trend in India, changing the dynamics of healthcare. Foreign investors are getting attracted to India, investing rapidly with aggressive plans of leading Indian healthcare into the digital age. They are designing remote patient monitoring solutions that can provide high resolution, ICU-grade monitoring to all areas of the hospital, throughout the patient care pathway.
Patient Monitoring Devices Market – Competitive Landscape
The highly competitive market appears to be diversified with the presence of giant manufacturers of the device, playing on the global level. These players are heavily investing in R&D, global expansion, advanced technologies, and product Launch to gain a competitive edge in the market.
November 14, 2018 — ivWatch LLC (US), a leading global provider of continuous patient monitoring devices announced the partnership with New Medical (Australia), a supplier of medical consumables, devices, and patient monitoring accessories in Australia and New Zealand to manage distribution to support market expansion outside of the United States.
ivWatch’s entry into Australia and New Zealand markets is a response to growing awareness and clinical demand. The company also mentioned that it is now poised to meet the ongoing customer requests for its technology as they seek cutting-edge solutions to address the global problem of patient harm caused by peripheral IV infiltration