Competition Outlook : Patient Monitoring Devices Market
Shenzhen Mindray Bio-Medical Electronics Co., Siemens Healthcare, Roche Diagnostics, Spacelabs Healthcare, Philips Healthcare, GE Healthcare, CAS Medical Systems, Inc., Honeywell International, Inc., Abbott Laboratories, and BIOTRONIK SE & Co. KG are reputed players of the market.
The prevalence of chronic diseases and the vulnerability of the large patient pool are causes of concern to doctors unable to handle all cases. Wearables contain sensors which contain certain metrics for monitoring patient health and tracking their movements. These medical devices are also known as patient monitoring devices and used at hospitals for earlier diagnosis of diseases. The global patient monitoring devices market report by Market Research Future (MRFR) contains insights and trends currently at use in the healthcare industry.
Market Outlook : Patient Monitoring Devices Market
As per the prediction of MRFR, the global patient monitoring devices market size can balloon to USD 23.7 billion by 2022.
This can be attributed to the continuous evolution of sensors and demand for wearables for monitoring the health of patients of all ages. The sudden health scares among infants and neonatals are expected to spike the demand for patient monitoring devices from 2015 to 2022 (forecast period).
The rising wave of health consciousness driven by awareness among patients and the proliferation of internet of things (IoT) can expand the patient monitoring devices market growth till the end of the forecast period. Miniaturization of sensors made possible by developments in microprocessor production methods and developments in software for tracking various metrics can lead to a surge in market demand. Commercialization of these devices to normal clothing can widen the scope of the market till 2022.
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Development of mobile health (mHealth) applications due to the proliferation of smartphones is expected to lend its weight towards the growth of the market. Popularity of remote patient monitoring due to the use of telemedicine can give the market room to expand gradually during the forecast period. But challenges of data privacy can hamper its growth.
Segmentation Analysis : Patient Monitoring Devices Market
Patient monitoring devices market has been segmented on the basis of product type which comprises central monitoring stations, portable bedside monitors, electrocardiogram (ECG) devices, hemodynamic monitoring devices, fetal and neonatal monitors, respiratory monitors, weight management monitors, temperature monitoring devices, and others.
On the basis of end user, the market is segmented into hospitals and clinics, ambulatory care centers, home care, and others.
Regional Analysis: Patient Monitoring Devices Market
The Americas, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW) are various regions considered for ascertaining the full potential of the market.
Among the Americas, North America is expected to be one of the biggest contributors of the region due to a better regulatory framework pertaining to hospitals and patient care. The large healthcare spending for patient welfare, patient benefit schemes, and insurance coverage schemes can work in favor of the region. In addition, the global patient monitoring devices market can enjoy massive demand due to the digital transformation undergone by hospitals in a bid to reduce the large patient burden.
Europe is the second largest region of the global market due to investments in electronic health records and various safeguards put in place for the safety of citizen data. Patient monitoring devices can be used by caregivers to assess the health of at-risk patients or patients with high chances of readmission and give doctors ample time to take preventive measures.
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The APAC patient monitoring devices market is expected to exhibit a phenomenal growth rate due to strategies by hospital chains to expand their services and cater to patients of all strata. The medical tourism in countries of India and China is likely to play a big role in disrupting the market. Correction of errors in the intensive care unit by monitoring patient health can bode well for the regional market till 2022.
Industry News : Patient Monitoring Devices Market
Biofourmis has acquired Biovotion AG, which gives the firm access to nearly 60 patents pertaining to wearables as well as an enviable client list.
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