Global Patient Monitoring Devices Market
Patient monitoring devices are the devices with the digital technology used to measure the person’s health condition. The accuracy of the results with patient monitoring devices may help to early diagnosis of the disease, leads to more efficient and specific treatment. The major advantages of the patient monitoring devices include accuracy of the results with less time and reduce the cost for disease diagnosis. These devices are commonly used to measure oxygen saturation level, pulse rate, body temperature, blood pressure, and heart activity among others. Physicians prefer the patient monitoring devices to enhance the excellence in the patient care.
Increase in the technological advancements such as wireless devices of patient monitoring devices, the rise in prevalence of various diseases such as diabetes and hypertension which require lifelong monitoring, increase in geriatric population, growth in the adoption of patient monitoring devices are anticipated to fuel the growth of patient monitoring devices. Moreover, increase in the healthcare awareness, ease of operating and availability of the wider products in the market, and rise in healthcare expenditure expected to propel the market Global Patient Monitoring Devices Market over the forecast period. However, product recalls, lack of awareness in rural areas, a high cost of the devices, and lack of favorable reimbursement policies for medical devices are the key factors restrain the patient monitoring devices market growth.
Scope of Global Patient Monitoring Devices Market
Global Patient Monitoring Devices Market is segmented on the basis of product type, technology, application, and end user
Based on the product type, patient monitoring devices are segmented into the following:
- Blood pressure monitors
- Blood glucose monitors
- Heart rate monitors
- Pulse oximeters
- Weight monitors
- Sleep apnoea monitors
- Breath monitors
Based on the technology, patient monitoring devices are segmented into the following:
- Portable devices
- Standalone devices
- Wireless technology devices
Based on the application, patient monitoring devices are segmented into the following:
- Cardiovascular conditions
- Neurological conditions
- Haematological conditions
- Respiratory conditions
- Physiological conditions
Based on the end user, patient monitoring devices are segmented into the following:
- Ambulatory surgical centers
- Home care settings
Global Patient Monitoring Devices Market is growing at a significant CAGR owing to increase in the prevalence of chronic diseases such as diabetes, cardiovascular, and neurological advancements. Market players majorly focusing on the innovation of new devices with advanced technology to gain larger market share. Acquisitions and mergers, collaborations, product approvals, product launchings, and patent approvals are the strategies followed by the competitors for increasing their revenue in the patient monitoring devices market. For instance, in September 2015, Zoll Medical Corporation acquired Kyma Medica Technology for broadening the product portfolio in cardiovascular monitoring devices. In addition, in March 2014, Nihon Kohden has awarded a U.S. patent for the advanced technology which reduces the false alarms in the patient monitoring systems.
Geographically, patient care monitoring devices are segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. North America holds a significant share in patient monitoring devices owing to rise in the geriatric population prone to chronic diseases such as diabetes and cancer, increase in healthcare expenditure, and patent approvals for novel technologies in the region. In Europe, due to high adoption of novel technologies, technological advancements, and well-developed healthcare infrastructure are propelling the patient monitoring devices market. However, Asia Pacific exhibiting significant growth in the global market which is attributed to growing prevalence of chronic diseases, a rise in healthcare expenditure, and rise in per capita income are driving the patient monitoring devices market in the region.
Some of the players in patient monitoring devices market are GE Healthcare (U.K.), Philips Healthcare (Netherlands), Nihon Kohden (Japan), Roche Diagnostics Limited (Switzerland), Abbott Laboratories (U.S), Omron Healthcare (Japan), Zoll Medical Corporation (U.S.), Cardinal Health (U.S.), and Medtronic (Ireland) to name a few.
- In April 2017, Cardinal Health acquired Medtronic’s patient monitoring and recovery division for advancing its revenue in patient monitoring devices market
- In April 2016, Abbott acquired St. Jude medical for strengthening its product portfolio with patient monitoring devices.
Global Patient Monitoring Devices Market Report Outline:
- The report provides granular level information about the market size, regional market share, and forecast from 2018-2024
- The report covers in-detail insights about the competitor’s overview, key findings, and their key strategies
- The report outlines drivers, restraints, challenges, and trends that are currently faced by the industry
- The report tracks recent innovations, key developments, and startup’s details that are working in the industry
- The report provides plethora of information about market entry strategies, regulatory framework, and reimbursement scenario