Patient monitoring systems with advanced features, especially wireless or remote capability, are among the fastest-growing medical devices. The aging population and the associated increases in diseases such as congestive heart disease and diabetes as well as the cost of treating those conditions, is driving sales of these devices.
Use of new patient monitoring technologies can result in a need for fewer personnel, increased coverage by existing personnel, and a reduction in errors and are expected to lead to better patient care and the recognition of serious health problems before they become an issue.
Patient Monitoring systems is valued as a 18.5 billion USD market in 2013 and is expected to become a $24.5 billion market by the end of 2018 and is expected to grow at a CAGR of 5.78%.
The market is basically segmented into different categories namely on the basis of the target parameter, the device used and on the basis of geography. The target parameter sector can be segmented into categories like Cardiac, Hemodynamic, Respiratory, Blood Glucose monitoring, Neurological and Child birth monitoring. The device sector can be divided into categories such as Care ports, Monitors, Networking and Wireless Parameters.
The geographical analysis and forecasting is available for the following regions:
1) North America
4) Rest of the World
The major drivers for this market growth are lack of skilled healthcare professionals, increase in the chronic disease population and the need to contain hospital expenses.
The major limitations are lack of reimbursement, regulatory framework issues and resistance to use IT by healthcare professionals.
The major players in this market are Abbott Labs, Alere Inc, Baxter, Bosch Medical, Boston Scientific, CR Bard, Cardiogram, Carematix, Coviden, GE Healthcare, Intel, Phillips, Roche.
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