Remote patient monitoring devices segment is expected to be the most lucrative segment for investment in the patient monitoring devices market for the new and existing players. This is because it is a next-generation monitoring technology that enables continuous patient monitoring from a remote location. Further, this segment has untapped areas that could provide great opportunities for new entrants and existing players
Global Patient Monitoring Devices Market was valued at $21,127 million in 2016, and is expected to garner $32,435 million by 2023, registering a CAGR of 6.2% during the forecast period 2017 – 2023. According to a study by Elliot and Coventry, it is important that the following eight parameters of a patient should be monitored: oxygen saturation, blood pressure, temperature, pain, pulse, level of consciousness, urine output, and respiration rate, which are monitored with the help of patient monitoring devices.
Patient monitoring devices are used during minor & major surgeries to monitor the patient’s physiological signs and related complication. Moreover, with the advancement in wireless technology, these devices could be used to remotely monitor the physiological parameters of the patients. These devices are a vital part of hospitals and other healthcare facilities as these are expected to help physicians determine the severity of any disease.
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Patient monitoring devices are most commonly and widely used in hospitals & clinics for various procedures, thus it is the dominant end user segment of the market and is expected to maintain its market position throughout the forecast period. As there is a rise in popularity of self-monitoring devices, home setting segment is anticipated to be the fastest growing segment.
In 2016, North America and Europe possess the highest growth potential due to established reimbursement policies, high buying power, rapid adoption of remote patient monitoring devices, rise in the geriatric population, and increase in prevalence of patients with lifestyle diseases. However, the market is expected to gain traction in the developing regions of Asia-Pacific and Latin America, due to the increase in urbanization & disposable income, growth in awareness about patient monitoring devices, and large number of undiagnosed patients.
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Acquisition and collaboration is another key strategy that is adopted by the larger companies. These companies are acquiring smaller organizations to improve their product portfolio and gain additional market share. The collaborations between companies, hospitals, and academic institutions are expected to positively impact the market growth. For instance, on September 2016, Qualcomm Life and Philips, the two bigger players in patient monitoring devices market, have collaborated to make telehealth more reliable.
The report provides extensive competitive analysis and profiles of key market players, such as Medtronic, Inc., Biotronik, F. Hoffmann-La Roche Ltd., GE Healthcare Ltd., Masimo Corporation, Nihon Kohden Corporation, Johnson & Johnson, Omron Healthcare Co. Ltd., Abbott Laboratories, and Koninklijke Philips N.V.
The other players in the value chain include Honeywell International Inc., Siemens Healthcare, Lifewatch AG, Care Innovations, LLC., Smiths Medical, and St. Jude Medical, Inc.