Global Patient monitoring devices market is segment into two major segments and its sub-segments such as based on type, based on product type and based on end user. Global Patient monitoring devices market is expected to reach USD 23.4 billion by 2022 at a CAGR of 5.7%. North America is the largest market for patient monitoring devices while Asia-Pacific region is fastest growing. Europe is second largest market for patient monitoring device and expected to grow steadily during forecasting period.
The Global Patient Monitoring Devices Market has been evaluated as steadily growing market and it is expected that the market will continue to grow similarly in the near future. These monitoring devices continuously check patient’s vital signs by using a medical monitor. Patient monitoring devices market has various functions such as glucose monitoring, blood monitoring, temperature monitoring, cholesterol monitoring, weight monitoring etc. Electrocardiography is fastest growing sub-segment, it is largest in cardiac monitoring market and fastest growing in neurological device.
Electrocardiography is the process that checks for problems with the electrical activity of your heart. Electrocardiography is very helpful to diagnose unexplained chest pain or pressure, cause of symptoms of heart disease, to check how well medicines are working and see if they are causing side effects that affect the heart. Increase in consumer awareness is driving the market growth which expected to grow in same pace in near future. Patient monitoring devices manufacturers trying to make more advance, accurate and innovative device to provide desirable solution.
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Global Patient Monitoring Device Market – Competitive Analysis
There are plenty of large and small market players which operate in this market all over the globe:
- GE Healthcare
- Roche Diagnostics
- BIOTRONIK SE & Co. KG
- Abbott Laboratories
- Siemens Healthcare
- Philips Healthcare
- CAS Medical Systems, Inc.
- Spacelabs Healthcare
- Honeywell International, Inc.
- Shenzhen Mindray Bio-Medical Electronics Co
Koninklijke Philips N.V is multinational conglomerate company headquartered in Amsterdam focussed on electronics, healthcare, homecare and connected care. In August 2016 Philips launched medical grade Philips Health Watch thus expanding its product offerings in wearable’s section.
Honeywell International Inc. is a multinational company headquartered in the U.S. which manufactures a variety of commercial and consumer goods, aerospace systems and provides engineering services for broad range of customers. It has broad product segment in health wearable devices. In April 2018, Honeywell Life Care Solutions signed business collaboration with MobileHelp This collaboration will strengthen its brand loyalty and will provide better services for its customer base.
Global Patient Monitoring Devices Market – Segmentation
Patient monitoring devices Market has been segmented on the basis of product type which comprises of 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.
Global Patient Monitoring Devices Market – Regional Analysis
North America’s patient monitoring device market is known to be the largest, owing to the high prevalence of diabetes, hypertension, increasing obese population, increasing acceptance of new technologies, increasing geriatric population, growing clinical research and development sector and presence of pharmaceutical giants. Additionally, increasing healthcare expenditure is likely to propel the growth of the patient monitoring device market in North America. Similarly increasing number of surgical treatment options is also likely to aid the market need for cardiac and neuromonitoring devices top their sole use in advanced surgeries.
Europe is the second leader in the patient monitoring device market. The European market is predicted to grow during the forecast period due to various government legislative reforms providing regulatory guidelines to manufacturing companies, the growing research and developments sector, established medical device market, need for advanced treatments along with the availability of proper health care infrastructure. Moreover, increasing funding for research and development has evolved new patient monitoring devices that are user-friendly as well as easy to carry. For instance, the European Commission stated that the R&D spending by the pharmaceuticals and biotechnology sectors grew by 8.7% in 2014.
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The Asia Pacific is expected to be the fastest region in the global patient monitoring device market due to the presence of huge population suffering from diabetes, hypertension, and key pharmaceutical companies setting up their regional headquarters in Singapore, Japan, China, and Australia, increasing awareness for health, growing healthcare investment and increasing geriatric population. For Instance, in accordance to report published by the United Nations in 2015; between 2015 and 2030, the number of older persons aged 60 years or over in the world is predicted to grow by 56 %, from 901 million to more than 1.4 billion, out of which 66% of older population would reside in Asia-Pacific regions. This makes the region prone to chronic diseases which in turn increases the market demand for patient monitoring devices. These countries are quickly adapting to new technologies so as to improve the health of every citizen. Government is also supporting the same by investing in research and development in clinical research sector as well as in building proper healthcare infrastructure.
The Middle East & Africa holds the least share in the market owing to the presence of low-income countries and low healthcare expenditure, especially within the African region. Within this region, the Middle East leads the market due to the presence of developed economies like United Arab Emirates, Saudi Arabia, and others. Moreover, rising geriatric population, developed healthcare infrastructure, rising number of skilled medical professionals fuels the regional market. This region has huge untapped markets which have a high potential for growth.
Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
Continued….
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