Allied Market Research published a report, titled, “Patient Monitoring Devices Market by Device (Hemodynamic, Neuromonitoring, Cardiac, Respiratory, Multiparameter, Remote Patient Monitors, Temperature, Fetal & Neonatal, and Weight Management Monitors) and End User – Global Opportunity Analysis and Industry Forecast, 2017-2023”. The report states that the global patient monitoring devices market generated $21.1 Billion in 2016 and is projected to reach $32.4 Billion by 2023, growing at a CAGR of 6.2% during the forecast period, 2017-2023.
The growth of the global patient monitoring devices market is driven by rise in prevalence of lifestyle diseases, increase in geriatric population, and increase in adoption rate of remote patient monitoring devices. Additionally, technological advancements, especially in developing countries, provide lucrative opportunities for market expansion. However, strict government regulations, reimbursement issues, limited awareness, and high cost restrain market growth.
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The report segments the global patient monitoring devices market by product, end user, and geography. Based on product, the market is fragmented into hemodynamic monitoring, neuromonitoring, cardiac monitoring, fetal & neonatal monitoring, respiratory monitoring, multiparameter monitoring, remote patient monitoring, weight monitoring, and temperature monitoring devices. The cardiac monitoring segment garnered one-third of the global revenue in 2016 and is expected to continue its dominance through 2023, owing to its ability to monitor the severity of a range of cardiovascular diseases and its myriad applications for cardiovascular surgeries. The segment is also poised to grow at the fastest rate, due to the surge in its popularity.
Based on end user, the report sub-segments the market into hospitals & clinics, home settings, and ambulatory surgical centers (ASC). The hospitals & clinics segment dominated the global market in 2016 and is expected to maintain the trend throughout the forecast period. However, the home settings segment is expected to encounter the fastest growth rate from 2017 to 2023.
In 2016, the U.S. led that global market due to its 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 of Asia-Pacific and LAMEA is expected to grow at significant rates, 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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The report also profiles key players involved in the global patient monitoring devices market, 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. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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