Patient monitoring devices is a full-featured device that offers comprehensive patient monitoring and review, it permit monitoring of patients outside of conventional clinical settings, which may decrease healthcare delivery costs and upsurge access to patient care. Patient monitoring devices are employed for general healthcare, home healthcare and specialized disease management. High demand applications for patient monitoring devices comprises of critical care units, cardiac care units, emergency rooms, operating rooms, and high-dependency units. Patient monitoring devices are utilized to measure, monitor and record numerous physiological parameters of the patient. Global patient monitoring devices market is anticipated to rise with a CAGR of 6.3% during forecasted period 2016-2023. Social computing and connected healthcare solutions empowered by mobile is gaining popularity and lot of acceptance among consumers. M-Health (mobile enabled healthcare) expects to usher a novel transformative age in distributing technology permitted connected healthcare solutions. According to personal connected health alliance organization it is estimated that around 4.9 million patients across the globe use remote health monitoring devices such as glucose monitors, cardiac monitors, that communicate significant data through a data hub or cloud enabled server. The driving factors of global patient monitoring devices market are rising geriatric population to boost the demand for monitoring devices, growing prevalence of lifestyle diseases, and increase in the acceptance of remote patient monitoring devices. Restraining factors of the global patient monitoring devices market are lack of skilled professionals in patient monitoring devices and stringent government regulations.
Growing elderly population is majorly driving the global patient monitoring device market. Since, the patient monitoring devices helps in the inspection of disease, condition on one or more medical parameters over time. Rapidly aging population means an enlarged probability of the diseases of old age which becomes more widespread and more difficult to manage. The world geriatric population continues to grow rapidly, as fertility rates have dropped to extremely low levels in most of the regions and populace tend to live longer. It is estimated that the global population was 7 billion in 2012, and population aged 65 and above was 562 million which is about 8% of total population. However, in 2015, geriatric population rose by 55 million and it witnessed about 8.5% of the total population. It is estimated that, by 2025, about 236 million people were aged 65 globally. Subsequently, from 2025 to 2050, geriatric population is anticipated to almost double to 1.6 billion globally, while the total population is estimated to grow by just 34% over the same period.
Source: OBRC Analysis.
The report on global patient monitoring devices market includes device type and end users.
Device type is segmented into:
- Neuromonitoring Devices
- Cardiac Monitoring Devices
- Hemodynamic Monitoring Devices
- Fetal & Neonatal Monitoring Devices
- Multiparameter Monitoring Devices
- Respiratory Monitoring Devices
- Remote Patient Monitoring Devices
- Temperature Monitoring Devices
- Weight Monitoring Devices
The end users of patient monitoring device include:
- Hospitals & Clinics
- Home Settings
- Ambulatory Surgical Centers (ASC)
The report scope is widely categorized on the basis of device type which include hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices, fetal & neonatal monitoring devices, respiratory monitoring devices, multiparameter monitoring devices, remote patient monitoring devices, weight monitoring devices and temperature monitoring devices. Moreover, the market revenue estimates and forecast includes only hardware systems.
The global patient monitoring devices market report has been geographically segmented in:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World
Asia-Pacific holds the largest market share in terms of revenue in the year 2016 of global patient monitoring devices market, due to upsurge in the purchasing power of populous countries, such as Japan and China and increase in the geriatric population. According to WHO, in China around 125 million people are there aged 80 years and above. Moreover, the population ageing above 65 years and above is expected to reach 330 million by the end of 2050, from 110 million in 2014. The increasing demand of these devices is due rapid development in the patient monitoring devices market. with rise in the prevalence of lifestyle diseases, Asian countries government looking forward to expand the healthcare facilities by the development of general health infrastructure, which is anticipated to boost the patient monitoring devices market growth .
Global patient monitoring devices market report covers segmentation analysis of devices type and end users. Report further covers segments of devices type which includes neuromonitoring devices, Hemodynamic Monitoring Devices, fetal & neonatal monitoring devices, cardiac monitoring devices, respiratory monitoring devices, multiparameter monitoring devices, remote patient monitoring devices, weight monitoring devices and temperature monitoring devices. Multiparameter patient monitors are the largest market segments, due to growing healthcare infrastructure, growing demand of critical care such as ICUs, ERs, etc. and extensive usage of multiparameter products. remote patient monitoring devices segment among all segments, is expected to rise with a fastest CAGR during forecast period.
The major market players of the global patient monitoring devices market are:
- Abbott Laboratories
- Roche Diagnostics
- Ge Healthcare
- Medtronic PLC
- Lifewatch AG
- Others
These companies are using various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, merger & acquisition is the key strategy adopted by the companies in the patient monitoring devices market.
For example: In 2017, Cardinal Health acquired a share of Medtronic’s Recovery and patient monitoring division for around $6.1B. To expand its product portfolio in patient monitoring device segment.
In 2017, Roche Diagnostics launches CoaguChek Vantus, a Hand-held coagulation monitoring system for patient self-testing. It helps patients to test PT/INR at home. Company launch this product to increase the consumer base.
The report covers detailed analysis of companies which comprises of overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in patient monitoring devices market.
Key reason to buy the report:
- The report includes market estimation, forecast and analysis for forecasted period 2016-2023.
- Report includes detailed analysis of different segments such as device type and end user of patient monitoring devices.
- Identify and understand the strength, opportunities, challenges and threat of the patient monitoring devices market.
- Covers details analysis of Porters 5 force model and other strategic models and covers revenues, market share analysis, and competitive landscape analysis of major players of patient monitoring devices market.
- Detailed analysis of various regulatory policies which are affecting the global patient monitoring devices market.
How we are different from others:
At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global patient monitoring devices market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the patient monitoring devices market, with giving extensive SCOT analysis of key companies.
Key findings of the global patient monitoring devices market:
- Growing geriatric population is adding growth in global patient monitoring devices market.
- Asia Pacific held highest revenue share in 2016.
- Multiparameter patient monitors held the large revenue share in 2016 due to growing healthcare infrastructure, growing demand of critical care.
- Acquisition is the key strategy adopted by players of patient monitoring devices market.