Patient Monitoring Systems enable efficient healthcare delivery to patients outside conventional hospital or clinical settings, by transmitting real-time patient data for clinical review which helps to reduce mortality rates and facilitate efficient use of medical resources. These patient monitoring services help in avoiding emergency overcrowding, manage huge number of patients and enhanced maintenance of electronic health records (EHR). Recently the market has gained immense focus due to the government measures to cut down hospital expenditures and reduce hospital stays
According to the report Latin America Patient Monitoring market, published by Market Data Forecast, the Market is estimated at USD 2.47 Billion in 2016 and is expected to reach USD 3.56 Billion by 2021 at a CAGR of 7.60%.
Latin America Patient monitoring market is segmented on the basis of disease condition which intern is sub segmented into neurology, hemodynamic, cardiac, fetal and neonatal, respiratory, multi parameter, remote patient monitors, temperature and weight monitoring systems.
Cardiac monitoring segment has the largest share in Latin America patient monitoring market and is predicted to maintain its strong share till 2020. The respiratory monitoring segment is the fastest growing during the forecast period which in turn will enhance the patient monitoring market.
This is due to increasing demand for ECG (Electro Cardiogram) devices and increased rate of cardiac and other comorbid conditions such as diabetes and high blood pressure.
Furthermore, on the basis of Geography, the Latin America Market is sub segmented into various regions namely, Argentina, Brazil, Mexico and Rest of Latin America. Encouraged by the widespread proliferation of high-speed internet and its related services, adoption of RPM systems is witnessing high demand.
Rapidly growing aging population vulnerable to diseases, government policies to reduce healthcare expenditure are the major regions pushing the growth of market. On the other side, patient privacy concerns & lack of proper reimbursements policies and the high cost of Patient Monitoring systems are inhibiting the growth of the market.
Some of the key players in the Latin America Patient Monitoring market are Abbott Laboratories, Covidien, Drager Medical GmbH, GE Healthcare, Johnson & Johnson Inc., Masimo Corporation, Philips Healthcare, Mindray Medical, Mortara Instrument Inc., Natus, Nihon Kohden , Nonin Medical, Omron Healthcare, Roche Diagnostics Limited and Welch Allyn.
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