Patient monitoring devices are effective in handling post-surgery care and monitoring the aging population. The data is displayed on a CRT, LED or LCD screen as data channels along the time axis. The displayed values are computed parameters depending upon the maximum, minimum and average values.
Global patient monitoring Market is estimated at $16.9 Billion in 2015 and is reach to reach $24.26 Billion by 2020 at a CAGR of 7.5%. 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 enables reduce the mortality rates and facilitate efficient use of medical resources.
These monitoring systems also help in avoiding emergency overcrowding by managing huge number of patients and enhance 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.
The Global Patient monitoring market is segmented on the basis of disease condition like neurology, hemodynamic, cardiac, fetal and neonatal, respiratory, multiparameter, patient monitors, temperature and weight monitoring systems.
Cardiac monitoring segment occupies the largest share in global patient monitoring market and is predicted to maintain its strong share till 2020. The respiratory monitoring segment is estimated to be the fastest growing during the forecast period.
This is due to increasing demand for ECG (Electro Cardiogram) devices and increased rate of cardiac and other comorbid diseases such as diabetes and high blood pressure.
Furthermore, on the basis of geography, the market is analysed under various regions as North America, Asia-Pacific, Europe, Latin America, Middle East & Africa.
North America accounted for the highest share in 2015. The major factors backing the growth of the market in this region are the aging population and increased lifestyle diseases that are further serving the overall prevalence of chronic diseases followed by Europe.
However, the growth in these regions is expected to be slow in the forecast period due to factors such as decreasing birth rates, irregular reimbursement policies and reduced number of beds in hospitals.
Asia-Pacific is the most favourable and promising region for patient monitoring devices in the coming few years. It is projected to grow at a highest CAGR over the forecast period.
Improved purchasing power of patients and high population base are the major drivers propelling the market in this region. Besides, the economic instability in the western countries facilitates the companies to plan their business more in the Asia-Pacific region and meet their revenue targets.
On the flip 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 global patient monitoring market are Covidien, Abbott Laboratories, Drager, Medical GmbH, GE Healthcare, Johnson & Johnson Inc., Masimo Corporation, Mindray Medical, Mortara Instrument Inc., Natus, Nihon Kohden ,Nonin Medical, Omron Healthcare, Philips Healthcare, Roche Diagnostics Limited and Welch Allyn.
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