The latest market report published by Credence Research, Inc. “Patient Monitoring Devices Market – Growth, Future Prospects, Competitive Analysis, 2017 – 2025,” the global patient monitoring devices market was valued at US$ 19,746.4 Mn in 2016, and is expected to reach US$ 32,108.7 Mn by 2025 expanding at a CAGR of 5.38 % from 2017 to 2025.
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According to the Global Surgery 2030 an initiative of the Lancet Commission on Global Surgery has focused the importance of surgery for improving the health of the individuals which contributed to the gross domestic product of their nations. The report lays emphasis on the low and middle income nations where the absence of patient monitoring devices during surgical procedures have gravely affected the ailing patients. Approximately 28-32% of the global burden of diseases can be attributed to surgically treated conditions. Patient monitoring data has been linked with Hospital Information Systems due to the strong impetus achieved from Health Information Technology and Accountable Care Organizations and the Hospital Readmission Reduction Program. The Patient Protection and Affordable Care Act (PPACA) is emphasizing on the need for remote patient monitoring to promote health and welfare of patients in remote areas.
In the current scenario vital sign monitors is the most prominent market in the product segment due to rising prevalence of chronic diseases such as cardiac complications, lung diseases etc., high sales in remote areas and expansion of point of care devices. Special monitors will be recording rampant growth for the duration of 2015-2025 due to rising surgical procedures requiring anesthesia and unhealthy lifestyle such as appetite for junk food, addiction of smoking resulting in diabetes and bronchitis which requires continuous monitoring.
Cardiovascular disease treatment showcases highest market growth due to factors such as rising prevalence of cardiovascular complications, and cardiac arrythmic conditions requires the need for angiography monitoring to understand the epidemiology of heart. Weight monitoring and fitness management records a promising growth for the duration of 2015-2025 due to rising prevalence of obesity due to sedentary lifestyle, fast food, stress etc., increasing public health awareness resulting in deep market penetration of fitness tracking devices and apps which are useful in weight loss program by increasing accountability, motivation and goal settings in order to maintain fitness.
In the geography segment North America is the leader and the growth is contributed due to rising prevalence of chronic diseases, increasing demand for homecare settings and presence of major players engaged in the manufacture and sale of patient monitoring devices. Asia Pacific will have a remarkable growth for the duration 2015-2025 due to huge population base suffering with chronic illness requiring immediate medical intervention, flourishing e-commerce industry to promote sales and supportive regulatory environment for patient monitoring devices.
The patient monitoring devices market consists of major players such as Abbott Laboratories, Inc., Boston Scientific Corporation, BioTelemetry, Inc., GE Healthcare, Medtronic plc, Nihon Kohden, Omron Healthcare, Philips Healthcare, Roche Diagnostics Limited and Siemens Healthcare.
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Key Market Movements:
- Rising prevalence of chronic diseases requiring immediate medical intervention
- Increasing public health awareness and patients opting for surgical procedures for treatment of chronic diseases
- Supportive regulatory environment for patient monitoring devices
- Offers real time visualization of patient health and medical parameters
Table of Content
Chapter 1. Preface
1.1. Report Scope and Description
1.2. Research Methodology
1.2.1. Phase I-Secondary Research
1.2.2. Phase II-Primary Research
1.2.3. Phase III-Expert Panel Review
1.2.5. Approach Adopted
Chapter 2. Executive Summary
2.1. Global Patient Monitoring Devices Market Portraiture
2.1.1. Global Patient Monitoring Devices Market, by Product, 2016 (Value %)
2.1.2. Global Patient Monitoring Devices Market, by Application, 2016 (Value %)
2.1.3. Global Patient Monitoring Devices Market, by Geography, 2016 (Value %)
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