The European patient monitoring market size is estimated to value USD 6.90 billion by 2027 and USD 4.89 billion in 2022, witnessing a CAGR of 7.10% from 2022 to 2027.
Over the years, patient monitoring businesses have merged clinical expertise with customer insights to create significant innovations that will eventually enhance patients' lives and treatment quality. Key market drivers in this region include remote monitoring systems, mobile cardiac telemetry devices, telecommunications advancements, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors. Furthermore, an increase in the incidence of patients suffering from various lifestyle illnesses such as diabetes, cancer, and atherosclerosis contributes to the market's positive growth. Patient monitoring technologies are used to detect tiny changes in a patient's physiological data, allowing them to monitor themselves. As a result, it minimizes readmissions and avoids needless hospitalizations, as well as the number of unnecessary doctor's office visits and travel-related expenditures.
Growing incidence of chronic diseases and increased demand for home-based and portable monitoring devices are the primary drivers of market expansion. At the same time, an aging population will enhance market growth in the future years. Furthermore, advancements in technology and invention in more efficient equipment, such as cardiac monitoring systems, will provide profitable opportunities. In addition, collaborations between industries, hospitals, and academic institutions are likely to release new products, helping to improve market revenue and growth.
During the forecast period, regulatory differences between regions, healthcare fraud, and informal social media activities are likely to restrict the market growth. In addition, the high cost of this technology and a lack of patient knowledge are limiting the market's growth. Furthermore, government rules and payment concerns may stifle the market for patient monitoring equipment.
Additionally, factors such as strict regulatory rules on processes and inadequate reimbursement practices, while market challenges include a shortage of qualified experts and opposition from the healthcare industry to implement technologies. Physicians and patients are generally unfamiliar with new methods and are reluctant to abandon their old procedures. Because of their unfamiliarity with technology, older individuals may also reject telehealth and telemedicine services. All these are the challenges faced by the European Patient Monitoring Market.
This research report on the European Patient Monitoring Market has been segmented and sub-segmented into the following categories:
Geographically, the UK is the largest market within Germany, encouraged by the widespread proliferation of high-speed internet and its related services. Rapidly growing aging population vulnerable to diseases, government policies to trim down healthcare expenditure are the major factors driving the market growth. On the other side, patient privacy concerns & lack of proper reimbursement policies, and the high cost of Patient Monitoring systems inhibit the market's growth.
Europe, particularly Western European nations, is anticipated to be the second-largest revenue-generating area throughout the forecast period, owing to increased mortality rates and rising demand for low-cost therapy. The high-impact rendering element is the growing requirement for in-house monitoring, supported central data management systems, and rising accuracy and efficiency of remote patient monitors. The increased frequency of infectious diseases, safety concerns, and technical developments inpatient monitoring device products are the main drivers driving market growth in this region. Due to the fast advancement of technology, the United Kingdom is projected to have a big market share. At the same time, the rapid increase of chronic illnesses and the growing elderly population will fuel market expansion for the area. Furthermore, rising government spending on healthcare infrastructure and providing physicians with real-time patient data is enhancing efficiency.
KEY MARKET PLAYERS:
A few of the most promising companies operating in the Europe Patient Monitoring Market profiled in this report are Abbott Laboratories, Masimo Corporation, Covidien, Drager Medical GmbH, GE Healthcare, Johnson & Johnson Inc., Mindray Medical, Mortara Instrument Inc., Natus, Nihon Kohden, Nonin Medical, Omron Healthcare, Philips Healthcare, Roche Diagnostics Limited & Welch Allyn.
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