Patient Monitoring Market Size and Growth Rate – (2019 - 2024)
Patient Monitoring Market is estimated at USD 26.08 Billion in 2019 and is reach to reach USD 37.44 Billion by 2024 at a CAGR of 7.5%. Patient Monitoring Systems enable efficient healthcare delivery to patients outside a conventional hospital or clinical setting, 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 the 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.
Drivers
The cardiac monitoring segment occupies the largest share in the global patient monitoring market and is predicted to maintain its strong share until 2024. The respiratory monitoring segment is estimated to be the fastest-growing during the forecast period. This is due to the increasing demand for ECG (Electro Cardiogram) devices and increased rate of cardiac and other comorbid diseases such as diabetes and high blood pressure.
Opportunities
The increasing demand for devices related to patient monitoring in hospitals as well as non-hospital settings is to provide growth opportunities to the market. Rising investments in developing advanced featured devices in the medical sector are prompting the demand of the market. In Addition, the emerging markets in different regions are to offer opportunities for players to enter the Patient Monitoring market.
Key Challenges
However, the risks associated with invasive monitoring devices like air embolism formation, infections, occlusion, and thrombosis are hindering the overall demand and growth of the global patient monitoring market. The dearth of skilled persons in operating the devices is challenging market developers.
This research report on the Global Patient Monitoring Market has been segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2024.
Patient Monitoring Market -By Application:
On the basis of application, the neuromonitoring devices are segmented into EEG machines, MEG systems, EMG machines, ICP monitors, TCD machines, and cerebral oximeters. EEG machines is the segment to account for the largest share of the neuromonitoring devices market in 2018 and are expected to maintain this trend during the forecast period. This is due to the growing incidence and prevalence of neurological disorders, increasing research and development in cerebral and spinal disorders, and the increasing number of EEG Labs and sleep centers.
The respiratory monitoring devices are sub-divided into pulse oximeters, capnographs, spirometers, and peak flow meters. During the forecast period, the capnographs segment is anticipated to show the highest growth rate. This is mainly due to their compulsory anesthesia provision of these instruments and the patients & respiratory condition monitoring in ICUs.
Patient Monitoring Market -By Region:
North America accounted for the highest share in 2018. 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 favorable and promising region for patient monitoring devices in the coming few years. It is projected to grow at the highest CAGR over the forecast period. The improved purchasing power of patients and a 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 reimbursement policies and the high cost of Patient Monitoring systems are inhibiting the growth of the market.
Companies leading the Global Patient Monitoring Market profiled in the report are
Recent Market Developments:
In Early 2015, Roche and Qualcomm announced the collaboration of Qualcomm Life, Inc and Roche. This is a strategic move to innovate and improve the remote monitoring and ensuring proper management of patients suffering from chronic diseases. Together, the organizations plan to advance the management of clinical care using linked therapy to further improve the quality of treatment, increase efficiency and promote patient involvement in maintaining their health.
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Application
5.1.1 Neuromonitoring Devices
5.1.1.1 Electroencephalograph (EEG)
5.1.1.2 Transcranial Doppler (TCD)
5.1.1.3 Magnetoencephalograph (MEG)
5.1.1.4 Cerebral Oximeters
5.1.1.5 Intracranial Pressure Monitors (ICP)
5.1.2 Hemodynamic Monitoring Devices
5.1.2.1 Blood Pressure Monitors
5.1.2.2 Blood Glucose Monitors
5.1.2.3 Blood Gas and Electrolyte Analyzers
5.1.2.4 Cholesterol Analyzers
5.1.3 Cardiac Monitoring Devices
5.1.3.1 Electrocardiogram (ECG)
5.1.3.2 Event Monitors
5.1.3.3 Implantable Loop Recorder (ILR)
5.1.3.4 Cardiac Output Monitoring Devices
5.1.4 Fetal and neonatal Monitoring Devices
5.1.4.1 Ultra Sound Fetal Dopplers
5.1.4.2 Internal Fetal Monitors
5.1.5 Respiratory Monitoring Devices
5.1.5.1 Capnographs
5.1.5.2 Spirometers
5.1.5.3 Anesthesia Monitors
5.1.5.4 Sleep Apnea Monitoring Devices
5.1.5.5 Pulse Oximeters
5.1.6 Multi-Parameter Monitoring Devices
5.1.6.1 High-Acuity Monitors
5.1.6.2 Mid-Acuity Monitors
5.1.6.3 Low-Acuity Monitors
5.1.7 Temperature Monitoring Devices
5.1.8 Weight Monitoring Devices
5.1.9 Remote Patient Monitoring Devices
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Abbott Laboratories
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Drager Medical GmbH
8.3 GE Healthcare
8.4 Johnson & Johnson Inc
8.5 Masimo Corporation
8.6 Medtronic
8.7 Omron Healthcare
8.8 Mindray Medical
8.9 Mortara Instrument Inc
8.10 Nonin Medical
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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