Press release
Patient Monitoring Devices Market Anticipated to Reach 32 billion by 2025 With the Key Players Siemens AG, General Electric Company, Nihon Kohden, Omron Healthcare, Inc., Abbott Laboratories Inc., F. Hoffmann-La Roche Ltd, Koninklijke Philips N.V., Medtro
Patient Monitoring Devices Market
Competitive Insights:
Some of the major players operating in this market are, Siemens AG, General Electric Company, Nihon Kohden, Omron Healthcare, Inc., Abbott Laboratories Inc., F. Hoffmann-La Roche Ltd, Koninklijke Philips N.V., Medtronic plc, BIOTRONIK SE & Co. KG, Masimo Corporation, Johnson & Johnson Services, Inc., LifeWatch AG (acquired by BioTelemetry, Inc.) and Smiths Medical (a part of Smiths Group plc).
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Industry Outlook
The global Patient Monitoring Market is expected to be around $32 billion by 2025. Some of the major factors driving the market growth are, increasing prevalence of geriatric population around the world, rise in prevalence of different chronic diseases such as diabetes, stroke, cancer and heart diseases and development and innovation in technologically advanced patient monitoring devices. According to the 2015 World Aging Population report by the UN, between 2015 and 2030, the global population aged 60 years and over is expected to grow by 56% from 901 million to 1.4 billion. This number is projected to rise up to 2.1 billion by 2050. With such significant rise in older population worldwide, the demand for advanced patient monitoring devices is set to rapidly increase over the forecast period. However, dearth of skilled and trained professionals to operate sophisticated monitoring devices is expected to hinder the market growth during the forecast period.
Market Segmentation
Patient Monitoring Devices Market -Product Outlook
In 2016, cardiac monitoring devices segment held a major share of the global patient monitoring devices owing to increasing incidence of cardiovascular disorders around the world. According to the heart disease and stroke statistics published by American Heart Association in 2017, around 92.1 million American adults are suffering from some form of cardiovascular disorder or are affected by the after effects of a stroke. The report further states that in the U.S., heart diseases account for one in every seven deaths. With such high incidence of cardiovascular disorders, the demand for cardiac monitoring devices will favorably increase in coming years thus contributing to the overall market growth.
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Regional Trend Analysis
North America dominated the global patient monitoring devices market in 2016 by holding a major market share due to factors such as increasing geriatric population, rising incidence of lifestyle diseases and availability of advanced healthcare infrastructure in the region. Asia-Pacific patient monitoring devices market is expected to witness promising growth between 2017 and 2025 owing to the prevalence of unmet medical needs in the region and increasing awareness related to the advantages of patient monitoring devices. With increasing disposable income in countries such as China and India, the demand for patient monitoring devices is expected to significantly increase in coming years in the Asia-Pacific region.
Market Opportunities
The key opportunity for the players in the global patient monitoring market lies in product development and strategic acquisitions in order to gain a competitive advantage over other players in the industry and sustain at their position in the market. With acquisitions, companies can strengthen their existing product portfolio and expand their presence in new marketplaces.
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