Patient Monitoring Systems Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018 to 2028
Patient monitoring systems are critical monitoring systems used to monitor physiological signals. These systems monitor physiological signs such as respiration, invasive and non-invasive blood pressure, electrocardiograph, body temperature, oxygen saturation in human blood and other gases. Patient monitoring systems can be considered as a part of mobile health technology or can also be named ‘M-health technology’. Patient monitoring systems can be used remotely or onsite. They are used in various conditions such as unstable physiological regulatory systems or life threatening conditions. Moreover, patient monitoring systems are also used in a critical physiological state.
Patient monitoring systems were first used in 1652 to measure the blood pressure and monitor the body temperature of patients; thus, patient monitoring systems are not new in healthcare. They help avoid the inconvenience caused to critical patients. Advanced patient monitoring systems facilitate real-time audio and video services as they include sophisticated peripherals. Moreover, with the help of advanced patient monitoring systems, connectivity can be established between medical professionals and patients by using wireless technologies such as cellular networks and WLAN (Wireless Local Area Network).
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Global Patient Monitoring Systems Market: Drivers and Challenges
The increasing number of patients with diseases such as congestive heart diseases, diabetes, cancer and others is the key factor driving the growth of the patient monitoring systems market. Another factor driving the growth of the patient monitoring systems market is that these systems deliver fast, reliable and low cost consulting of diseases as compared to conventional consulting. Advanced remote patient monitoring systems reduce the travelling costs and expenses of hospital admission, which is one of the major factors driving the growth of the patient monitoring systems market. Furthermore, advanced patient monitoring systems help medical personnel monitor numerous patients simultaneously from one location.
Healthcare professionals are reluctant towards the adoption of new technologies, which is one of the major factors restraining the growth of the patient monitoring systems market. Moreover, lack of reliability is another factor restraining the growth of the patient monitoring systems market as there can be variations in accuracy with error margins.
Global Patient Monitoring Systems Market: Competition Landscape
Examples of some of the market participants in the global patient monitoring systems market identified across the value chain include Abbott Laboratories, Phillips Healthcare, Biotelemetry Inc., Drager Medical GmbH, GE Healthcare, Honeywell International, Inc., Omron Corporation, Medtronic PLC, Covidien Ltd, Nihon Kohden Corporation, Omron Corporation, Siemens Healthcare and Roche Holding AG.
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On September 2016, Qualcomm Life and Philips collaborated to make tele-health more reliable. This collaboration enabled both companies to offer care providers scalable, enhanced and connected care solutions.
Global Patient Monitoring Systems Market: Regional Outlook
The patient monitoring systems market can be segmented into North America, Latin America, Europe, CIS & Russia, Japan, APEJ, and Middle East & Africa.
North America is anticipated to hold the largest market share in the patient monitoring systems market, owing to the presence of high-quality healthcare infrastructure in the region. The region is expected to remain dominant in the coming years, owing to the high investments in the healthcare sector. APEJ possesses high potential for market growth due to the increasing purchasing power of countries and rise in the geriatric population. Moreover, the increasing use of patient monitoring systems in countries such as China and Japan has led to rapid developments in the market.
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The report is a compilation of first-hand information, qualitative & quantitative assessment by industry analysts as well as inputs from industry experts & industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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