Patient Monitoring Equipment Market to Grow at CAGR of 5.8% | Top Performing Key Players: Abbott Laboratories, Roche Diagnostics, Siemens Healthcare, GE Healthcare, Medtronic, Philips Healthcare, BioTelemetry

Global Patient Monitoring Equipment Market Highlights
The patient monitoring equipment market is expected to register a CAGR of 5.8% during the forecast period of 2018-2023. North America dominates the global market due to rapid technological advances

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Increasing Geriatric Population
According to the report, “An Aging World: 2015”, 8.5% of people worldwide are aged 65, and the number will grow to nearly 17% of the world’s population by 2050. The growth in the geriatric population will directly increase the growth of chronic diseases and thus, is creating many health challenges. US population aged 65 and over is projected to double over the next decade, from 48 million to 88 million by 2050.
Additionally, rising incidence of chronic diseases, growing preference for home and remote monitoring, and ease-of-use and portability of devices to encourage adoption of point-of-care monitoring devices are some factors responsible for the growth of patient monitoring equipment market.

Key Developments in the Market
• November 2017: Telecare, a division of Biotelemetry Inc. collaborated with Onduo in Diabetes Management Plan.
• July 2017: BioTelemetry, Inc. acquired LifeWatch AG to enhance its position in wireless medicine.

Key Players:
The major players include Abbott Laboratories, Roche Diagnostics, Siemens Healthcare, GE Healthcare, Medtronic PLC, Philips Healthcare, BioTelemetry, Inc., Nihon Kohden Corporation, Omron Corporation, and Honeywell International, Inc., among others.

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High Cost of Technology
Patient monitoring devices continue to be an important method of care by physicians and other healthcare professionals. However, a major factor that is hindering the growth of this market is the high cost associated with the technology. It is estimated that in the United States there was 6% annual increase in healthcare costs in 2017 due to new health technology. This shows that high cost is associated with innovative technology, hence the adoption of such technology becomes difficult, hindering the growth of the market.
Additionally, stringent government regulation is also hindering the growth of the global patient monitoring equipment market.

North America Dominates the Market
North America is dominating the market due to the increasing adoption of technology, surging geriatric population, and demand for wireless multi-parameter home use monitors. Asia-Pacific is set to register the highest CAGR in the future.

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This release was published on openPR.