Patient Monitoring System Market Insights: Growth Factors, Market Drivers, Segmentations, Key Players, Analysis & Forecast by 2028
The increasing number of patients in hospitals are making it difficult for doctors and nurses to monitor all the patients at same time and this is one of the key factors driving the growth of patient monitoring system market. The patient monitoring system is used for monitoring critical conditions and diseases such as ECG, EEG, Oxygen saturation in human blood (SpO2), temperature of body, and others. Monitoring of these parameters is performed at hospitals, or home. The adoption of patient monitoring system is increasing as the technological advancements in these systems is making it easier to use. Moreover, the fact that patient monitoring system helps the doctors, nurses, and other hospital staffs to monitor the vital signs of patients on real time basis is accelerating the adoption of patient monitoring systems. The other benefits of patient monitoring systems such as less requirement of workforce as the monitoring is performed using connected devices reduces the operational expenditure for hospitals as well as home. Furthermore, the demand for patient monitoring system is increasing due to increasing chronic diseases due to ageing population.
Wireless Monitoring Devices are Gaining Traction
Product innovation is one of the key strategies followed by patient monitoring system manufacturers. The availability of wireless monitoring devices is expected to be one of the prime factors fuelling the growth of patient monitoring system. The manufacturers are integrating the patient monitoring system with the wireless devices such as smartphones for improving the end user experience and introducing flexibility in patient monitoring. Moreover, the addition of wireless monitoring system adds the real time data transmission from the system to the connected devices which in turn is propelling the demand for patient monitoring system.
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Contact Free Patient Monitoring is an Upcoming Trend in the Market
With the technological advancements in the patient monitoring system, the ‘contact free patient monitoring’ is expected to be new emerging trend in the global patient monitoring systems market. The leading manufacturers of patient monitoring systems are increasingly investing in research and development process to improve the operational efficiency and create a more technologically advanced patient monitoring system.
For example, EarlySense which is a Israel based manufacturer of patient monitoring system constantly focuses on up gradations in its products by offering technological solutions. The company is one of the dominant players in terms of offering contact free patient monitoring system.
Also, in December 2018, EarlySense partnered with Hill-Rom, one of the leading hospital bed manufacturer and medical technology provider. Through this partnerships, the companies are focusing on integrating contact-free heart rate and respiratory rate sensing and analytics technology from EarlySense into Centrella, which is a Smart+ bed platform from Hill-Rom.
Threats to Confidentiality and Privacy
Due to the technological connectivity in patient monitoring system, the issues such as data breach also increases. The patient monitoring system can store data recorded about patient’s health parameters in the system or over the cloud. Wide range of data such as blood sugar, blood pressure, weight, oxygen level, and others gets stored and maintaining privacy of such data is expected to be a significant challenge for the patient monitoring system.
Patient Monitoring System Market: Competition Landscape
Prominent players involved in the patient monitoring systems market includes Koninklijke Philips N.V., Allengers Medical Systems Ltd., General Electric Company, Avante Health Solutions, Medtronic, Abbott, Dedicated Computing, Nihon Kohden, and EarlySense.
Patient Monitoring System Market: Segmentation
Segmentation of Patient Monitoring System Market on the Basis of Type of System:
Cardiac Monitoring System
Respiratory Monitoring System
Peak Flow Meter
Hematological Monitoring Systems
Segmentation of Patient Monitoring System Market on the Basis of End Use:
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Patient Monitoring System Market: Regional Outlook
Considering the demand for patient monitoring system, the North America region holds significant market share in terms of revenue generation from the sale of patient monitoring system. The rapid adoption of advanced medical solutions from hospitals is accelerating the adoption of patient monitoring system market in this region. Europe is expected to follow North America region in terms of demand for patient monitoring system due to features of patient monitoring system such as central alarm and surveillance system. Moreover, the APEJ region is expected to witness significant CAGR growth rate over forecast period due to increasing healthcare expenditure and increasing healthcare awareness in this region. On the other hand, MEA region is expected to account for moderate market share in terms of demand for patient monitoring system due to increasing focus of hospitals on improving healthcare services.
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