What's driving the Patient Monitoring Devices Market Size? Fukuda, Philips, Skanray Technologies, Medion Healthcare, Siemens Healthineers, Nihon Kohden, GE Healthcare, Epsimed, OSI Systems, Sensata Technologies, Mindray, Hill-Rom Holdings and Medtronic
Wireless segment is anticipated to witness more than 5% growth over the forecast period. Substantial growth can be attributed to rising preference for tele health solutions due to efficient monitoring provided through wireless remote patient monitoring devices. Moreover, elderly people prefer therapies in homecare settings. Also, remote patient monitoring devices can monitor patients residing in rural areas with limited access to healthcare services. Aforementioned factors coupled with enhanced patient engagement through remote patient monitoring devices will increase its demand, thereby fueling segment growth over the forecast timeframe.
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Some of the notable industry players operational in the patient monitoring devices market are Fukuda, Philips, Skanray Technologies, Medion Healthcare, Siemens Healthineers, Nihon Kohden, GE Healthcare, Epsimed, OSI Systems, Sensata Technologies, Mindray, Hill-Rom Holdings and Medtronic. These key players adopt several strategic initiatives that help them in maintaining their market position.
Patient Monitoring Devices Market will exceed USD 27 billion by 2025; as per a new research report. Growing number hospital admissions due to increasing prevalence of chronic diseases will prove beneficial for patient monitoring devices market growth in coming years. Elderly people suffering from chronic diseases are admitted in hospitals for prolonged duration and require continuous monitoring on various parameters. Monitoring devices enable doctors to monitor multiple patients on numerous parameters through central surveillance systems. Thus, availability of efficient patient monitoring devices for managing patients? health escalates demand thereby fostering the patient monitoring devices market growth throughout forecast period.
Hospitals segment accounted for more than 41% revenue share in 2018 and it will witness substantial growth over the analysis period. Public hospitals in both developed and developing economies receive funds from government for installation of patient monitoring equipment. Government funds ensures availability of superior quality monitoring equipment in the public hospitals. Thus, government initiatives along with increasing number of hospital admissions should augment segmental growth in forthcoming years.
Europe patient monitoring devices market was valued around USD 5 billion in 2018 and will witness substantial growth in coming years. Increasing number of baby boomers susceptible to chronic diseases in Europe region will positively impact the demand for patient monitoring devices. Elderly population relies on telehealth services provided by remote patient monitors devices. Moreover, positive regulatory scenario the industry should escalate the regional growth in forthcoming years.
For instance, in May 2018, Skanray Technologies launched TruSKAN Series of multi parameter patient monitoring device. This devices has ability to monitor SpO2, NIBO, capnography, two-channel IBP, ECG, temperature, respiration and arrhythmia detection. Such product launches will help company to capture higher revenue share.
Technological advancements will positively impact the patient monitoring devices market growth over the analysis period. Automations in these devices and screen touch facility has escalated operational ease for physicians. Additionally, advent of portable monitoring devices has dramatically improved the care in remote areas. Technological advancements have further lowered the mortality rates in patients suffering from chronic diseases, thereby positively influencing the industry growth. However, high cost of patient monitoring devices may hinder industry growth to some extent.
Anesthesia monitor segment was valued around USD 1 billion in 2018 and it will witness lucrative growth in forthcoming future. Increasing surgical procedures across the globe will prove beneficial for the business growth. Anesthesia monitors are used during operations to track patient?s vital signs such as blood pressure, oxygen saturation and temperature. Additionally, anesthesia patient monitoring devices are installed in recovery room to monitor real time data of patients requiring critical care. Thus, increasing number of surgical procedures requiring critical monitoring of vital parameters will rise the demand for anesthesia monitoring devices thereby escalating the segment growth.
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