The Global Patient Monitoring Equipment Market is expected to be valued at $500 billion US dollars in 2022 from $392 billion in 2016. Increased investments in research and development, a higher demand for quality treatment, an aging population and changes in the regulatory environment are all factors that are expected to drive the growth of this market. Patient monitoring devices are used to describe any device that monitors the health of patients. These devices include patient monitors, patient portals, clinical measurement systems, clinical decision support systems, fetal maternal monitors, wireless monitoring, surveillance and networking, and cable-free measurements.
Factors Fueling the Growth of the Global Patient Monitoring Equipment Market
There are a variety of factors that are expected to boost the growth of the patient monitoring equipment market on a global scale.
It is projected that the increase in size of the aging population will largely contribute to the augmentation of this market. As people age, they are at risk for developing health conditions that require monitoring; for example, type 2 diabetes, high blood pressure and cardiac conditions, for example.
An increased rise in chronic diseases is also expected to boost the growth of the patient monitoring equipment market on a global scale. Moreover, it is also believed that a greater demand for home based monitoring devices will also boost the value of this market. The aging population and those who have chronic diseases prefer to receive care in their homes instead of in a hospital or other medical setting, which has lead to the increased need for home based monitoring devices.
Another factor that is expected to drive the growth of the global patient monitoring market is the desire to contain average cost of healthcare. These devices can help to bring down the expenditure of healthcare, as they make it easier for patients and medical professionals to keep track of health concerns and provide rapid and more improved treatment, thus reducing the amount of money that will have to be spent on the treatment and care of certain medical conditions.
Factors Inhibiting the Growth of the Global Patient Monitoring Equipment Market
Though the patient monitoring equipment market is expected to experience significant growth during the forecasted time period, there are factors that could inhibit its growth, preventing it from reaching its fullest potential. The biggest factor that will pose challenges for this market is the resistance of healthcare professionals regarding the adoption of patient monitoring systems. Moreover, a lack of a proper reimbursement policy, as well as stringent regulations will also prevent the market from reaching its fullest potential.
Global Patient Monitoring Equipment Market – Largest Market Share
The device that is expected to contribute to the growth of the global patient monitoring equipment market is cardiac monitoring devices. These monitoring devices currently hold the largest share of the market in regard to sales and revenue within product segmentation during the forecasted time period.
Heightened growth in cardio vascular disease is expected to significantly fuel the overall growth of the patient monitoring equipment market on a global scale. As more patients develop heart disease, an increased demand for cardiac monitoring devices. An estimated 17.7 million people perished worldwide as a result of cardio vascular diseases. Patient monitoring devices could lower the incidence of death as a result of heart-related conditions.
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Global Patient Monitoring Market Growth Per Region
The largest market share for the global patient monitoring market belonged to the Americas in the year 2016. This region will continue to dominate the market in the coming years. The increasing adoption of patient monitoring devices by the healthcare industry and the continued advancements in technology have fueled the growth of this market in the Americas, and is expected to continue contributing augmentation of the market in this region.
While the Americas are expected to dominate the market, it is believed that Asia Pacific will experience the fasted rate of growth in the forecasted time period in regard to volume and revenue. A high population base, the increased prevalence of chronic diseases, including cancer and diabetes, the growing middle class population, an increase in per capita income, a high expenditure in healthcare and an increase in the size of the aging population are all factors that are expected to allow for such rapid growth in the patient monitoring equipment market in this region.
China and India are the most lucrative locations for investments in the patient monitoring market. Combined, these two countries account for more than 55 percent of the population of the Asia Pacific region. Furthermore, the expenditure in healthcare in these countries is expected to increase by an estimated 9 percent per year, on average. Other lucrative markets for patient monitoring equipment include South Korea, Japan, Vietnam, Bangladesh, and Thailand.
Growth of the Global Patient Monitoring Equipment Market by End User
It is predicted that the following end users will contribute the most to the increased value and growth of the global patient monitoring equipment market:
- Hospitals and clinics
- Authorized service centers
The hospitals and clinics segment was responsible for the greatest portion of the market share in 2016. It is projected that this segment will continue to lead the market in the coming years. Because hospitals and clinics purchase the largest amount of medical products, including patient monitoring devices, this segment is typically preferred among patients.
Key Vendors and Competitive Landscape for the Global Patient Monitoring Equipment Market
The patient monitoring equipment market is very competitive and highly diversified across the globe. This is due to the existence of a high amount of local and international vendors worldwide. These vendors are constantly increasing their focus on research and development in order to gain a competitive edge.
The most notable key vendors in the patient monitoring market include GE Healthcare, Philips Healthcare, Medtronic and Smiths Medical. Other vendors that contribute to this market include Advanced Brain Monitoring, Abbot Laboratories, ATHENA GTX, Braun and Company, CAS Medical Systems, GTX and CareTaker Medical.