Patient Monitoring Market Overview
Patient Monitoring Systems allow efficient healthcare delivery to patients outside conventional hospital or clinical settings, by transmitting real-time patient information for clinical review which enables decrease the mortality rates and facilitate efficient use of medical resources. These monitoring systems also help in avoiding emergency overcrowding by managing large number of patients and enhance maintenance of electronic health records (EHR). Recently the market has gained immense focus due to the government measures to cut down hospital expenditures and lower hospital stays.
- Availability of wireless monitoring devices
- Increasing incidence of lifestyle and chronic diseases
- Rising demand for patient monitoring devices in non-hospital settings
- Rising markets
Patient Monitoring Market Forecast Report (2018-2023)
Patient Monitoring Market worth is estimated at USD 26.08 Billion in 2018 and is reach to reach USD 37.44 Billion by 2023 at a CAGR of 7.5%.
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Patient Monitoring Market Segmentation
The Global Patient monitoring market is classified on the basis of disease condition like neurology, hemodynamic, respiratory, cardiac, fetal and neonatal, multiparameter, remote patient monitors, temperature and weight monitoring systems.
Cardiac monitoring segment occupies the large share in global patient monitoring market and is predicted to maintain its large share till 2023. The respiratory monitoring segment is estimated to be the highest growing during the forecast period. This is due to growing demand for ECG (Electro Cardiogram) devices and increased rate of cardiac and other comorbid diseases such as diabetes and high blood pressure.
Furthermore, on the basis of geography, the market is classified under various regions as North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa. North America accounted for the large share in 2018. The main factors backing the growth of the market in this region are the aging population and increased lifestyle diseases, which are further serving the overall prevalence of chronic diseases followed by the Europe. However, the growth in these regions is supposed to be slow in the forecast period due to factors such as decreasing birth rates, irregular reimbursement policies and decreased number of beds in hospitals.
Key Developments in the Market
- December 2017 – The Roche and Ignyta reached a definitive merger agreement.
Some of the main players in the Global Patient Monitoring market are
- Abbott Laboratories
- Medical GmbH
- GE Healthcare
- Johnson & Johnson Inc.
- Masimo Corporation
- Mindray Medical
- Mortara Instrument Inc.
- Nihon Kohden
- Nonin Medical
- Omron Healthcare
- Philips Healthcare
- Roche Diagnostics Limited
- Welch Allyn.
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