Patient monitoring systems with advanced features, especially wireless or remote capability are among the fastest growing medical devices. The aging population and the associated increases in diseases such as congestive heart disease and diabetes as well as the cost of treating those conditions is driving sales of these devices. Use of new patient monitoring technologies can result in a need for fewer personnel, increased coverage by existing personnel and a reduction in errors and are expected to lead to better patient care and the recognition of serious health problems before they become an issue.
European Patient Monitoring systems is valued as a 6.58 billion USD market in 2016 and is expected to become a $9.27 billion market by the end of 2021 and is expected to grow at a CAGR of 5.87%
The market is basically segmented into different categories namely on the basis of the target parameter, the device used and on the basis of geography. The target parameter sector can be segmented into categories like Cardiac, Hemodynamic, Respiratory, Blood Glucose monitoring, Neurological and Child birth monitoring. The device sector can be divided into categories such as Care ports, Monitors, Networking and Wireless Parameters.
The geographical analysis and forecasting is available for the following regions:
The largest market share in the world is occupied by North America. The primary growth driver for North America is the rapid aging population and the increase in the chronic disease population at a good speed. Followed by North America is Europe which holds the second largest markets share, but the future growth is expected to be minimum. APAC is the region to look out for in the near future. This is due to the improved economic conditions which are driving the market.
The major drivers for this market growth are lack of skilled healthcare professionals, increase in the chronic disease population and the need to contain hospital expenses.
The major limitations are lack of reimbursement, regulatory framework issues and resistance to use IT by healthcare professionals.
The major players in this market are Coviden, Phillips, Roche, Schiller AG.