The global patient care monitoring devices market is valued as a USD 8.91 billion market in 2016 and is expected to become a USD 12.58 billion market by the end of 2021, growing at a CAGR of 5.92%.
Global Patient Care Monitoring Devices Market- Market Dynamics
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 are driving sales of these devices. Use of new patient monitoring technologies can result in a need for less 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.
Some of the factors driving the global patient care monitoring devices market are:
Some of the factors acting as restraints to the market are:
The market is segmented on the basis of the device used and geography. The device sector can be divided into categories such as care ports, monitors, networking and wireless parameters. The geographical analysis and forecasting are available for North America, Europe, APAC and Rest of the World.
The largest market share in the world is occupied by North America. The primary growth driver for North America is the rapidly aging population and the increase in the chronic disease population. Following North America is Europe, which holds the second largest market share but the future growth is expected to be low. APAC is the region to look out for in the near future. This is due to the improved economic condition that is driving the market.
Some of the key players in the market are:
Key Deliverables in the Study