Global Patient Monitoring Solutions Market: Focus on Products, Applications, End-user, Countries Data, Industry Insights and Competitive Landscape - Analysis and Forecast, 2019-2028
Key Questions Answered in the Report:
What are the major market drivers, challenges, and opportunities in the global patient monitoring solutions market?
What is the global patient monitoring solutions market size in terms of revenue from 2018-2028?
How is each segment of the global patient monitoring solutions market expected to grow during the forecast period and what is the revenue expected to be generated by each of the segments by the end of 2028?
What are the key development strategies implemented by the key major players to sustain in the competitive market?
What is the growth potential of the patient monitoring solutions market in each region, namely, North America, Europe, Asia-Pacific, and the Rest-of-the-World?
Which products (hemodynamic, cardiac, respiratory, and neuromonitoring devices) are offered by key players such as GE Healthcare, Medtronic plc, Biotronik Scientific Corporation, Koninklijke Philips N.V., and Johnson & Johnson?
What is the market share of major companies in the global patient monitoring solutions market?
Which product is currently dominating the global patient monitoring solutions market and why?
Which application and end-user of the global patient monitoring solutions market is dominant in the forecast period?
Global Patient Monitoring Solutions Market Forecast, 2019-2028
The Global Patient Monitoring Solutions Market report by BIS Research projects the market to grow at a significant CAGR of 6.50% during the forecast period from 2019 to 2028. The market has evolved dramatically with the rise in adoption rate of remote monitoring devices, increasing number of geriatric populations, and growing prevalence of chronic diseases. Despite the benefits offered by the patient monitoring technology, the major challenges in the market are high cost of technology, risks associated with monitoring devices and lack of security of patient data and health information safety concerns. Some of the major opportunities for the key vendors in the market could be growing demand for monitoring devices from in non-hospital settings and growing investments in healthcare IT.
“North America is the leading contributor to the global patient monitoring solutions market. In 2018, in terms of revenue, the North America patient monitoring solutions market is anticipated to grow at a significant CAGR during the forecast period. This double-digit growth can be attributed to the rising demand for home-based monitoring devices and increasing investment in healthcare IT. However, Asia-Pacific is the fastest-growing region during the forecast period, because of the rising prevalence of chronic diseases such as diabetes, and hypertension and rising demand for home-based monitoring devices.”
Scope of the Global Patient Monitoring Solutions Market
The purpose of this study is to gain a holistic view of the global patient monitoring solutions market in terms of various influencing factors such as regional adoption trends, and technological advancements.
The scope of this report constitutes an in-depth study of the global patient monitoring solutions market, including a thorough analysis of the products in the market as well as their adoption spanning different geographical regions. The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well-informed strategic decisions. The research uncovers some of the substantial parameters that must be taken into consideration before entering the market.
The global patient monitoring solutions market is segmented based on products (hemodynamic, cardiac, neuromonitoring, respiratory, diabetes, and temperature monitoring device), applications (hematology, cardiology, respiratory, neurology, metabolics, and temperature), and end-user (hospital-based patients, ambulatory based patients, and home healthcare patients), and region (North America, Europe, Asia-Pacific, and Rest-of-the-World (Latin America and Middle East & Africa).
As of 2018, the global patient monitoring solutions market was estimated to be approximately $19.30 billion and is expected to grow with a double-digit CAGR during the forecast period. North America dominated the patient monitoring solutions market among other regions.
Factors contributing to the growth of the North America patient monitoring solutions market include rising demand for home-based monitoring devices and increasing investment in healthcare IT. Asia-Pacific held the second largest contributor for the patient monitoring solutions market, due to the increasing prevalence of chronic conditions such as diabetes and hypertension and rising demand for home-based monitoring devices.
By Product, cardiac monitoring device held 24.62% of the total market share in 2018 and is expected to grow in the upcoming years. The growth in the segment can be attributed to the availability of blood pressure measuring devices in the hospitals, coupled with other factors.
By applications, hematology segment held the largest market share followed by cardiology segment in 2018. By End-User, the hospital-based patients’ segment is however expected to dominate the market attributing to the patients undergo surgery in the hospitals and hence they need continuous monitoring of the vital signs and their disease condition. Therefore, increasing usage of monitoring devices to the hospital-based patients.
Key Companies in the Global Patient Monitoring Solutions Market
The report also profiles 19 key players from the patient monitoring solutions market. Some of the market players include primary and secondary data analysis tools providers such as Medtronic plc, Koninklijke Philips N.V., Abbott Laboratories, F. Hoffmann-La Roche AG, General Electric Company, Omron Corporation, Nihon Kohden Corporation, Boston Scientific Corporation, and Biotronik. There are a plethora of companies providing different products such as Medtronic plc, Natus Medical, and Drägerwerk AG & Co. KGaA.
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