Global Patient Monitoring Equipment Market - Segmented by Type of Device, Target Area, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The patient monitoring equipment market is expected to register a CAGR of 5.8% during the forecast period of 2018–2023. North America dominates the global market due to rapid technological advances
Increasing Geriatric Population
According to the report, “An Aging World: 2015”, 8.5% of people worldwide are aged 65, and the number will grow to nearly 17% of the world’s population by 2050. The growth in the geriatric population will directly increase the growth of chronic diseases and thus, is creating many health challenges. US population aged 65 and over is projected to double over the next decade, from 48 million to 88 million by 2050.
Additionally, rising incidence of chronic diseases, growing preference for home and remote monitoring, and ease-of-use and portability of devices to encourage adoption of point-of-care monitoring devices are some factors responsible for the growth of patient monitoring equipment market.
High Cost of Technology
Patient monitoring devices continue to be an important method of care by physicians and other healthcare professionals. However, a major factor that is hindering the growth of this market is the high cost associated with the technology. It is estimated that in the United States there was 6% annual increase in healthcare costs in 2017 due to new health technology. This shows that high cost is associated with innovative technology, hence the adoption of such technology becomes difficult, hindering the growth of the market.
Additionally, stringent government regulation is also hindering the growth of the global patient monitoring equipment market.
North America Dominates the Market
North America is dominating the market due to the increasing adoption of technology, surging geriatric population, and demand for wireless multi-parameter home use monitors. Asia-Pacific is set to register the highest CAGR in the future.
Key Developments in the Market
- November 2017: Telecare, a division of Biotelemetry Inc. collaborated with Onduo in Diabetes Management Plan.
- July 2017: BioTelemetry, Inc. acquired LifeWatch AG to enhance its position in wireless medicine.
The major players include Abbott Laboratories, Roche Diagnostics, Siemens Healthcare, GE Healthcare, Medtronic PLC, Philips Healthcare, BioTelemetry, Inc., Nihon Kohden Corporation, Omron Corporation, and Honeywell International, Inc., among others.
Reasons to Purchase the Report
- Follow the current and future patient monitoring market in the developed and emerging markets.
- Analyzing various perspectives of the market with the help of Porter’s
- Five Forces Analysis.
- Identify the segment that is expected to dominate the market.
- Identify the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3-month analyst support along with the Market Estimate sheet (in Excel).
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- 1. Introduction
- 1.1 Market Definition
- 2. Research Methodology
- 3. Executive Summary
- 4. Key Inferences
- 5. Market Overview
- 5.1 Current Market Scenario
- 5.2 Porters Five Forces Analysis
- 5.2.1 Bargaining Power of Suppliers
- 5.2.2 Bargaining Power of Consumers
- 5.2.3 Threat of New Entrants
- 5.2.4 Threat of Substitute Products and Services
- 5.2.5 Competitive Rivalry within the Industry
- 6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
- 6.1 Drivers
- 6.1.1 Increasing Geriatric Population
- 6.1.2 Rising Incidence of Chronic Diseases
- 6.1.3 Growing Preference for Home and Remote Monitoring
- 6.1.4 Ease-of-use and Portability of Devices to Encourage Adoption of Point-of-care Monitoring Devices
- 6.2 Restraints
- 6.2.1 High Cost of Technology
- 6.2.2 Stringent Government Regulations
- 6.3 Opportunities
- 6.4 Key Challenges
- 7. Market Segmentation
- 7.1 By Type of Device
- 7.1.1 Hemodynamic Monitoring Devices
- 7.1.2 Neuromonitoring Devices
- 7.1.3 Cardiac Monitoring Devices
- 7.1.4 Fetal and Neonatal Monitoring Devices
- 7.1.5 Respiratory Monitoring Devices
- 7.1.6 Multi-parameter Monitoring Devices
- 7.1.7 Remote Patient Monitoring Devices
- 7.1.8 Weight Monitoring Devices
- 7.1.9 Temperature Monitoring Devices
- 7.2 By Target Area
- 7.2.1 Cardiology
- 7.2.2 Neurology
- 7.2.3 Respiratory
- 7.2.4 Fetal & Neonatal
- 7.2.5 Weight Monitoring
- 7.2.6 Temperature Monitoring
- 7.2.7 Remote Monitoring
- 7.2.8 Others
- 7.3 By End User
- 7.3.1 Home Healthcare
- 7.3.2 Clinics
- 7.3.3 Hospitals
- 7.3.4 Others
- 7.4 By Geography
- 7.4.1 North America
- 22.214.171.124 United States
- 126.96.36.199 Canada
- 188.8.131.52 Mexico
- 184.108.40.206 Rest of North America
- 7.4.2 Europe
- 220.127.116.11 France
- 18.104.22.168 Germany
- 22.214.171.124 United Kingdom
- 126.96.36.199 Italy
- 188.8.131.52 Spain
- 184.108.40.206 Rest of Europe
- 7.4.3 Asia-Pacific
- 220.127.116.11 China
- 18.104.22.168 Japan
- 22.214.171.124 India
- 126.96.36.199 Australia & New Zealand
- 188.8.131.52 South Korea
- 184.108.40.206 Rest of Asia-Pacific
- 7.4.4 Middle East & Africa
- 220.127.116.11 GCC
- 18.104.22.168 South Africa
- 22.214.171.124 Rest of Middle East & Africa
- 7.4.5 South America
- 126.96.36.199 Brazil
- 188.8.131.52 Argentina
- 184.108.40.206 Rest of South America
- 8. Competitive Landscape
- 8.1 Mergers & Acquisition Analysis
- 8.2 Agreements, Collaborations & Partnerships
- 8.3 New Products Launches
- 9. Key Players
- 9.1 Abbott Laboratories
- 9.2 Biotelemetry Inc.
- 9.3 GE Healthcare
- 9.4 Honeywell International, Inc.
- 9.5 Medtronic PLC
- 9.6 Nihon Kohden Corporation
- 9.7 Omron Corporation
- 9.8 Philips Healthcare
- 9.9 Roche Diagnostics
- 9.10 Siemens Healthcare
- *List Not Exhaustive
- 10. Future Outlook of the Market