A report from Global Market Insights Inc., a global market research and consulting service provider, predicts strong growth in the global patient monitor market.
The global patient monitoring devices market will surpass $27 billion by 2025, according to a report by Global Market Insights Inc. The report states that a growing preference for advanced patient monitoring devices across the globe will positively influence the industry’s growth in coming years.
The report says one reason for growth includes digitalization in patient monitors that has helped doctors maintain a record of a patient’s vital parameters throughout treatment resulting in reduced mortality rates. Also, automation in patient monitors have reduced the requirement of skilled staff to operate the devices and as a result are reducing overall operational costs.
Increased awareness pertaining to availability of advanced patient monitoring systems in developing and underdeveloped countries will propel business growth, the report adds. The governments of developing economies such as India and China are implementing initiatives and conducting campaigns to raise awareness pertaining to the availability of superior quality monitoring devices.
Furthermore, industry players are promoting the benefits of advanced patient monitoring devices. However, the high cost of patient monitors may hamper market growth.
The respiratory monitoring devices segment accounted for more than $1 billion in 2018 and it will grow substantially in coming years, according to the report. Recently developed respiratory monitoring devices provide a multi connectivity option that assists in delivering the right amount of oxygen. It also identifies pulse and respiration rate accurately. Moreover, respiratory monitoring devices store patients’ information enabling clinicians to detect complications that may occur during treatment. Additionally, alert mechanism and real-time detection assists doctors to provide efficient treatments to patients. These aforementioned factors will trigger market growth, according to the report.
The global market will see growth in more than one region, but the Asia Pacific segment is predicted to achieve a significant compound annual growth rate (CAGR) up to 2025. The growth is supported by a rising awareness regarding the availability of wearable monitoring devices.
The North America patient monitoring devices market share is anticipated to witness more than 4% growth in the forthcoming future, according to the report. Factors such as sedentary lifestyle, consumption of junk food and lack of exercise have boosted incidences of chronic conditions such as cardiovascular diseases and endocrine disorders due to rise in cholesterol levels. This scenario proves beneficial for the industry growth as it increases the demand for the patient monitors required for continuous monitoring of vital parameters, the report states. Moreover, the growing elderly population has a preference toward remote patient monitoring devices due to convenience and that should elevate the regional market growth.
The ambulatory surgical centers (ASCs) segment was valued around $4 billion in 2018. Its considerable revenue size is attributable to advantages offered by ASCs such as low-cost minimally invasive surgeries and a reduced length of patient stay. Thus, a large number of outpatient surgeries are performed that should increase the demand for patient monitoring devices and boost the segmental growth.
Technological advances continue to fuel growth. The wireless patient monitoring devices segment of the market is anticipated to witness more than 5% CAGR throughout the forecast time frame, according to the report. Advanced remote patient monitoring techniques assist doctors to examine multiple patients simultaneously. Also, health care professionals can observe patients from rural areas that often do not have a health care facility near by. Thus, the demand for wireless monitoring devices will increase, according to the report.