Market scenario:
Patient monitoring devices are employed for continuous or non-continuous monitoring of medical parameters, disease condition and vital signs to gauge the condition of the patient. The patient monitoring devices afford early detections and tracking of health of the patient and are thus invaluable as a tracking and recording measures. The global patient monitoring devices market is anticipated to generate a CAGR growth of 8.9 % during the review period ending 2022.
Industry News:
Jan, 2017 - Abbott acquired St. Jude Medical, Inc., for approximate $25 billion creating a global behemoth which is expected to result in price increase due to consolidation. Abbott is expected to benefit from market expansion, diverse product portfolio, diagnostics, and others.
August, 2017 - Royal Philips acquired Spectranetics Corporation a leader in vascular intervention solutions.
November, 2017 - Philips acquired Analytical Informatics, Inc. with an aim of market expansion of Radiology Solutions portfolio.
Market Dynamics:
Drivers
Growing demand generated due to increased number of diseases, population especially the elderly, growing hospitalizations and others are prime drivers of the market. The other factors indirectly propelling the market growth are rising incomes, growing demand for continuous monitoring, growing screening as under the affordable healthcare act and others.
Technological drivers of the market include the growing sensitivity, selectivity and automation of the devices. Connected healthcare and internet of things technology (IOT) have immense future market potential. The advancements in analytics is another reason for market optimists to rejoice.
The development of 3D technology is expected to drive a considerable market CAGR due to features such as real time detection and 3D image generation. “Gone are the days of limited functionality”, says Mr. Suhail Noolkar, researcher at Market Research Future. Today’s patient monitoring devices are feature packed to brim. The need is to generate values so that the end customer sheds his pocket leading to faster adoption and growth, he adds with a smile on his face.
Restraints
The growing fragmentation of the market especially in the low tech segment is the critical constraint on the market. The large operational and inventory costs of the industry is another factor leading to high costs structure. The high installation and maintenance costs of the high tech products coupled with the scarcity of trained manpower are hampering the market.
Dominant Players:
Some of the dominant players in the global patient monitoring devices market are GE Healthcare, Bio-Medical Electronics Co., Roche Diagnostics, BIOTRONIK SE & Co. KG, Siemens Healthcare, Abbott Laboratories, Honeywell International, Inc., CAS Medical Systems, Inc., Philips Healthcare, Spacelabs Healthcare, Shenzhen Mindray and others.
Patient monitoring devices market information, by Product type (Central monitoring stations, Portable bedside monitors, Electrocardiogram (ECG) Devices, Hemodynamic Monitoring Devices, Fetal and neonatal monitors, Respiratory Monitors, Weight management monitors, Temperature monitoring devices, and Others), by end user (Hospitals and clinics, Ambulatory care centers, Home care, and others) - Forecast to 2022 : https://www.marketresearchfuture.com/reports/patient-monitoring-devices-market-2484