The whole credit of the growth behind the patient monitoring market goes to various aspects, like an increase in the burden of chronic diseases. This is happening just because of changes in the lifestyle, remote monitoring, growth in the geriatric population, and many more factors.
The patient monitoring-based devices are responsible for continuously monitoring the vital parameters of patients like blood pressure, heart rates with the help of medical monitor and collection of data from the individuals.
Some of the trends in this type of market are mentioned as follows:
- The monitoring devices based segment is expected to grow very fast throughout forecast:The major key factors which influence the growth of this market are the increase in several geriatric cases, rise in the cases of diabetes and heart-related problems and many more. Approximately 17.9 million deaths occur every year because of cardiovascular diseases. Various factors like advancements in technology and increasing reach of monitoring systems also promote the growth of this kind of market.
- North America has the largest market share of patient monitoring as of now and same is expected in the years to come:The North American patient monitoring based market dominated the global market last year. The major factors that contribute to large market share may include an increase in geriatric population, an increase in the number of incidents of chronic diseases, growing demand for portable systems and many more. On the other hand, the Asia-Pacific market is expected to grow at a fast rate because of various opportunities lying unutilized in the markets of China as well as India. The concept of medical tourism has been rising and it is continuously improving the healthcare-based infrastructure in these kinds of markets.
- The competition-based landscape: The patient monitoring-based market has been dominated with the help of seven major players. Many companies are implementing certain initiatives in terms of strategies such as mergers, partnerships and many more. These strategies are helping companies to strengthen their position in the market. Abbott Laboratories, GE Healthcare and Johnson and Johnson are the major players into this market.
The market size of this market was valued at 691.5 million US dollars in the year 2018 which is expected to grow with a compounded annual growth rate of 13.4 per cent in the years to come. The world health organization has also suggested that the geriatric population can reach 16% in the year 2050 and ageing is one of the greatest risk factors associated with chronic conditions. This acceptability to words chronic conditions like cardiovascular disorders and diabetes is also anticipated to positively influence the demand for such products in the years to come. The manufacturers are also putting various efforts in terms of developing the best level products which can also propel the growth.
The remote patient monitoring market is also expected to further grow with the help of regional expansion in the years to come. So, these services are the future of tomorrow.