A research study titled, Patient Monitoring Devices Market by
Product - Global Industry Analysis and Forecast to 2025” published by Crystal
Market Research, states that the patient monitoring devices market is projected
to be around $32 billion by 2025.
Patient monitoring refers to continuous or repeated
measurements of the patients’ physiological functions for the purpose of
assisting in effective treatment decisions. Rise in prevalence of chronic
diseases (such as stroke, diabetes, heart disease, and cancer) coupled with
increasing geriatric population is the primary factor driving the demand for
monitoring devices. In addition to this, growing number of lifestyle related
disorders and development of technologically advanced monitoring devices will
further contribute to the market growth. Moreover, growing awareness about
availability of portable home monitoring devices and rise in need for improving
standard of living and quality of life will further stimulate the market growth.
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Elderly people are more prone to chronic diseases such as
arthritis, kidney and bladder problems, diabetes, osteoporosis, cardiovascular
disease, and cataracts, among others. As per National Council on Aging (NCOA),
almost 92% of older adults suffer from at least one chronic disease; while 77%
from at least two. Every year, around two-thirds of all deaths occur due to
four chronic conditions - cancer, stroke, heart disease, and diabetes. It also
states that diabetes affects 23% of the older Americans and 90% of Americans
aged 55 years and above are at risk for high blood pressure.
Arthritis is one of the most common
joint disorders in persons aged 65 years and above. According to a study
conducted by Arthritis Foundation, currently more than 50 million adult
Americans have arthritis and this number is expected to increase to 67 million
by 2030 whereas around 300,000 children have arthritis or some other form of
rheumatic diseases. The risk of arthritis is more prevalent in women than men.
Thus, the rapidly aging population will accelerate the demand for patient
monitoring devices in near future. Such high target population will bring in
ample growth opportunities for the key players to develop technologically
advanced products.
In addition to this, the rising
number of surgical procedures conducted for the treatment of these chronic
diseases is set to propel the demand for monitoring devices. As per the Centers
for Disease Control and Prevention (CDC) estimates, in the U.S., almost 65,000
shoulder replacement surgeries were performed in 2012. Moreover, the National
Institute of Health states that there has been an increase of 393% in the
number of surgeries performed related to total shoulder arthroplasty from 2001
to 2010.
In 2016, cardiac monitoring devices
segment dominated the global patient monitoring devices market owing to
significant increase in cardiovascular disorders worldwide. The segment is
expected to continue its dominance throughout the forecast period as result of
substantial demand for cardiac monitoring devices. North America held a major
share of the global patient monitoring market in 2016 due to the presence of
large patient pool in the region and availability of robust healthcare
infrastructure.
The key players operating in the
global patient monitoring devices market emphasize on product development
strategy to secure a larger market share by introducing advanced monitoring
solutions. Some of the major players in this market are, Siemens AG, General
Electric Company, Nihon Kohden, Omron Healthcare, Inc., Abbott Laboratories
Inc., F. Hoffmann-La Roche Ltd, Koninklijke Philips N.V., Medtronic plc, BIOTRONIK
SE & Co. KG, Masimo Corporation, Johnson & Johnson Services, Inc.,
LifeWatch AG (acquired by BioTelemetry, Inc.) and Smiths Medical (a part of
Smiths Group plc).
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Monitoring Devices Market by Product - Global Industry Analysis and Forecast to
2025” at:
Competitive Analysis
The key players operating in the global
patient monitoring devices market focus on product development in order to
introduce advanced monitoring products and secure a larger market share. For
instance, in September 2016, Nihon Kohden, one of the leading providers of
precision medical products and services, launched the advanced bedside monitor
called BSM-3500. The monitor is specifically designed to meet the needs of
specialty centers and ambulatory surgical centers and offers both premium and
standard features. Such innovative product developments will drive this
competitive market over the forecast period prompting market players to design
and develop advanced monitoring solutions. Some of the major players operating
in this market are, Siemens AG,
General Electric Company, Nihon Kohden, Omron Healthcare, Inc., Abbott Laboratories Inc., F.
Hoffmann-La Roche Ltd, Koninklijke Philips N.V., Medtronic plc, BIOTRONIK SE
& Co. KG, Masimo Corporation, Johnson & Johnson Services, Inc.,
LifeWatch AG (acquired by BioTelemetry, Inc.) and Smiths Medical (a part of
Smiths Group plc).
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