The increasing number of patients in hospitals are making it difficult for doctors and nurses to monitor all the patients at same time and this is one of the key factors driving the growth of patient monitoring system market. The patient monitoring system is used for monitoring critical conditions and diseases such as ECG, EEG, Oxygen saturation in human blood (SpO2), temperature of body, and others.
Monitoring of these parameters is performed at hospitals, or home. The adoption of patient monitoring system is increasing as the technological advancements in these systems is making it easier to use. Moreover, the fact that patient monitoring system helps the doctors, nurses, and other hospital staffs to monitor the vital signs of patients on real time basis is accelerating the adoption of patient monitoring systems.
The other benefits of patient monitoring systems such as less requirement of workforce as the monitoring is performed using connected devices reduces the operational expenditure for hospitals as well as home. Furthermore, the demand for patient monitoring system is increasing due to increasing chronic diseases due to ageing population.
Product innovation is one of the key strategies followed by patient monitoring system manufacturers. The availability of wireless monitoring devices is expected to be one of the prime factors fuelling the growth of patient monitoring system.
The manufacturers are integrating the patient monitoring system with the wireless devices such as smartphones for improving the end user experience and introducing flexibility in patient monitoring. Moreover, the addition of wireless monitoring system adds the real time data transmission from the system to the connected devices which in turn is propelling the demand for patient monitoring system.
With the technological advancements in the patient monitoring system, the ‘contact free patient monitoring’ is expected to be new emerging trend in the global patient monitoring systems market.
The leading manufacturers of patient monitoring systems are increasingly investing in research and development process to improve the operational efficiency and create a more technologically advanced patient monitoring system.
Due to the technological connectivity in patient monitoring system, the issues such as data breach also increases. The patient monitoring system can store data recorded about patient’s health parameters in the system or over the cloud.
Wide range of data such as blood sugar, blood pressure, weight, oxygen level, and others gets stored and maintaining privacy of such data is expected to be a significant challenge for the patient monitoring system.
Prominent players involved in the patient monitoring systems market includes Koninklijke Philips N.V., Allengers Medical Systems Ltd., General Electric Company, Avante Health Solutions, Medtronic, Abbott, Dedicated Computing, Nihon Kohden, and EarlySense.
Considering the demand for patient monitoring system, the North America region holds significant market share in terms of revenue generation from the sale of patient monitoring system. The rapid adoption of advanced medical solutions from hospitals is accelerating the adoption of patient monitoring system market in this region.
Europe is expected to follow North America region in terms of demand for patient monitoring system due to features of patient monitoring system such as central alarm and surveillance system. Moreover, the APEJ region is expected to witness significant CAGR growth rate over forecast period due to increasing healthcare expenditure and increasing healthcare awareness in this region.
On the other hand, MEA region is expected to account for moderate market share in terms of demand for patient monitoring system due to increasing focus of hospitals on improving healthcare services.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Segmentation of Patient Monitoring System Market on the Basis of Type of System:
Segmentation of Patient Monitoring System Market on the Basis of End Use:
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Patient Monitoring System Market
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