Dallas, TX -- (SBWIRE) -- 04/28/2014 -- Attributed to the Rising Prevalence of Neuro-degenerative Diseases, the Patient Monitoring Market in the Neuromonitoring Segment Will Be the Fastest Growing Segment in the Next Five Years
The patient monitoring devices form an indispensible part of medical team for every procedure, whether operating in a small clinic or a large multi-specialty hospital. Advanced technology has reduced the size of these monitors drastically with the latest devices being mere grain sized implants. The rising adoption of telemetry and remote monitoring has fueled the growth of patient monitoring devices. The capacity of these devices to monitor patients from long distance, perform intra-operative procedures, and prescribe treatments to patients has reduced discomfort for patients, which has also reduced the hospital stays for patients and reduced the physicians’ need to travel.
The cardiac monitors segment had the largest share of the total patient monitoring devices market in 2013 and will continue to grow in the next five years to retain the leading position in 2018. The high growth in this segment is attributed to the growing demand for ECG devices. Moreover, rising incidences of cardiac and diseases such as diabetes and hypertension have also contributed to the largest share of the cardiac monitors market. Multi-parameter monitoring devices market was the second largest segment in 2013. These devices can monitor various physiological parameters of a patient in order to have an overview of the patients’ health and status. Due to the tremendous increase in the number of hospitalizations, ranging from extremely serious to basic monitoring, hospitals are increasing the investment in the multi-parameter monitoring devices.
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The neuromonitoring devices segment, on the other hand, will be the fastest growing segment in the coming years. With the evolution in technology, neuromonitoring devices can predict the occurrence of neurodegenerative diseases. With growing incidences and increasing awareness of neurodegenerative diseases this market is set to grow at a fast pace. The respiratory monitors segment is also expected to grow at a high pace in the forecast period. Under this segment the capnography products were the fastest growing among all the sub-segments of patient monitoring. Growing number of alternate use of capnographs, wherein they are not limited for intubated patients only but is a standard for measuring breathing in non-intubated patients, is the key factor responsible for the growth of the respiratory monitors market segment. The Remote Patient Monitoring (RPM) devices segment is also poised to grow at a high pace in the coming years, driven by the strict government regulations to restrain the rising healthcare costs.
North America accounted for the largest share in 2013 and will retain the leading position in 2018. This growth is attributed to the aging elderly population and rising lifestyle diseases. APAC is the most lucrative region for patient monitoring devices in the next five years, and is poised to grow at a CAGR of 7.5% over the forecast period. High population base and improved purchasing power of patients will drive this market. Moreover, the economic crisis in western countries has propelled the companies to focus on the APAC region, thus leading to the economic growth and rise in the investments in these countries, which is further propelling the market in a positive direction.
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The grey area while estimating the market was the overlapping nature of diagnostic and monitoring devices while segregating them based on evaluation of endpoints involved. As there is a thin line between diagnostic and monitoring devices both were included while estimating the patient monitoring market.
From an insight perspective, this research report focuses on the qualitative data, market size, share, and growth of various segments and sub-segments, competitive landscape, and company profiles. The qualitative data covers various levels of industry analysis, such as market dynamics (drivers, restraints, opportunities, and threats) and technological trends, globally. It also focuses on the emerging and high-growth segments of the patient monitoring market, and the initiatives of their respective governments.
The competitive landscape covers the growth strategies adopted by industry players in the last three years. The company profiles comprise the basic views on the key players in the patient monitoring market and the product portfolios, developments, and strategies adopted by market players to maintain and increase their market share in the near future.
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The above mentioned market research data, current market size, and forecast of future trends will help the key players and new entrants to make the necessary decisions regarding product offerings, geographic focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.