Albany, NY -- (SBWIRE) -- 09/05/2017 -- The market for healthcare informatics and patient monitoring in India is characterized by stiff competition among the existing numerous players. Currently the market is fragmented in nature on account of the presence of a copious number of local as well as international players. Some of the key players operating in the market are Mindray Medical India Pvt. Ltd., Philips India Ltd., Wipro GE Healthcare, Nihon Kohden India Pvt. Ltd., BPL Medical Technologies Pvt. Ltd., Schiller Healthcare India Pvt. Ltd., Dräger India Pvt. Ltd., and India Medtronic Pvt. Ltd. The robust competition in the market is predicted to catalyze its phenomenal growth.
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As per a report by Transparency Market Research, the market for healthcare informatics and patient monitoring in India will likely expand at a stellar 16.3% CAGR during the period between 2017 and 2025. Expanding at this rate, the report forecasts the market to become worth US$560.9 mn by 2025 from US$124.7 mn in 2015.
South India Market Leads due to Early Adoption of Superior Medical Technology
Depending upon demography, the India market for healthcare informatics and patient monitoring can be broadly divided into metropolitan and urban hospitals and healthcare facilities and rural hospitals and healthcare facilities. Of the two, the metropolitan and urban hospitals and healthcare facilities segment leads the market with a mammoth share in it. In 2014, the segment held a whopping 88.0% share in the market. Growing occurrence of cardiovascular and respiratory diseases has led to the segments swift progress so far. Apart from that, the increasing occurrence of fatal conditions and rising number of beds in tier 1 and tier 2 cities have also propelled the segment to a dominant position.
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Based on region, the India market for healthcare informatics and patient monitoring can be segmented North, South, West, and East. Of them, the market in South India holds a dominant share by dint of being a frontrunner in adoption of cutting-edge medical technology. Besides, easy availability of technologically superior patient monitors and solid support from the government has also fuelled strong growth in the market in the region. In 2015, South India accounted for 39.0% share in the overall India market.
Rising Geriatric Population Drives Market
At the forefront of driving growth in the India healthcare informatics and patient monitoring market is the alarming instances of chronic conditions resulting from a growing pool of elderly and changes in lifestyle due to increasing wealth of people. As per the lead analyst of the TMR report, "With the increased prevalence of chronic disorders, patient monitoring devices are undergoing rapid and innovative technological advancement in order to establish an effective treatment platform for monitoring disease progression." This is also another reason for the rapid growth in the healthcare informatics and patient monitoring market in India along with the rising awareness about the latest technologies in the field.
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In addition, rise in the number of hospitals and home care centers and a dearth of nursing staff is also expected to fuel growth in the India healthcare informatics and patient monitoring market. For example, patient monitors are leveraged to keep a tab on a patients' vital signs under critical care. Such monitors primarily measure five main vital signs of temperature, heart rate, blood pressure, pulse oximetry, and respiratory rate.
Proving to be a drawback to the market is the price sensitivity of the consumer and frequent recall of patient monitors.
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