LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global patient monitoring equipment market is expected to grow at a CAGR of close to 9% during the forecast period.
This research report titled ‘Global Patient Monitoring Equipment Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global patient monitoring equipment market into three major end-user segments. They are:
- Hospitals and clinics
- Homecare settings
Hospitals and clinics
Hospitals influence the growth of the market as they are the key end-users of patient monitoring equipment. Manufacturers of patient monitoring equipment focus on marketing their products to hospitals to improve the brand image and thereby expand their product reach.
Hospitals are also looking to increase efficiency by adopting these devices for vital signs monitoring in individuals with chronic conditions. Hospitals have increased the demand for equipment that is used in emergency and ICU departments. Most hospitals have budget constraints and are required to reduce medical expenses. Hence, they prefer multiparameter patient monitoring equipment, as opposed to purchasing high-end patient monitoring systems.
According to Srinivas Sashidhar, a lead analyst at Technavio for patient monitoring devices research, “There is an increased need to monitor chronic conditions outside hospitals. The growing focus toward offering more consumer-friendly outpatient services at remote locations has increased the demand for ASCs.”
In the US, the Affordable Care Act (ACA) emphasizes on reducing overall hospital costs. This has led to the growth of ASC providers who offer better patient care at lower costs. In European countries, such as the UK, Tenet Healthcare, a hospital group company, announced that it would spend more than USD 580 million and form a joint venture with United Surgical Partners International to build a short stay surgical center in the UK. In APAC countries, such as India, ASCs or day surgeries are an emerging trend. The low cost of treatment compared to hospitals is leading many people to adopt ASCs, which in turn, will boost the growth of the patient monitoring systems market.
The homecare setting is a new trend and the fastest growing segment in the healthcare industry. In this segment, a skilled professional provides treatment to patients in their homes under the direction of physicians. This segment generates demand for remote and portable patient monitoring products. Portable patient monitoring equipment uses remote monitoring wireless technology.
With the growth of the geriatric population (people aged 60 or more), care dependency is also growing. According to the European Commission, in 2012, the geriatric population in Europe was 502 million, which is expected to reach to 517 million by 2020.
“As the incidence of diabetes and blood pressure is growing in the geriatric population, there will be increase in care dependency, for which the homecare setting is required, says Srinivas.”
The top vendors highlighted by Technavio’s healthcare and life sciences market research analysts in this report are:
- GE Healthcare
- Philips Healthcare
- Smiths Medical
Browse Related Reports:
- Global Multiparameter Patient Monitoring Equipment Market 2016-2020
- Global Patient Monitoring and Assistance Robots Market 2017-2021
- Global Vital Signs Monitoring Devices Market 2016-2020
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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