Patient Monitoring Devices Market Size Is Projected To Be Around $32 Billion By 2025
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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.
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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Key Findings of the Research Study:
- Cardiac monitoring devices segment held the largest share of the global patient monitoring devices market in 2016 owing to high incidence of cardiovascular diseases globally which prompts the need for effective monitoring solutions.
- Remote patient monitoring devices segment is expected to witness significant growth during the forecast period due to technological advancements in healthcare IT leading to development of effective remote patient monitoring systems enabling convenient monitoring of patients from remote locations.
- North America dominated the global patient monitoring devices market in 2016 as a result of increasing incidence of chronic diseases, high prevalence of geriatric population and availability of robust healthcare infrastructure.
- Asia-Pacific market is expected to exhibit promising growth between 2017 and 2025 owing to increased focus on improving healthcare infrastructure in the region along with increased disposable income in emerging economies such as India and China.