DUBLIN, Jan. 6, 2020 /PRNewswire/ -- The "Global Patient Monitoring Solutions Market: Focus on Products, Applications, End-user, Countries Data, Industry Insights and Competitive Landscape - Analysis and Forecast, 2019-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Patient Monitoring Solutions Market report projects the market to grow at a significant CAGR of 6.5% during the forecast period from 2019 to 2028.
The market has evolved dramatically with the rise in the adoption rate of remote monitoring devices, an increasing number of geriatric populations, and the growing prevalence of chronic diseases. Despite the benefits offered by the patient monitoring technology, the major challenges in the market are the high cost of technology, risks associated with monitoring devices and lack of security of patient data and health information safety concerns.
Some of the major opportunities for the key vendors in the market could be a growing demand for monitoring devices from non-hospital settings and growing investments in healthcare IT.
North America is the leading contributor to the global patient monitoring solutions market. In 2018, in terms of revenue, the North America patient monitoring solutions market is anticipated to grow at a significant CAGR during the forecast period. This double-digit growth can be attributed to the rising demand for home-based monitoring devices and increasing investment in healthcare IT. However, Asia-Pacific is the fastest-growing region during the forecast period, because of the rising prevalence of chronic diseases such as diabetes, and hypertension and rising demand for home-based monitoring devices.
Scope of the Market
The purpose of this study is to gain a holistic view of the global patient monitoring solutions market in terms of various influencing factors such as regional adoption trends, and technological advancements.
The scope of this report constitutes an in-depth study of the global patient monitoring solutions market, including a thorough analysis of the products in the market as well as their adoption spanning different geographical regions. The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well-informed strategic decisions. The research uncovers some of the substantial parameters that must be taken into consideration before entering the market.
The global patient monitoring solutions market is segmented based on products (hemodynamic, cardiac, neuromonitoring, respiratory, diabetes, and temperature monitoring device), applications (hematology, cardiology, respiratory, neurology, metabolics, and temperature), and end-user (hospital-based patients, ambulatory based patients, and home healthcare patients), and region (North America, Europe, Asia-Pacific, and Rest-of-the-World (Latin America and Middle East & Africa).
Key Companies in the Global Market
The report also profiles 19 key players from the patient monitoring solutions market. Some of the market players include primary and secondary data analysis tools providers such as Medtronic plc, Koninklijke Philips N.V., Abbott Laboratories, F. Hoffmann-La Roche AG, General Electric Company, Omron Corporation, Nihon Kohden Corporation, Boston Scientific Corporation, and Biotronik. There are a plethora of companies providing different products such as Medtronic plc, Natus Medical, and Draegerwerk AG & Co. KGaA.
- The Global Patient Monitoring Solutions Market can be segmented on the basis of Product, Application, End-User, and Region.
- As of 2018, the global patient monitoring solutions market was estimated to be approximately $19.30 billion and is expected to reach a value of an estimated $36.13 billion by the end of 2028, growing with a double-digit CAGR during the forecast period.
- North America dominated the patient monitoring solutions market and accounted for 42.18% in 2018, and 40.74% during the upcoming year 2028.
- Factors contributing to the growth of the North America patient monitoring solutions market include rising demand for home-based monitoring devices and increasing investment in healthcare IT.
- Asia-Pacific held the second largest contributor for the patient monitoring solutions market, due to the increasing prevalence of chronic conditions such as diabetes and hypertension and rising demand for home-based monitoring devices.
- The global patient monitoring solutions market is segmented based on products (hemodynamic, cardiac, neuromonitoring, respiratory, diabetes, and temperature monitoring device), applications (hematology, cardiology, respiratory, neurology, metabolics, and temperature), and end-user (hospital-based patients, ambulatory based patients, and home healthcare patients), and region (North America, Europe, Asia-Pacific, and Rest-of-the-World (Latin America and Middle East & Africa).
- By Product, hemodynamic monitoring devices held 28.57% of the market share in 2018. Cardiac monitoring device held 24.62% of the total market share in 2018 and is expected to grow in the upcoming years. The growth in the segment can be attributed to the availability of blood pressure measuring devices in the hospitals, homes as well as in ambulances, where these devices measure the basic vital signs of the patient such as blood pressure. Additionally, demand for these devices is increasing day by day due to the low price of blood pressure measuring devices and increased usage in the population.
- By Applications, hematology segment held the largest market share with 26.33%, cardiology segment held the second largest market share with 24.54% in 2018.
- By End-User, hospital-based patients dominated the market in 2018 and held the largest market share with 41.90%. The hospital-based patients' segment is however expected to dominate the market attributing to the patients undergo surgery in the hospitals and hence they need continuous monitoring of the vital signs and their disease condition. Therefore, increasing usage of monitoring devices to hospital-based patients.
Key Topics Covered
1 Market Overview
2 Market Dynamics
2.2 Impact Analysis
2.3 Market Drivers
2.3.1 Rise in Adoption Rate of Remote Patient Monitoring Devices/ Availability of Wireless Monitoring Devices
2.3.2 Rising Incidence of Lifestyle and Chronic Diseases
2.3.3 Government Regulations
2.3.4 Ease of Use and Portability Devices to Promote the Growth
2.3.5 Growth in Geriatric Population
2.4 Market Restraints
2.4.1 Resistance from Healthcare Industry Professionals toward the Adoption of Patient Monitoring Systems
2.4.2 High Cost of Technology
2.4.3 Lack of Security of Patient Data and Health Information Safety Concerns
2.4.4 Risks Associated with Monitoring Devices
2.5 Market Opportunities
2.5.1 Growing Demand for Patient Monitoring Devices in Non-Hospital Settings
2.5.2 Emerging Markets
2.5.3 Growing Investments in Healthcare IT
3 Competitive Landscape
3.1 Key Strategies and Developments
3.1.1 Collaborations, Partnerships, and Agreements
3.1.2 Product Launches and Enhancements
3.1.4 Awards and Fundings
3.1.5 Product Approvals
3.1.6 Business Expansion Activities
3.2 Market Share Analysis
3.2.1 Market Share Analysis (by Company)
4 Industry Insights
4.1 Patent Analysis
4.2 Regulatory Requirements
4.3 Bills, Acts, and Alliances for Patient Monitoring Solution
5 Global Patient Monitoring Solutions Market (by Product)
5.1 Hemodynamic Monitoring Devices
5.2 Cardiac Monitoring Devices
5.3 Respiratory Monitoring Devices
5.4 Neuromonitoring Devices
5.5 Diabetes Monitoring Devices
5.6 Temperature Monitoring Devices
6 Global Patient Monitoring Solutions Market (by Applications)
7 Global Patient Monitoring Solutions Market (by End-user)
7.1 Hospital Based Patients
7.2 Ambulatory Based Patients
7.3 Home Healthcare Patients
8 Global Patient Monitoring Solutions Market (by Region)
8.1 North America
8.3 Asia-Pacific (APAC)
9 Company Profiles
9.2 Medtronic plc
9.2.1 Company Overview
9.2.2 Role of Medtronic plc in the Global Patient Monitoring Solutions Market
9.2.4 Key Insights about Financial Health of the Company
9.2.5 SWOT Analysis
9.3 General Electric Company
9.4 Koninklijke Philips N.V.
9.5 Draegerwerk AG & Co. KGaA
9.6 Abbott Laboratories
9.7 Johnson & Johnson
9.8 F. Hoffmann-La Roche Ltd.
9.9 Boston Scientific Corporation
9.10 Edwards Lifesciences Corporation
9.11 Nihon Kohden Corporation
9.12 Omron Corporation
9.13 Bosch Limited
9.14 Becton, Dickinson and Company
9.16 Welch Allyn
9.17 Smiths Medical, Inc.
9.18 Getinge AB
9.19 Spacelabs Healthcare
For more information about this report visit https://www.researchandmarkets.com/r/pgnrvc
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets