Research Nester has released a report titled “North America Smart Patient Monitoring Device Market - Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the North America smart patient monitoring device market in terms of market segmentation by product type, by end user type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The North America smart patient monitoring device market is segmented on the basis of product type into vital sign monitors, infusion pumps, cardiac monitors, respiratory monitors, hematological monitors, anesthesia systems monitors, renal function monitors, telemetry, multi parameter monitors and others, out of which, vital sign monitors segment is anticipated to hold largest market share on the back of increasing geriatric population. In the statistics provided by The World Bank, North America observed a rise in population aged 65 and above from 17 million in 1960 to 58 million in 2018.
The geriatric population requires constant monitoring of their health owing to their age and age related problems. Moreover, the region is observing rapid increase in chronic diseases, such as hypertension and increased high blood pressure cases, which requires constant monitoring, thereby raising the demand for vital sign monitors segment in the North America smart patient monitoring device market.
The North America smart patient monitoring device market accounted for USD 1981.8million in 2019 and is anticipated to reach USD 3729.6 million in 2027 by recording a CAGR of around 6% during the forecast period i.e. 2019-2027. Rise in the number of chronic diseases and need for constant monitoring of these diseases, coupled with growth in the global healthcare industry, all of these factors are estimated to promote the demand for smart patient monitoring devices throughout the forecast period.
Rise In The Number Of Chronic Diseases
Inclination towards unhealthy lifestyle that includes unhealthy eating habits and work life has resulted in increasing number of chronic diseases such as diabetes, high blood pressure, atherosclerosis and cancer among others, as well as cardiovascular diseases, for instance, cardiac arrest, cardio myopathy and coronary artery diseases amongst others, which is raising the demand for curing these diseases by constant monitoring and recording of health data on a real time basis. The demand for such critical monitoring of health is anticipated to support the growth of the market during the forecast period.
However, the cost associated with manufacturing of these devices coupled with challenges of patient’s data privacy and security breach are expected to operate as barriers to the growth of North America smart patient monitoring device market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the North America smart patient monitoring device market which includes company profiling of Medtronic, Paragon Medical Supply, Inc., Honeywell HomMed, ACSDiagnostics, General Electric Company (NYSE: GE), Boston Scientific Corporation (NYSE: BSX), Koninklijke Philips N.V. (AMS: PHIA), BioTelemetry Inc. (NASDAQ: BEAT), F. Hoffmann-La Roche Ltd (SWX: ROG) and Abbott (NYSE: ABT). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America smart patient monitoring device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.