Increasing Adoption of Patient Monitoring for Disease Prevention
Incorporating patient monitoring in chronic disease management can significantly improve a person's quality of life. A monitoring device is able to inform patients about critical deterioration of health informing patients with the information of when they need to apply for emergency help. This factor is anticipated to increase the market for human patient monitoring devices accompanied with rising awareness about these solutions along with increasing attractiveness of the consumer population towards more non-invasive techniques is estimated to propel the market for non-invasive monitoring devices sturdily during the forecast period. Additionally, this technology enables the early detection of deterioration & reduces the number of emergency department visits, hospitalizations & duration of hospital stay. These advantages of monitoring devices aid in the prevention of heart failures, prevent dementia, and maintain diabetes and various other diseases that is expected to serve as a key factor in the growth of the market across the globe.
Increasing Prevalence of Diabetes and Cardiac Disorder Suffering Patients
Increasing cases of cardiovascular diseases with CVSs positioned as the 1st cause of global deaths with 17.9million deaths in 2016, as per WHO statistics. It is estimated to have resulted in 31% of global deaths in 2016 which is expected to increase further due to increasing adoption of unhealthy diet, tobacco use, physical inactivity and harmful use of alcohol across the globe. These adoptions result in raised blood pressure, enhanced blood lipids, increased blood glucose, and overweight and obesity which leads to higher demand for non-invasive monitoring devices over the forecast period. Moreover, the WHO reported an increased percentage from 4.7% in 1980 to 8.5% in 2014 of diabetic patients with an estimated 1.6 million deaths in the year 2016 due to diabetes which is attributable to increase the demand for non-invasive monitoring further for better monitory purposes over the forecast period.
Furthermore, on the back of increasing urbanization and growing healthcare expenditure across the globe, the present population has grown aware of new technologically advanced medical procedures and non-invasive monitoring that will aid the non-invasive monitoring devices market grow robustly during the forecast period.
Presence of Cheaper Alternatives
However, non-invasive monitoring is not the last line of diagnosis and the presence of other cost efficient invasive line of diagnostic and monitoring devices are estimated to play as a restraining factor in the growth of the non-invasive monitoring devices market over the forecast period.
Non-invasive Monitoring Devices Market is anticipated to record a CAGR of 5.6% over the forecast period. Factors such as timely & proper treatment at an early stage, rapid diagnosis & fast intervention by the doctor and other advantageous factors, play a major role in consumers switching to non-invasive monitoring devices around the world. The device’s multi-functionality further aids in reducing the overall costs associated with the testing and treatment of the patient driving the non-invasive monitoring devices over the forecast period. Non-invasive patient monitoring aids in hassle-free outcome based healthcare which is expected to grow further on the back of rising geriatric population around the globe. Rising R&D activities in association with increasing innovation factor in these devices is expected to propel the non-invasive monitoring devices market substantially over the forecast period.
On the basis of regional platform, global Non-invasive Monitoring Devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
With a highly developed healthcare sector across the region, North America is attributed to display a vibrant growth in non-invasive monitoring devices market over the forecast period. North America is panned to be followed by Asia Pacific on the back of increasing healthcare expenditure across the economically developing countries across the region such as, India, China and others.
Europe is estimated to showcase a budding growth in the non-invasive monitoring devices market on the back of highest prevalence of geriatric population across the region with countries such as, Italy, Germany, Greece and others requiring advanced healthcare facilities during the forecast period.
Our-in depth analysis of the global Non-invasive Monitoring Devices market includes the following segments:
Global Non-invasive Monitoring Devices Market is further classified on the basis of region as follows:
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani