In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Monitoring in the field of medicine is the observation of a certain disease, condition or one or several medical parameters, usually by using a device, such as the medical monitor. Various factors are monitored using patient monitoring devices. These devices usually are made up of a number of components, such as, sensor, translating component, display device, communication links and at times some other components too.
Past decades have witnessed a rapid evolution in the area of health monitoring systems. The integration of mobile technologies and smart devices with healthcare sector has provided endless opportunities to the experts and manufacturers resulting in development of m-health and e-health applications. IOT integrated patient monitoring technology have made it possible to monitor patient’s health outside the conventional clinical parameters resulting in increasing patient care and decreasing healthcare delivery cost.
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. The market of smart patient monitoring device is observing rapid growth owing to the growth in global health care industry coupled with increase in chronic diseases and ailments that require constant monitoring.
Rise in the number of cardio vascular diseases owing to the unhealthy lifestyle of people and constant need for vital sign monitoring, combined with the rise in the geriatric population in the region, all of these factors are anticipated to drive the demand of smart patient monitoring devices during the forecast period. Furthermore, constant developments in the area for instance wireless monitoring systems, compact equipment, possibility of detailed analysis and data storage for future reference is expected to boost the market over the forecast period.
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. The vital sign monitors segment is expected to witness a significant market growth attaining a share on the back of rise in geriatric population that requires constant monitoring followed by cardiac monitoring segment. The vital sign is used for measuring physical health for instance body temperature, pulse rate, respiratory system, blood pressure and others. The increase in chronic disease for instance hypertension and increased high blood pressure cases, which were recorded as around 90 million in America by Centers for Disease Control and Prevention (CDC) is raising the demand for constant monitoring and recording vital signs to avoid any risk factor, which is expected to increase the growth of the North American smart patient monitoring device market.
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The North America smart patient monitoring device market is segmented on the basis of end user into home setting, hospitals, clinics, research institutions, ambulatory surgical centers, independent ER centers, independent long term acute care and nursing centers. The home setting segment is anticipated to witness significant market growth owing to convenience of use, efficient monitoring and ability of constant recording. The smart patient monitoring device has made it possible to record the data conveniently by sitting at home coupled with reduced healthcare cost. Additionally, the sensors present constantly collect the body parameters and send them to hospitals owing to which there is reduced chances of false treatment and improved quality.
The North America smart patient monitoring device market is thriving on the back of rise in number of chronic disease cases. Inclination towards unhealthy lifestyle that includes unhealthy eating habits and work life have resulted in chronic diseases such as diabetes, high blood pressure, atherosclerosis and cancer. Additionally, rise in geriatric population in the region which is estimated to be around 16% of the total regional population and their need for regular monitoring and recording, is expected to drive the market growth. Additionally, rise in the number of diseases that require after surgery monitoring and real time recording coupled with rise in cardiovascular diseases, for instance, cardiac arrest, cardio myopathy and coronary artery disease among others, is anticipated to support the market growth throughout the forecast period. According to The World Bank, population count for ages 65 and above in North America grew from around 17 million in 1960 to 58 million in 2018.
The costs associated with manufacturing of these devices coupled with challenges of data privacy and security breach of data of patients is anticipated to act as barriers in the growth of North America smart patient monitoring device market during the forecast period. Incidences, such as Ohio insurance fraud case and unsecured Internet of Things (IOT) devices resulted in “bot-net”, thereby enabling hackers to attack thousands of IP addresses, which might restrict the usage of these devices.