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IN THE NEWSJuly 2020: Medtronic Plc, announced that they have received U.S. Food and Drug Administration (FDA) approval and CE (Conformité Européenne) Mark clearance for its new cardiac patient monitoring device.
The global patient care monitoring devices market is expected to grow by a CAGR of 5.5% during the forecast period, i.e., 2022-2030. The market is anticipated to show significant growth on account of the increasing ageing population and the growing requirement for monitoring health conditions of the patients suffering from various chronic diseases such as cardiovascular diseases, diabetes mellitus, and others. According to the World Bank Data, an estimated 9.09% of the world's total population was 65 years and older in 2019. In addition, as per the data obtained from the World Population Prospects, it was estimated that 1 in every six people globally would be over 65 years by the year 2050. The market's growth can also be attributed to factors such as the increasing awareness and concerns regarding monitoring health parameters and vital signs globally.
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The market is segmented on the basis of products into blood glucose monitoring devices, cardiac monitoring devices, respiratory monitoring devices, fetal & neonatal monitoring devices, neuro-monitoring devices, multi-parameter monitoring devices and others, out of which, the cardiac monitoring devices segment is expected to grab the largest market share on account of the increasing number of incidences of cardiovascular diseases globally. Furthermore, based on end-users, the hospital & clinics segment is projected to hold the largest share in the global patient catre monitoring devices market during the forecast period on the back of the increasing patient influx owing to the rise in number of diseases worldwide.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the global patient care monitoring devices market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia-Pacific region is expected to acquire the largest share the market and witness the highest CAGR on account of the growing burden of chronic diseases in the region. Additionally, the rising geriatric population in Asian countries is expected to lead to a rise in requirements for patient care monitoring devices. Furthermore, the market in North America is evaluated to grab a notable share over the forecast period, which can primarily be attributed to the region's robust healthcare infrastructure. Alternatively, the market in Europe is also anticipated to conquer a significant share in the market on account of its increasing investment for product development in the medical industry.
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The global patient care monitoring devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global patient care monitoring devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising adoption of remote patient care monitoring devices and increasing elderly population are the key factors driving market growth.
The market is anticipated to attain a 5.5% CAGR over the forecast period, i.e., 2022-2030.
High cost of the devices is estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing ageing population and rising disease prevalence.
The major players dominating the Patient Care Monitoring Devices market are Abbott Laboratories, Medtronic Plc, Masimo Corporation, OMRON Corporation, Boston Scientific Corporation, and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by products, end-user, and by region.
With respect to products, the cardiac monitoring device segment is anticipated to hold the largest market share owing to the growing incidence of cardiovascular diseases globally.
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