Wireless Patient Monitoring Devices Overview
Wireless Patient Monitoring Device is a technology that is used to enable monitoring of patients outside of conventional clinical settings (e.g. in the home). These devices have the advantage of allowing patient movement without restricting patients to a bedside monitor with a hard-wired connection. It simplifies the accessibility towards health care resources, reduces healthcare costs, allows earlier diagnosis and prevents misdiagnosis. But the most important advantage of using patient monitoring systems in healthcare facilities is that it improves communication between patients and their healthcare providers by simplifying data transmission. Also this is an efficient way to address the issue of staff shortage which is a common factor observed in various large healthcare institutions. This reduces the strain on the resources such lab tests, beds, staff and other healthcare resources.
Market Size and Forecast
Global Wireless Patient Monitoring Devices market is expected to flourish at a CAGR of 9.4% over the forecast period i.e. 2017-2027. Further, the market is expected to reach USD 1.7 Billion by the end of 2027.
Geographically Asia Pacific market is expected to grow at the highest CAGR due to rising awareness regarding preventive treatment for diseases such as cardiovascular disorders, neurodegenerative diseases, diabetes, respiratory disorders etc. especially in emerging economies such as China and India. Among the Asian countries China has largest market share in the regional platform and is expected to continue its dominance over the forecast period.
Also, Europe market is expected to increase on a moderate pace. Countries such as Germany and Italy are expected to show a very positive growth over the forecast period. However some European countries such as Spain where the government measures to reduce the healthcare expenditures to tackle financial crisis, has resulted in a slow growth of Wireless Patient Monitoring Devices Market.
Further, North America Wireless Patient Monitoring Devices market is expected to grow at a substantial rate over the forecast period. Further, factors such as increased healthcare expenditure to promote preventive healthcare are expected to be the dynamic factor for the growth of Wireless Patient Monitoring Devices market in this region.
Our in-depth analysis has segmented global expandable polystyrene market into the following segments:
By Product Type
By End User
Global Wireless Patient Monitoring Devices market is further classified on the basis of region as follows:
Growth Drivers & Challenges
The wireless patient monitoring technology allows healthcare providers to reach out to wider array of healthcare seekers by not confining to the confines of the traditional healthcare facility. This technology generates real time data from the patient’s physiological conditions to facilitate better diagnosis and devise better strategies for emergency measures. Also, the increasing prevalence of various diseases such as respiratory diseases, strokes and heart failures, hypertension, diabetes, renal diseases, epilepsy etc. has put a strain on existing healthcare resources in form of hospital beds, conventional diagnostic resources etc. along with healthcare staff in form of physicians, nurses, etc. Wireless patient monitoring devices reduces this stress as it allows for better data transmission within or outside the boundaries of a healthcare facility. Also, favorable government initiatives to promote the usage are expected to positively impact the market growth over the forecast years.
However, the increasing cost associated constraints along with limited accessibility in low and middle income countries is expected to negatively affect the market growth.
Scope and Context
Overview of the Parent Market
The Wireless Patient Monitoring Devices market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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