Global patient monitoring devices market to be worth $22.2 billion by 2018

Global patient monitoring devices market to be worth $22.2 billion by 2018

The global patient monitoring devices market will reach $22,173.8 million by 2018 growing at a CAGR of 5.5% during the forecast period (2013–2018).

According to MarketsAndMarkets, this market is segregated into nine main segments, including hemodynamic, neurology, cardiac, respiratory, fetal and neonatal, multiparameter, remote patient monitors, temperature and weight management monitors. The driving factors include growing population size of the elderly, rising incidences of unhealthy lifestyle, and technological developments like portability of equipment. The cardiac monitors segment had the largest share in 2013 of the total patient monitoring devices market, whereas neuromonitoring devices segment will be the fastest growing segment by 2018.

The respiratory monitors segment is also expected to grow at a high pace due to rising incidences of obstructive sleep apnea and the rising alternate uses of capnographs.

The growth of the remote patient monitoring (RPM) devices segment will be driven by government regulations to control the rising healthcare costs. Other factors include technological innovations and developments of new products.

North America accounted for the highest share in 2013 and is poised to grow from 2013 to 2018. The major growth factors contributing to the growth of the North America market are the aging population and lifestyle diseases that are further adding to the overall prevalence of chronic diseases. Europe was the second leading contributor to the patient monitoring devices market in 2013. However, the growth of this region is expected to be sluggish in the forecast period and is estimated to grow at a lower CAGR, due to factors such as uneven reimbursement policies, declining birth rates, and reduced number of beds in hospitals.

APAC is the most promising region for patient monitoring devices in the coming five years. It is expected to grow at a higher CAGR over the forecast period. High population base and improved purchasing power of patients will be the major drivers of this market. Moreover, the economic instability in the western countries enables the companies to focus on the APAC region in order to meet their revenue targets.

The key players in the patient monitoring devices market are Abbott Laboratories (U.S), Covidien (Ireland), Drager Medical GmbH (Germany), GE Healthcare (U.K.), Johnson & Johnson Inc. (U.S), Masimo Corporation (U.S), Mindray Medical (China), Mortara Instrument Inc. (U.S.), Natus (U.S.), Nihon Kohden (Japan), Nonin Medical (U.S), Omron Healthcare (Japan), Philips Healthcare (Netherlands), Roche Diagnostics Limited (Switzerland) and Welch Allyn (U.S.).