Lewes, DE -- (SBWire) -- 03/20/2017 --Report forecast the global patient monitoring equipment market to grow at a CAGR of 8.93% during the period 2017-2021.
Patient monitoring equipment with specialized versions are used to monitor physiological signs. These devices are either used as bed-side monitors or as remote patient monitors. Remote patient monitoring is one of the key factors for the buying criteria of the patient monitoring equipment in the market. Hence, vendors are developing technologically advanced products that can be integrated with smartphones and applications, which can send test results on time and provide better patient care service.
For instance, Dexcom developed the Dexcom G5 mobile continuous glucose monitoring (CGM) device, a mobile system, that sends glucose readings to a compatible smartphone every 5 minutes. In October 2014, the company received the FDA approval for its mobile application Dexcom SHARE, which is used in Dexcom G4 PLATINUM CGM system.
The report covers the present scenario and the growth prospects of the global patient monitoring equipment market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of patient monitoring equipment.
The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA
According to the report, the increase in demand for homecare patient monitoring systems is driving the market growth. Aged and critically ill individuals cannot afford frequent visits to health centers and they often require monitoring on a daily basis. Home monitoring, therefore, is a convenient and cost-effective alternative that helps patients monitor their health regularly. The demand for wireless multiparameter home use monitors is likely to propel the growth of the market during the forecast period. There is an increased need for the continuous monitoring of individuals with chronic disorders, such as hypertension. To reduce hospital cost and hospital stay, individuals are preferring home-based healthcare monitoring. Thus, to measure chronic conditions, most people prefer digital, portable, and user-friendly multiparameter patient monitors that can be used at home. The focus on quality care and disease management will lead to an increase in the adoption of portable, self-care, multiparameter patient monitoring devices, especially in developed countries. Thus, individuals with low or high blood pressure can take better care of themselves at home.
Further, the report states that as the market is highly competitive with the presence of a few established vendors and many new and small companies, both global and local vendors offer a wide range of patient monitoring equipment at lesser price. Global companies invest significantly in the marketing, promotion, and improvement of their brand quality to gain profit margins. However, intense competition in the market leads to price wars. This causes global vendors to lower the average selling prices of their devices to compete for high volume and low-cost sales agreements. Vendors also offer discounts, which further contributes to market competition. As a result, vendors, particularly leading companies, are operating on low profit margins.
Global Patient Monitoring Equipment Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
key players in the global patient monitoring equipment market: GE Healthcare, Medtronic, Philips Healthcare, and Smiths Medical
Other Prominent Vendors in the market are: Abbott Laboratories, Advanced Brain Monitoring, Animas, ATHENA GTX, AVI Healthcare, Beijing Carejoy Technology, Braun & Company, Briggs Healthcare, CAS Medical Systems, CareTaker Medical, Contec Medical Systems, Corsens Medical, Delsys, Dexcom, EarlySense, Edan Instruments, Edwards Lifesciences, ERKA, FEVERSMART, Guangdong Biolight Meditech, Infinium Medical, InfoBionic, iRhythm Technologies, Kernel Medical Equipment, Mediana, Medicalgorithmics, Mennen Medical, Microlife, Mindray, Motion Lab Systems, Neoventa Medical, Nonin Medical, NeuroSky, Omron Healthcare, ONSENS, Raiing Medical, Rossmax International, Royal Life Care Diagnostics, Schiller, Spacelabs Healthcare, Sensium Healthcare, Tecnimed, Triton Electronics, Viamed, Vital Connect, Weinmann Geräte für Medizin, and Zoll
Market driver
- Acquisition of small specialized hospitals by Tier-1 hospitals
- For a full, detailed list, view our report
Market challenge
- Intense competition among vendors and competitive pricing pressure
- For a full, detailed list, view our report
Market trend
- Growing adoption of product bundling strategy by vendors
- For a full, detailed list, view our report
Key questions answered in this report
- What will the market size be in 2021 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
Spanning over 131 pages and 74 Exhibits "Global Patient Monitoring Equipment Market 2017 - 2021" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Market segmentation by product, Market segmentation by category, Market segmentation by end-users, Geographical segmentation, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Key vendor analysis, Appendix.
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