The global patient monitoring devices market will reach $22,173.8 million by 2018 growing at a compound annual growth rate (CAGR) of 5.5% during the forecast period 2013 to 2018. This is according to a new market research report, “Patient Monitoring Device/Equipment/System Market by Product (Blood Glucose, EEG, ECG, Capnography, Spirometer, Sleep Apnea, Pulse Oximeter, Fetal Doppler, Multiparameter, Remote, Weight, Temperature), End-user (Hospitals, Home)—Global Forecast to 2018” published by MarketsandMarkets.
The driving factors of the patient monitoring market 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 market, whereas the neuro monitoring devices segment will be the fastest growing segment by 2018, predicts the report.
The respiratory monitors segment is also expected to grow at a high pace in the forecasted period. This growth can be attributed to the rising incidences of obstructive sleep apnea and the rising alternate uses of capnographs.
The remote patient monitoring (RPM) devices segment is expected to grow at a fast pace majorly driven by government regulations to control the rising healthcare costs. The technological innovations and developments of products are contributing to the market growth of RPM devices.
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.
Asia-Pacific (APAC) is the most promising region for patient monitoring devices in the coming 5 years. The patient monitoring devices market 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.