Patient Monitoring Technology Market to Reach USD 0.98 Billion Globally by 2020February 17, 2015
Transparency Market Research recently published a report forecasting a 14.2% compounded annual growth rate for the remote patient monitoring device market worldwide. Considering a base value of USD 0.38 billion for 2013, the market is said to reach an estimated value of USD 0.98 billion in 2020.
Among the product types included in the report areheart monitors, breath monitors, physical activity monitors, hematology monitors, multi-sign monitors and other devices such as infusion pumps and ventilators. Heart monitors, which were sub-segmented into ECG monitors, heart rate monitors, fetal heart monitors, and blood pressure monitors, accounted for having the largest market share in 2013. This was due to a high occurrence of cardiac diseases globally. According to the study, demand for heart monitors is expected to increase further, resulting in it being the fastest growing segment within the 2014 to 2020 period.
Additionally, the North American market was noted for being the biggest region globally and is anticipated to dominate overall market shares in the future. Due to penalties imposed on hospitals under the Hospital Readmissions Reduction Program formed by the Patient Protection and Affordable Care Act, there has been an increased adoption of remote patient monitoring devices in North America. Furthermore, a high prevalence of cardiovascular disease and diabetes resulted in a demand growth for heart monitors and hematology monitors during 2013.
However, the report also indicated that the Asia Pacific region was set to grow the fastest in the future, denoting that the expanding healthcare expenditure and flourishing medical tourism industry will fuel growth for remote patient monitoring devices in Asia Pacific.
The major players noted for contributing to the global patient monitoring devices market included Abbott Laboratories, Aerotel Medical Systems, Covideien plc, AMD Global Telemedicine, F. Hoffmann-La Roche Ltd., Honeywell HomMed LLC, Omron Healthcare, and Smiths Medical.
The medical device industry has been experiencing significant growth over the years due to improving healthcare infrastructure and continuous technological development. AIV offers quality replacement fetal monitoring transducers, accessories and repair services for leading manufacturers. Learn more about AIV’s range of fetal monitoring solutions at http://aiv-inc.com/fetal-monitor-transducers.html.
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