June 29, 2016
Wellesley, Mass., June 29, 2016 – Remote patient monitoring and implantable patient monitors are drawing keen interest in the market for patient monitoring devices (PMD). BCC Research reveals in its new report that big growth in the market may be hampered by the economic slowdown, stringent government regulations of hospital operations and processes, and unstable reimbursement policies.
Patient monitoring devices are used for home healthcare, general healthcare and specialized disease management. The most prominent high-demand areas for patient monitoring devices include cardiac, critical care (e.g., intensive care units), operating rooms, emergency rooms, and high-dependency units.
The patient monitoring devices (PMDs) market is expected to grow from nearly $16.9 billion in 2015 to almost $23.8 billion in 2020, reflecting a five-year compound annual growth rate (CAGR) of 7.1%.
Multiparameter patient monitors and blood pressure monitors are the two largest market segments. The multiparameter patient monitor segment is a high-volume market that has demonstrated continuous growth primarily driven by expanding healthcare infrastructure, increasing demand of critical care (e.g., ERs, ICUs, etc.) and broad usage of multiparameter products. Among all segments, remote patient monitoring devices should grow the fastest with a five-year CAGR of 16.6% from 2015-2020. The shift in the healthcare sector from a physician-centric market to a patient-centric market is a key driver in this particular market.
In 2015, hospitals were the largest segment of the PMD end-user market with 51% of the total end-users market. However, in term of growth, home users are the fastest-growing end-user segment. The out-of-hospital market (primarily home users) is a potential high-growth market. The market for monitoring devices such as glucose monitoring devices and other devices that enable self-monitoring at home is expected to grow during the forecast period.
A decrease in the physical size of monitoring devices, enhanced utility, performance and sensitivity, usability and portability of devices, and increasing availability of remote/wireless patient monitoring equipment and systems are fueling market growth. Other key drivers include continuous product development and technology advancements, expanding healthcare awareness, growing infrastructure, and growing popularity of remote and at-home patient monitoring.
“Key factors restraining the market’s growth include the high level of competition creating price pressure and increasing market challenges as well as regulatory and reimbursement issues, and challenges in technology and adoption of new products,” says BCC Research analyst Himani Singhi Wadhwa. “Consumer price sensitivity and demand for lower prices impacts growing market competition, as well. These are contributing to lower average selling prices and relatively lower profit margins for manufacturers.”
Patient Monitoring Devices: Global Markets (HLC038E) measures, forecasts and segments the patient monitoring devices market on the basis of products and end-users. Analyses of global market drivers and trends, with data from 2014 and 2015, estimates for 2016, and projections of CAGRs through 2020 also are provided.
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Patient Monitoring Devices: Global Markets( HLC038E )
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