A significant growth in healthcare costs is a major challenge faced by developed countries. Additionally, the growth in aging population and increasing incidences of chronic disorders will further increase the burden on the healthcare systems. This scenario demands a paradigm shift in healthcare systems, from lengthy hospital stays to remote monitoring devices that are capable of monitoring critical health data at home. This has subsequently reduced hospital stays, morbidity, mortality, and discomfort for millions of patients around the world. The advances in the patient monitoring devices have offered a wide range of new technologies that help in investigating the unfavorable effects of environmental agents in a more mechanistic, less costly, and time saving manner. With the advent of wireless monitoring, remote patient monitoring, and telehealth the patient monitoring devices market will witness high growth in the forecast period from 2015 to 2020.
The growing healthcare awareness has fueled the demand for portable devices that are driving the growth of point-of-care monitoring devices. These ambulatory devices are able to replicate health conditions of patients based on current vital statistics and event recordings leading to quick diagnosis of the ailments. Additionally, ease-of-use and interpretation have also played an important role in driving the market growth. On-field testing requiring portable devices has also added to the growth of the point-of-care monitoring devices. As a result, market players in this segment are increasingly introducing innovative ambulatory and portable devices to meet the increasing demand of eager consumers in this segment.
The neuromonitoring devices market segment will witness high growth rates in the forecast period. Attributing to the advancement in technology, neuromonitoring devices such as the EEG and MEG could predict potential degenerative effects through electromagnetic modeling. Other devices sub-segments such as the capnography will witness double digit growth rates in the forecast period in the respiratory monitoring devices segment, this growth is attributed to the diverse use of these devices.
In 2015, North America was the largest contributor to the patient monitoring market owing to the aging population and booming unhealthy lifestyles. APAC, on the other hand, is the most lucrative region for patient monitoring devices. It is poised to grow at a high CAGR over the forecasted period owing to large population base and enhanced purchasing power of the rising middle class.