Patient Monitoring Market:
Patient monitoring PM market growth is attributed to increasing incidences of chronic diseases owing to lifestyle modifications, growth in geriatric population, increasing preference for home and remote monitoring, and ease of use and portability devices promoting growth. The World Health Organization WHO describes chronic disease management as “the continuing management of conditions over a period of years or decades.” Chronic diseases are the major cause of death and morbidity, representing 77% of all casualties in Europe, and study indicates that complicated circumstances such as diabetes and depression are likely to impose a greater burden in the future. Over one-third of the European population over the age of 15 has a chronic disease. According to the World Health Organization WHO , two out of three individuals reaching retirement age are supposed to have at least two chronic circumstances. Many chronic diseases and conditions are related to an aging society and lifestyle decisions such as smoking, sexual behavior, diet, and exercise, as well as genetic predispositions.
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WHO research demonstrates that if nothing is achieved about the growth of chronic disease cases now, the complete burden is anticipated to be even greater in the future. According to the European Commission, 70% to 80% of healthcare expenditures, or an estimated EUR 700 billion per year, are presently spent on chronic diseases in the European Union. Here, PM technologies come into play and identify small changes in the physiological data of the patient, thus promoting self-monitoring. It thus reduces readmissions and prevents avoidable hospitalizations. Moreover, these technologies reduce the number of unnecessary trips to the doctor s office and reduce travel-related expenses. On a brief and long-term basis, by appropriate implementation, PM technologies can expand access to quality healthcare and save time and money.
Scope of the report:
As per the scope of this report, patient monitoring devices are monitoring devices that continually monitor the vital parameters of the patient, such as blood pressure and heart rate, using a medical monitor and gathering medical and other information from people..
Key Market Trends:
Home Healthcare is the Segment Under End User that is Expected to Grow Fastest During the Forecast Period:
Due to high patient turnaround and big volumes of procedures, the hospitals section retained the highest share in 2018. The home healthcare segment is expected to show a stable growth rate over the forecast period. The cost efficiency of these alternative sites, along with the availability of skilled resources, is anticipated to promote growth.
North America dominates the market growth:
The North American patient monitoring market dominated the global market and is estimated to show a similar trend over the forecast period. The increasing geriatric population, rising incidences of chronic diseases, increasing demand for wireless and portable devices, combined with the existence of a complex reimbursement framework aimed at reducing pocket spending. These are the major factors related to its large market share. The Asia-Pacific market is anticipated to grow at the highest rate over the forecast period due to the major presence of untapped possibilities in India and China s emerging markets, increasing medical tourism, and constantly improving healthcare infrastructure in these markets.
Competitive Landscape:
The market for patient monitoring comprises of several significant players. The companies are implementing certain strategic measures such as mergers, new product launch, acquisitions, and partnerships that assist them strengthen their market position. For example, Roche and Qualcomm have entered into strategic collaboration to improve remote monitoring and chronic disease management.
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