North America Patient (Human) Monitoring Devices Market to be augmented by Multi-Functional Devices with USD 3,329.9 Million by 2024
Incorporating patient monitoring in chronic disease management can significantly improve a person's quality of life as a monitoring device is able to inform patients about critical deterioration of their health or when they need to apply for emergency help as soon as possible. Further, rising geriatric population serves as a stimulus for tele-health and other advanced technology due to old-age related health problems such as dementia and falls. To prevent these risks, remote monitoring technology prevents harm & promotes safety through continuous monitoring. Different types of sensors are attached to the mobility devices such as walkers and canes of the patient which indicate alert in case of fall & lost. To locate or track elders, GPS or Wi-Fi or radio frequency technologies are used. These technology advanced solutions are anticipated to benefit the market size of the North America human patient monitoring devices market with a CAGR of 5.6% over the forecast period 2018-2024. The North America patient monitoring devices market is expected to grow from USD 1,881.8 Million in 2013 to USD 3,329.9 Million in 2024.
The North America Patient (human) Monitoring Devices Market is segmented by product type into vital sign monitoring, infusion pumps, cardiac monitoring, respiratory monitoring devices, hematological monitoring devices, anesthesia systems monitoring devices, renal function monitoring devices, telemetry devices, multi-parameter monitors and other monitoring devices; by technology into wired and wireless; end-user into hospitals, clinics, research institutions, ambulatory surgical centers (ASCs) (comprising of independent endoscopy centers, day surgery centers etc.), independent ER centers, independent long term acute care and nursing centers.
On the basis of end-users, the hospital segment accounted for more than half of the total market share during 2013 and is estimated to grow positively in upcoming years. However, with the changing landscape of the healthcare industry in the U.S., it is expected that ambulatory surgical centers would showcase a much higher demand for these devices during the forecast period.
Increasing Popularity of Tele-Health to Escalate the Demand for Patient Monitoring Devices in Upcoming Years
The North America patient (human) monitoring devices market is thriving on the back of increasing awareness among the present population regarding better accessibility of technologically innovative devices such as human patient monitoring devices.
Better Access–There is a great advantage for people with long-term illnesses, who have to communicate with healthcare professionals more often. Homecare tele-health enables easy and quick communication between physicians and patients suffering from sleep disorder, mental, cardiovascular and respiratory among other diseases.
Outcome Based Healthcare– With ongoing technological advancements in medical science, the patient has the benefit to improve the quality of care. Since outcome based healthcare connects clinicians more directly (and virtually instantly) with relevant patient data, it makes the daily routines of the patients more efficient and eases the possibility of exhaustion or breakdown— resulting in obvious benefits to patient care.
Comparative Cost Efficiency–The cost efficiency due to factors such as multi-functionality, reduced logistical expenses as well as early preventive diagnosis of diseases is estimated to benefit the expansion of the human patient monitoring devices market over the forecast period.
Industry Players are Progressing towards Minimizing the Barriers faced by the North America Patient (Human) Monitoring Devices Market
According to Research Nester, the changing government policies can create imbalance in the usage of these devices in the market. Further, the security concerns regarding the patient’s data along with the uncertainty in the choice of provider of the patient monitoring device are expected to slower down the market growth in the near future.
The report titled “North America Patient (Human) Monitoring Devices Market Outlook: Industry Analysis & Opportunity Evaluation 2013-2024” delivers detailed overview of the North America patient (human) monitoring devices market in terms of market segmentation by product type, technology, by end-user and by country.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the North America patient (human) monitoring devices market which includes company profiling of Bio-Telemetry Inc., Medtronic, Honeywell Hom Med, Boston Scientific Corporation, Applied Cardiac Systems Inc., GE Healthcare, Philips Healthcare, Roche Diagnostics, Abbott Laboratories and Paragon Medical Supply Inc.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America patient (human) monitoring devices market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.