Patient Monitoring Devices Market: Risk associated with Invasive Monitoring Devices
Patient monitoring devices are a technology used to collect and electronically transmit medical and health-related data from individuals at one location to a healthcare provider at another location. Patient monitoring equipment continuously tracks the patient’s vital health signs, such as respiratory rate, heart rate, and rhythm, blood pressure, a saturation of blood oxygen, and many other parameters.
Patient Monitoring Devices Market to surpass USD 60.3 Billion by 2030 from USD 20.2 billion in 2018 in terms of value growing at a CAGR of 6.2% throughout the forecast period, i.e., 2019-30.
Patient Monitoring Devices Market is segmented by type as hemodynamic monitoring, neuromonitoring, cardiac monitoring, fetal & neonatal monitoring, respiratory monitoring, multi-parameter monitoring, remote patient monitoring, weigh monitoring, and temperature monitoring devices.
The cardiac monitoring devices segment is estimated to lead the market with a share of over 26.0% of in Patience monitoring device market in 2018 and this trend is expected to continue during the forecast period. This is attributed to an increase in the prevalence of different cardiovascular diseases throughout the world each year, such as congestive heart failure and stroke.
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Rising Burden of Chronic Diseases
Chronic heart disease, diabetes, and chronic respiratory diseases are the world’s leading causes of mortality and morbidity. 75% of healthcare costs are accounted for by chronic care management. The rise in the prevalence of chronic circumstances places a huge financial burden on caregivers. It thus decreases readmissions and prevents hospitalizations that are avoidable.
Risk associated with invasive monitoring devices
Several risks are associated with the use of invasive monitoring systems, such as discomfort associated with the insertion of monitoring tools, such as pulmonary artery catheters (PAC). Some other major risks are air embolism, sepsis, bleeding/hematoma formation, cardiac arrhythmias, decreased distal limb circulation, hemorrhage, damage to the nerves (during insertion), thrombosis, air embolism, and pulmonary capillary necrosis. The mortality rate during invasive procedures is increased by these factors. Consequently, the risks mentioned above limit the use of invasive monitoring devices.
Patient Monitoring Devices Market: Regions Covered
Patient Monitoring Devices Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Patient Monitoring Devices Market in North America led the market in 2018. The key factors supporting market growth in North America are increasing R&D to develop novel sensor-based patient monitoring systems, increasing infectious disease prevalence, safety concerns, and technological advances in patient monitoring device products. In addition, most of the world’s leading companies are headquartered in the region or have a strong presence in that market, another key factor that is attributed to the market’s significant growth.
Europe, particularly Western European countries, is expected to remain the second most profitable region over the forecast period due to a higher mortality rate and rising demand for low-cost treatment. High-impact drivers for regional growth are increasing demand for in-house monitoring, supportive central data management systems, and increasing the accuracy and efficiency of remote patient monitoring systems.
Abbott Laboratories, Aerotel Medical Systems, AMD Global Telemedicine, Baxter International Inc, Boston Scientific Corporation, GE Healthcare, Masimo Corporation, Medtronic PLC, and Omron Corporation.