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Patient Monitoring Market - Growth, Trends, and Forecast (2020 - 2025)

Patient Monitoring Market - Growth, Trends, and Forecast (2020 - 2025)

  • April 2020
  • 138 pages
  • ID: 5891598
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The growth of the patient monitoring (PM) market is attributed to the rising incidences of chronic diseases due to lifestyle changes, growth in geriatric population, growing preference for home and remote monitoring, and ease of use and portability devices to promote the growth.

The World Health Organization (WHO) defines chronic disease management as the “ongoing management of conditions over a period of years or decades”. Chronic diseases are the leading cause of mortality and morbidity, representing 77% of all casualties in Europe, and research suggests that complex conditions, such as diabetes and depression are likely to impose a larger burden in the future. Over one-third of the European population above the age of 15 has a chronic disease. Two out of three people reaching retirement age are expected to have at least two chronic conditions, according to the World Health Organization (WHO). Many chronic diseases and conditions are linked to an aging society and lifestyle choices, such as smoking, sexual behavior, diet, and exercise, as well as to genetic predispositions. WHO research shows that the total burden is expected to be even higher in the future if nothing is done about the growth of chronic disease cases now. According to the European Commission, 70% to 80% of healthcare budgets, or an estimated EUR 700 billion per year, is currently spent on chronic diseases in the European Union. Here, PM technologies come into play and identify small changes in the patient’s physiological data, hence promoting self-monitoring. Thus, it reduces readmissions and prevents avoidable hospitalizations. Moreover, these technologies decrease the number of unnecessary trips to the doctor’s office and reduce travel-related expenses. On the short- and long-term basis, by the proper implementation, PM technologies can expand access to quality healthcare and save time and money.

Key Market Trends
Hospital and Clinics Segment Under End User that is Expected to Grow Fastest During the Forecast Period

The hospitals and clinics segment held the maximum share in 2019, owing to high patient turnaround and large volumes of procedures. The home healthcare segment is anticipated to exhibit a robust growth rate over the forecast period. Cost efficiency of these alternate sites, along with availability qualified resources, is expected to support the growth.

North America Region Holds the Largest Market Share of the Patient Monitoring Market Market Currently and is Believed to Follow the Same Trend over the Forecast Period

The North American patient monitoring market dominated the global market and is estimated to show a similar trend during the forecast period. The increasing geriatric population, rising incidences of chronic diseases, growing demand for wireless and portable systems, coupled with the presence of sophisticated reimbursement structure aiming toward cutting out of pocket expenditure levels, are the major factors attributing to its large market share.

The Asia-Pacific market is expected to grow at the fastest rate over the forecast period, owing to the large presence of untapped opportunities in the emerging markets of India and China, rising medical tourism, and constantly improving healthcare infrastructure in these markets.

Competitive Landscape
The patient monitoring market consists of several major players. The companies are implementing certain strategic initiatives, such as mergers, new product launch, acquisitions, and partnerships that help them in strengthening their market position. For instance, Roche and Qualcomm entered into strategic collaboration in order to enhance remote monitoring and chronic disease management.

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