Patient monitoring devices market outlook is expected to be propelled over 2019-2025 with the trend of digital transformation being embraced by the healthcare sector. The integration of monitoring technologies in smartphones and wireless devices is becoming widely acknowledged part of patient care. This has resulted in the introduction of mobile cardiac telemetry devices, remote monitoring devices, mobile personal digital assistant (PDA) devices, ambulatory event monitors, and ambulatory wireless EEG recorders.
Patient monitoring devices are designed to help enhance patient care and improve clinical performance. The technology integrated solution is fitted securely into the IT environment of hospitals to capture timely patient data and feed it to EMR. The convenience it offers to patient monitoring and care contributes to accelerate patient monitoring devices industry trends.
Enlisted below are some trends which have been forecast to drive the growth of patient monitoring devices market share.
Sedentary lifestyle adding to the incidence of cardiovascular diseases
People are spending an increasing amount of time pursuing sedentary activities like working on a computer or other devices, watching TV, playing video games, driving, eating etc. Surveys show that an average person sits 12 hours a day which is the fourth leading cause for increasing mortality rate across the globe. Around 3.2 million deaths in the world happen due to diseases caused by physical inactivity.
In the year 2017, the highest reported percentage of inactivity among adults was at around 34.4% in the United States alone. Obesity, heart diseases, high blood pressure, high cholesterol, stroke, metabolic syndrome, type 2 diabetes, certain cancers, including colon, breast, and uterine cancers, and osteoporosis are some of the disease which are rising owing to the growing sedentary lifestyle.
Sedentary lifestyle, lack of exercise, and eating junk food have thus, increased rates of chronic conditions including endocrine disorders and cardiovascular diseases owing to the rise in cholesterol levels. Such diseases are augmenting the adoption of patient monitoring devices and supporting the growth of patient monitoring devices market size. For the record, North America patient monitoring devices market share has been forecast to observe nearly 4% CAGR over 2019-2025.
Increasing digitization in healthcare sector to augment patient monitoring devices market
Many healthcare organizations undertaking steps to adopt advanced technologies. Digitization is being embraced to reduce inefficiencies, improve access, reduce costs, increase quality, and make medicine more personalized, in patient care segment.
Federal agencies are also raising their efforts to step up the adoption of approved patient care devices. The Centre for Devices and Radiological Health (CDRH) of FDA has initiated the Digital Health Program which can better protect and stimulate public health. This program helps to provide continued regulatory clarity by fostering collaborations and enhancing outreach to digital health customers. It also helps to develop and implement regulatory strategies and policies for digital health technologies.
Advancements in patient monitoring technologies have lessened the need of skilled staff which has in turn reduced operational costs. Parameters are directly displayed on monitors and are also easy to understand. Increased preference for monitoring devices in hospital settings due to numerous associated benefits is likely to surge patient monitoring devices market growth. Demand and mandates to use approved devices by regulatory agencies will also help to proliferate patient monitoring devices industry size.
Rising demand of ambulatory surgical centres
ASCs have represented an outstanding capability to advance customer service and quality while concurrently cutting costs. At a stage when most technological advancements in healthcare services have higher price tags, ASCs have stood out as an exception to the rule. Advantages such as decreased patient stay duration and low cost, nominally invasive surgeries are attributes that have added to the demand for ASCs and in turn have propelled patient monitoring devices market outlook.
More patients have been reported to receive care in cheaper outpatient settings, and some believe a paradigm shift in favour of outpatient facilities is inevitable in the coming years. Over the course of coming decade, inpatient discharges are anticipated to decline by 2% while outpatient volumes are anticipated to increase by 15% throughout the U.S.
As payers and government have scrutinized costs and shifted to value-based care, outpatient surgery is foreseen to witness an overall 11% upsurge from 2017 to 2022. Ambulatory surgical centres segment in patient monitoring devices market was valued around $4 billion in 2018 and is anticipated to show similar progress over the coming years.
Innovations by market players to add impetus to patient monitoring devices market growth
The competitive spectrum of patient monitoring devices market comprises Philips, Skanray Technologies, Siemens Healthineers, GE Healthcare, Medion Healthcare, OSI Systems, and Nihon Kohden. A few years ago, Nihon Kohden rolled out Life Scope G9 bedside monitor in April 2016. The system has advanced features which monitor patients on common metrics helping to enhance clinical results. Novel product launch strategies followed by several other companies has helped to capture more share in patient monitoring devices market and has been forecast to grow exponentially in the times to come.
Several major market players have been coming up with various innovations and other strategies to seize a large chunk of patient monitoring devices industry. Government initiatives and federal agencies have also been playing major role in betterment of healthcare facilities and infrastructure which has led to increase in patient monitoring devices market size. According to a research report by Global Market Insights Inc., patient monitoring devices industry size is anticipated to surpass $27 billion by 2025.