Global Markets Direct estimates that the global market for patient monitoring systems, which was valued at around $7 billion in 2008, is forecast to exceed $8 billion by 2015 with a CAGR of 3%. The market is expected to be driven by the increasing need to control rising healthcare costs, technological advances and an ageing population.
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Multi-parameter patient monitoring systems and non-invasive blood pressure monitors market categories together accounted for 70% of the market share in 2008. The multi-parameter patient monitoring systems market is expected to be driven by portability and ease of use of these systems. Such systems also improve economies of scale for the hospitals and the overall healthcare system. Non-invasive blood pressure monitors are expected to be driven by the growth in the home healthcare market and high affordability of the blood pressure monitors.
In 2008, US healthcare expenditure was at 16.6% of its GDP, making it the highest in the developed economies. Healthcare expenditure across all the developed economies is expected to continue to rise for several years. Increasing incidence of chronic diseases in the general population is cited as one of the major factors behind rising healthcare costs. By reducing the patient stay in the hospital, patient monitoring plays a significant role in controlling the rising healthcare costs. It also reduces the healthcare professional’
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Economic downturn in the developed economies has forced hospitals to reduce their budgetary spending. Even government sponsored healthcare agencies such as the UK National Health Service (NHS) are reducing their budgetary expenditure. Also, economic downturn has resulted in millions of job losses which led to the loss of insurance for individuals in some economies such as the US. This, in turn, is leading to a reduction in the affordability of patients. Restrained spending by institutions coupled with low affordability of individuals is restraining the growth in the patient monitoring market.
Global Markets Direct’s new report, “The Future of the Patient Monitoring Market to 2015”, provides key data, information and analysis on the global patient monitoring market. The report provides market landscape, competitive landscape and market information on five market categories including micro-electromechanical systems, multiparameter patient monitoring, non-invasive blood pressure monitors, remote patient monitoring and wireless and ambulatory monitoring. This report provides comprehensive information on the key trends affecting these categories and key analytical content on the market dynamics. It also reviews the competitive landscape in terms of pipeline products and technology offerings.
For further details on this report please follow the link below:
http://www.globalmarketsdirect.com/
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