Global Patient Monitoring Device Market Projected to Grow at 6% CAGR During 2016-2023: Occams Business Research & Consulting Pvt. Ltd.
INDORE, India, September 11, 2017 /PRNewswire/ --
According to British Medical Journal, medical technology sector is steadily driving change in healthcare sector since 2000. Advances in technology are set to improve functioning and performance of medical devices in the areas of diagnosis, prevention and monitoring. According to Forbes magazine, global medical technology market is anticipated to reach $500 billion by 2022 from $392 billion in 2016. Increasing in R&D expenditure, demand for quality treatment, aging population and changing regulatory environment will drive medical technology market for the forecasted period. Advances in cloud computing and internet of things are slowly catching up with patient monitoring devices. According US based Oppenheimer Funds Inc., in the U.S., more than 20% of the IoT start up in 2016 are focused on manufacturing patient monitoring devices, with key focus on areas such as telemedicine, remote monitoring, and behaviour modification. Global patient monitoring device market is projected to rise at CAGR of 6% during the forecasted period 2016-2023. Rising incidence of lifestyle diseases, preference towards home & remote monitoring, demand for IoT devices, improving healthcare infrastructure, high adoption medical technologies, increasing investment in R&D, and rising geriatric population are some of the factors driving patient monitoring devices market. Factors such as lack of reimbursement and lack of skilled professionals to operate patient monitoring devices are restraining market growth for the forecasted period.
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Cardiac monitoring devices: Largest market share
According to OBRC analysis, cardiac monitoring devices (CMD) hold largest market share in terms of sales and revenue within product segment for the forecasted period. High incident rate of cardio vascular disease, technological advancements, changing regulatory environment, increasing incidences of arrhythmias are some of the factors driving CMD market during forecasted period. According to World Health Organization, more than 17.7 million people globally died due to cardiovascular diseases in 2015 (31% of all deaths). Over 75% of the total deaths due to CVD occurred in low income countries in 2016 according to World Health Organization estimate. Since, 2014, more than $2 billion have been invested in treatment for CVD, and, likely to increase by an average 7% per annum till 2022 according to ScienceDirect magazine. Aging population would increase the probability of incidence of CVD. According to World Health Organization, prevalence rate of CVD amongst elderly population (60 years and higher) than that of adult population aged between 20-50 years. Countries with growing aging population such as Japan, Germany, Italy, and Greece would be lucrative markets for CMD for the forecasted period. Similarly, populous nations such as India and China are likely to be lucrative investment destinations for CMD in the long run. According to Population Reference Bureau, by 2020, an average 14% of the total population in India and China is anticipated to be aged 60 years and above. Aging population and high prevalence rate of cardiovascular diseases are likely to drive CMD market for the forecasted period.
Asia-Pacific: Fastest growing market
Asia-Pacific is the fastest growing market for patient monitoring device for the forecasted period in terms of volume and revenue. High population base, increasing prevalence of chronic diseases such as diabetes, cancer, etc. increasing healthcare expenditure, expanding middle class population, aging population and growing disposable income in the region are some of the factors driving patient monitoring device market in Asia-Pacific for the forecasted period. India and China are amongst the lucrative investment destination for patient monitoring devices. Both India & China together constitute over 55% of the Asia-Pacific's total population according to UN ESCAP in 2017. Moreover, healthcare expenditure in India and China is anticipated to grow by an average of 9% per annum till 2019 according to World Bank estimates. Other lucrative markets for patient monitoring device include Japan, South Korea, Australia, Singapore, New Zealand, Indonesia, Bangladesh, Vietnam and Thailand according to OBRC analysis. More than 28% of Japan's total population aged 60 years and above according to Statistics Japan. With aging population probability of chronic diseases such as cancer, asthma, and diabetes are bound to increase in Japan. According to Cancer Control and Information Service, Japan, prevalence of cancer in Japan is likely to reach 1.5% (1.9 million) by 2030 from 0.3% (374,000) in 2016. ASEAN countries account for 14.4% of total Asia-Pacific population in 2016 according to Brunei Government Statistics (Brunei Darussalam ). By 2025, population of ASEAN countries is anticipated to reach 693,000. Prevalence rate of diabetes and CVD together is higher amongst ASEAN countries at an average of 15% in 2016 according to World Health Organization. By 2025, prevalence rate of diabetes and CVD is likely to reach to an average of 20% according to British Medical Journal. Suffice to say Asia-Pacific is likely to remain a lucrative market for patient monitoring devices for the forecasted period.
About Occams Business Research & Consulting (OBRC):
Occams Business Research & Consulting has been in the business (Market Research) for the past three years. OBRC, based in India, is formed by two women analysts, Shyamal Moghe and Sathya Durga, who started the company after years of working as analysts and project managers for companies such as Frost & Sullivan, Smart Analyst, etc. and have an excellent track record for the best customer satisfaction. You can see their professional profile on LinkedIn:
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