Patient Monitoring Devices
Overview of the NCS market in the US
The NCS market in the US is anticipated to grow rapidly and will post a CAGR of more than 14% during the forecast period. The increasing trend of technological advancements in the development of new and improved nurse call system (NCS) will drive the growth prospects for the NCS market in the US until the end of 2020. The industry research report states that with the increasing technological advancements, analog systems have been replaced by digital equipment like wired systems and wireless systems. Moreover, in this market, vendors are increasingly undertaking research and development activities to redesign and upgrade their NCSs and enhance its efficiency. The nurse call system with advanced features such as wireless messaging, enhanced patient-to-staff voice communication, assimilation with real-time locating systems, integration with electronic health records (EHR), and management reporting to optimize staff efficiency and workflow will increase its adoption among end-users in the coming years.
The increasing emphasis on improving healthcare communications will drive the growth prospects for the NCS market in the US for the next four years. This market research information shows that administrative heads or nursing directors can access NCS data from their offices or remote computers with the introduction of integrated healthcare communications technology. Also, this technology will assist in functions such as assigning staffs to patients by supervisors, send text messages to the staff, review report data, and view patient call activities. Furthermore, since these systems provide remote access to NCS information, other departments that are not associated with NCS will also benefit from it. For instance, alerts or notifications can be immediately sent to the housekeeping department to assign beds that need cleaning.
Competitive landscape and
Overview of the vital signs monitoring devices market
According to the market research analysts at Technavio, the global vital signs monitoring devices market is anticipated to witness impressive growth and will post a CAGR of close to 7% over the forecast period. The augmented demand for home care monitoring equipment is one of the primary factors driving this market’s growth. Since most aged and critically ill patients require constant health monitoring and cannot afford frequent visits to hospitals, it is imperative to provide them with a suitable home monitoring equipment. The home care monitoring equipment is cost-effective, easy-to-use, and helps monitor the patient’s health regularly. Moreover, multi-parameter patient monitors also contribute to reducing hospital cost and hospital stays, which will boost this market’s growth over the next four years. Also, the increasing focus on quality care and disease management will lead to an increase in adoption of portable, self-care, multi-parameter patient monitoring devices, especially in developed countries.
In terms of geography, the Americas was the major revenue contributor during 2015 and is expected to lead the market over the coming years. The US is a major market for blood pressure monitors in this region. The recent increase in the number of public awareness campaigns by government and non-government organizations for cardiovascular diseases have compelled many people to undergo regular tests and check-ups. Also, the presence of a favorable reimbursement scenario in the US has allowed vendors to offer various health
Overview of the multiparameter patient monitoring equipment market
According to the market research analysts at Technavio, the multiparameter patient monitoring equipment market is anticipated to witness steady growth and will post a moderate CAGR of close to 5% over the forecast period. The advancements in wireless communication technology and wearable devices for medical telemetry has enhanced the scope for remote patient monitoring. It is now possible to record and transmit digitized vital signs in the form of signals from a device to the computer or hand-held personal digital assistant (PDA) of a healthcare professional instantly, thereby reducing the duration of evaluation and treatment. The market has witnessed the development of first-generation monitoring services that seamlessly collect and transmit data within a hospital using wireless local area network like Micropaq. Furthermore, Motiva, a next-generation monitoring equipment, offers disease management through a secure, personalized healthcare communication platform that connects people with chronic disorders at home to their healthcare providers through their TV sets and cable systems for IP access, which is expected to propel this market’s growth prospects in the coming years.
One of the emerging trends spurring the growth prospects for this market is the increased adoption of wireless patient monitoring equipment. Such monitoring equipment offer various standard invasive and optional parameters including ECG, hemodynamic, dual-temperature monitoring, spO2, and CO2 monitoring for quality patient monitoring in hospitals
Overview of the global RFID blood monitoring systems market
Market research analysts at Technavio have predicted that the global RFID blood monitoring systems market will show an impressive growth during the predicted period and post a CAGR of nearly 23% by 2020. RFIDs are gradually replacing the use of 1D and 2D barcodes. Barcodes work only when the scanner is placed directly in front of the label and also do not offer durability. Whereas, RFID uses radio waves to communicate and does not require proper orientation of label and scanner. RFID tags are only required to be within the reading range of the reader, which will drive the efficiency of logistics in various applications including blood transfusions. Barcode is a read-only label where the data can never be changed after it is printed. However, in RFID tags, the data can be rewritten or modified as required. Moreover, RFID tags are durable and reusable, and RFID technology is more secure as the information can be encrypted. These advantages of RFID over barcode scanners will be one of the major factors that will have a positive impact on the demand for this market in the coming years.
There is a growing need to reduce medical wastage and to improve the efficiencies of manual blood monitoring systems that normally faces several challenges such as medical errors and slow speed in process. RFID technology enables transforming the supply chain automation and visibility and also helps shippers to track assets and shipments in real time. Replacing manual scans, RFID helps blood banks to save considerable time in all processes
Outlook of the global neurophysiology needles and electrodes market
Technavio’s market research analyst predicts that the neurophysiology needles and electrodes market will grow at a modest CAGR of close to 4% by 2020. The rising preference for disposable electrodes is a major factor that is expected to drive the demand for needles and electrodes over the next few years. Many physicians are now switching over to disposable electrodes to help patients avoid hospital-acquired infections, which are caused due to cross-contamination. Since disposable electrodes lower the risk of allergic reactions caused by chemicals and skin preparation methods, their demand among the end users will increase significantly over the next few years. This increase in the preference for disposable electrodes will foster the prospects for growth in this market until 2020.
According to Technavio’s analysts, a major trend that will spur growth in this market is the development of dry electrodes. At present, it has been observed that most diagnostic devices that are used to diagnose neurological issues utilize wet gel electrodes. However, to counter issues like drying gel, degraded signals, and skin irritation, vendors have started developing dry electrodes. Dry electrodes are made of flexible polymer and other materials, which do the job of monitoring and recording EMG and EEG signals more accurately than wet gel electrodes. For instance, Cognionics has developed a dry electrode system that offers better results than the conventional electrodes. Consequently, it can be estimated that the ability of these systems to offer better results than the wet gel electrodes will lead to its increased adoption over the next four years.
Product segmentation and analysis of the neurophysiology needles and electrodes market
- Needle electrodes
- Surface electrodes
Outlook of the global cardiology electrodes market
Technavio’s market research analyst predicts that the cardiology electrodes market will grow at slow CAGR of just around 3% by 2020. The rising incidence of cardiovascular diseases in the geriatric population as well as in some young people will propel the growth of this market during the forecast period. In 2014 alone, the American Heart Association reported that over 17 million deaths were caused by cardiovascular problems. Cardiology electrodes are an essential part of the diagnostics process, and innovations will help detect problems early and faster. Patients who get tests done find it easier to get reimbursed for their ECG tests. This bolsters growth prospects for the global cardiology electrodes market during the forecast period.
Another factor that positively impacts growth prospects for the cardiology electrodes market is the use of dry electrodes. Most diagnostic devices used today use wet gel electrodes to record data. Gel usually starts drying after being applied on the skin, causing irritation and a degraded signal. To compensate for this, vendors are developing dry electrodes which use flexible polymers and other materials which result in better quality signal output. Increased preference for dry electrode usage will propel growth in the global market for cardiology electrodes during the forecast period.
Segmentation by application and analysis of the cardiology electrodes market
- Stress test ECG
- Neonatal ECG
- Long-term monitoring ECG
- Resting ECG
- Short-term monitoring EGG
The stress test ECG segment dominates the cardiology electrodes market and is expected to generate revenues of over USD 132 million by the end of 2020. This test is used by physicians to
There have been many technological advancements in terms of product innovation in this market, and they will progressively replace invasive techniques in patient monitoring procedures.
New neuromonitoring devices have tremendous growth potential and are expected to be the fastest-growing segment in the patient-monitoring devices market. Home care monitoring is also expected to expand because of the rise in adoption of consumer health technology and increased reimbursements. This will attract new players to the market, thereby increasing the competition among global and regional medical device companies.
Additionally, hospitals are placing more importance on the integration and connectivity of patient monitoring devices. This trend will precipitate strategic collaborations and acquisitions among medical device companies in the patient monitoring device market.