Patient Monitoring Devices
Overview of the global pulse oximetry market
Technavio’s market research analyst predicts the global pulse oximetry market to grow steadily at a CAGR of above 5% by 2021. One of the primary drivers for this market is the rise in the installation of multi-parameter devices. There is an increasing demand for the establishment of multi-parameter patient monitoring devices in medical facilities. These multi-parameter patient monitoring devices can help in tracking various parameters such as blood pressure, oxygen saturation, and tidal carbon dioxide levels at the same time. The market has been witnessing a growing adoption of multi-parameter patient monitoring systems (MPPMS) for emerging applications, such as neonatal care and pediatrics. This type of patient monitoring system eliminates the need for separate parameter devices and capital investment in medical facilities. The pulse oximeter is also integrated with other parameters such as blood pressure and glucose monitoring, thereby acting as a multi-parameter device.
In terms of geography, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. The US is the largest contributor to the pulse oximetry market for 2016; this is due to the rising use of patient monitoring devices in hospitals and medical facilities across the US. Moreover, the advancement in technology, increasing adoption of pulse oximeters in home-care settings, and subsequent smartphone compatible product launches will augment the growth of the global pulse oximetry market during the forecast period.
Competitive landscape and key vendors
There is intense
Overview of the global blood glucose monitoring (BGM) devices market
The global blood glucose monitoring (BGM) devices market is anticipated to grow at a moderate rate and will post a CAGR of close to 12% during the forecast period. One of the growth drivers for the global BGM device market is the availability of reimbursement options for glucose meters. Generally, it has been noted that glucose meter devices must be replaced within six to eight months and are very expensive. As a result, most people prefer selecting health insurance plans that cover almost 80% of the total expenditure on healthcare devices. Such schemes also cover the cost of diabetes testing supplies, blood glucose test strips, and blood glucose meters. For instance, Medicare, the federal health insurance program in the US, covers approximately 80% of the cost of BGM devices for people with diabetes. Extensive research carried out by the analysts has also shown that the American Association of Diabetes Educators has released a reimbursement procedure for primary care practice, which states that the costs of medical services that are incurred by diabetic patients can be reimbursed through Medicare. Due to the availability of such reimbursement facilities, the sales of BGM devices has increased.
Another key trend that fosters market growth is the recent increase in online marketing strategies. To increase the sales and brand equity, vendors are increasing their online marketing and promotional activities. Also, since online channels reduce the set-up and operational costs and provide easy access for the customers, the demand for online purchase of glucose meters is growing. Some of the leading vendors provide online services for purchasing blood glucose meters, blood glucose strips, and lancets. All these factors, together, intensify the level of market competition in the forthcoming years.
Competitive landscape and key vendors
Overview of the global patient monitoring equipment market
The global patient monitoring equipment market is anticipated to grow at a steady rate and will post a CAGR of close to 9% during the forecast period. The increasing demand for homecare monitoring equipment will drive the growth prospects for the global patient monitoring equipment market in the forthcoming years. One of the major factors contributing to the growing demand for homecare monitoring systems is the critically ill old age group with chronic disorders such as hypertension that require monitoring on a daily basis and cannot afford frequent visits to health care centers. Also, the market is witnessing growth due to the increasing demand for wireless multiparameter home use monitors. Some of the major factors responsible for the growing preference for home monitoring systems are portability, user-friendliness, self-care products, and reduced hospital cost and hospital stay.
In terms of geography, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. One of the major factors responsible for the market’s growth in the region is the increasing adoption of technologically advanced products.
Competitive landscape and key vendors
The global patient monitoring equipment market is highly competitive and diversified due to the presence of a large number of local and international vendors across the globe. These vendors are increasingly focusing on research and developmental activities to create strong product portfolios.
Key vendors in this
Overview of the medical imaging market
Extensive research carried out by the analysts at Technavio has shown that the global medical imaging market will witness steady growth at a moderate CAGR of close to 5% during the forecast period. The growing demand for portable imaging equipment is one of the primary factors driving this market’s growth. Portable imaging equipment offers ease of use and point-of-care applications, which is leading to their increased adoption not only in hospitals but also as a part of homecare. Moreover, there is also an augmented demand for portable devices in the emergency care units for easier and quick usage, faster interventions for acute events, and better monitoring. Owing to the recent advances in technology, vendors are increasingly focussing on incorporating these portable imaging devices with hi-tech features that are at par with the stationary medical imaging equipment. For instance, portable ultrasound devices are equipped the wireless features like Bluetooth, and near-field communication to deliver highly sophisticated home-based healthcare service for individuals. Similarly, portable X-ray systems are lightweight and convenient to use as the X-ray images can be sent from anywhere in the hospital, saving a lot of time.
In terms of geography, the Americas dominated the global medical imaging market during 2016 and will continue to lead the market over the next four years. The medical imaging market in the Americas is largely dominated by the US owing to the better infrastructure and awareness about
Overview of the critical care therapeutics market
According to the market research analysts at Technavio, the critical care therapeutics market is expected to witness steady growth and post a CAGR of close to 4% during the predicted period. With the increasing number of joint replacement and cardiovascular surgical procedures, the market for critical care therapeutics is expected to have a positive outlook in the coming years. Surgical procedures such as hip and knee replacements result in long periods of immobility, which considerably increases the chances of developing deep vein thrombosis (DVT) due to reduced blood flow. For instance, according to the CDC 2015 report, around 719,000 knee replacement surgeries and 332,000 hip replacement surgeries are performed in the US every year. Moreover, the increasing number of cardiovascular procedures like stent grafts and coronary artery bypass grafting will help boost the demand for critical care therapeutics over the next four years.
In terms of geography, the Americas was the highest revenue contributor in the market during 2016 and will continue to lead the market during the forecast period. The growth of this market in the Americas is attributed to the introduction of Kcentra, the first four-factor prothrombin complex concentrate and Tretten, the first recombinant factor XIII concentrate in 2013. The increasing uptake of these products during the forecast period will have a positive impact on the market. Moreover, the favorable healthcare reforms of various countries in the Americas will also contribute to this market’s growth in the region.
Competitive landscape and key vendors
The global critical
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
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.