The cardiac patient monitoring market is forecast to undergo a period of consolidation as new entrants acquire existing players to target this expanding market sector. By 2019, the global cardiac patient monitoring market is forecast to total revenues of US$5.3 billion, expanding from a base of US$3.8 billion in 2012. New technology and wireless functionality is ensuring that the cardiac patient monitoring devices market develops with increased implementation of these devices forecast as insurance companies, hospitals and healthcare individuals strive to catch any cardiac issues at the earliest stage possible. During the period between 2012 and 2019, the global cardiac patient monitoring devices market is forecast to expand at 5.5% CAGR.
The cardiac patient monitoring industry is becoming increasingly competitive as the market matures with an increasing number of parameters monitored and integration with the electronic patient records. Market consolidation is expected as the competition within the sector increases and new entrants operate in this sector through a number of acquisitions. Philips Healthcare represents one of the leading companies in the cardiac patient monitoring market with the company reporting increased market share in the market segment.
Hospitals and the healthcare are increasingly searching for ways to detect potential problems early so as to limit the costs involved in resolving health issues at later stages. This is placing a greater emphasis on patient monitoring devices which is driving investment in cardiac monitoring devices. Insurers also have an interest in detecting cardiac issues early on before significant issues develop.
Improved technology is improving the functionality, accuracy, size and also pricing of cardiac monitoring devices. In addition, wireless technology is now being fitted to devices which is placing an increasing focus on regulatory bodies to implement new standards to ensure patient safety. There are two types of wireless connectivity which is often used to classify different health monitoring devices: short range devices and long range medical telemetry. The technology being used for devices with short range wireless connectivity include inductive implants, medical device radiocommunication service, Wi-Fi, Bluetooth and Zigbee technology, ultra-wideband, medical micropower networks and medical body area networks. For long range medical telemetry, available technologies include wireless medical telemetry and WiMAX.
Insurance companies, hospitals and healthcare individuals are increasingly using monitoring devices and practices to detect and prevent health issues at the earliest possible timeframe. This not only ensures the more successful treatment of any issues which might occur but also reduces the cost and also time take to treat these patient issues.
Shortness of breath is a common symptom of cardiac disease. It is frequently misdiagnosed as a respiratory symptom or ignored by patients and is not even considered a symptom. Hospital cardiac patient monitoring can detect arrhythmias and get people to treatment faster before it is too late to correct heart failure.
For more information on the global cardiac patient monitoring devices market, see the latest research: Global Cardiac Patient Monitoring Devices Market
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