Patient care is improving at home and in remote areas, as rising rates of chronic disease, a growing elderly population, and advancements in wireless and sensor technologies continue to drive the patient monitoring devices market.
Efficient patient management through the use of wireless technology will help to reduce the rising healthcare burden which now affects many developed and developing countries, as large elderly populations who have increased life expectancy further add to the global patient pool.
Investments in healthcare infrastructure within BRIC countries are expected to play a significant role in the future growth of the global patient monitoring devices market, as medical facilities aspire to achieve Western standards of care.
During the last decade, various developing countries have exploded into the global healthcare market, as a result of huge population numbers and fast-emerging wealth. Patient monitoring technologies are witnessing a soaring trade as a result of such healthcare system overhauls, and some manufacturing companies are working hard to cash in on this new market.
Over the past few years, the number of cases of chronic diseases such as Cardiovascular Disease (CVDs), diabetes and chronic respiratory diseases has increased, due to the growing population in developing nations. According to the World Diabetes
Foundation (WDF), 80% of the diabetic population is expected to come from low and middle income countries by 2025.
Emerging economies such as India and China, with huge patient bases and an under-served market, are expected to act as potentially lucrative markets for remote patient monitoring devices.
The addition of new medical facilities provides significant opportunities for growth in the patient monitoring devices market in India, which is expected to grow from a value of $85 million in 2012 to $134 million in 2019, at a Compound Annual Growth Rate (CAGR) of 7%.
The patient monitoring devices market in China will grow from $445 million in 2012 to $714 million in 2019, at a CAGR of 7%.
The patient monitoring devices market was lead by Philips Healthcare and GE Healthcare in 2011, with respective shares of 23% and 13%. Other key players in the patient monitoring market are Mindray Medical International Limited, Draegerwerk AG & Co. KGaA, and Nihon Kohden Corporation.
Philips Healthcare's dominant market presence stems from their extensive international presence, with acquisitions of Meditronics in India, Shenzhen Goldway in China and Dixtal Biomedica e Tecnologia (Dixtal) in Brazil, building on the company's product portfolio and strengthening its position in the emerging countries.
For more information on the patient monitoring devices market, see the latest research: Patient Monitoring Devices Market
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