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Factors such as reduced adverse events, improving patient’s outcomes, lesser hospital stays, and helping hospitals to improve their efficiency are bolstering the growth of the market. These devices are also known to reduce the healthcare costs which is attracting the middle class thus adding more fuel to the growth of the market. However, budget and financial constraints accompanied with absence of advanced medical team in various developing and under developed countries are deterring the growth of the market. Strict rules and regulatory approvals by various countries is predicted to pull down the growth of the market. Global next generation patient monitoring devices requires a high level of maintenance which some hospitals fails to meet, thus restricting the growth of the market.
The remote monitoring technology in the next generation patient monitoring devices provides access to broader geographical areas including less served regions which reduces the cost of treatment and time of travel. The next generation patient monitoring devices are comprised of a wearable component which includes the devices with sensors and a non-wearable component which includes monitoring devices. These devices are linked through wireless networks and analytical algorithms to both the ends.
Next generation patient monitoring devices are designed for enhancing patient care and improving clinical performance. The integration of IT in the healthcare system helps in the regular monitoring, timely capturing patient data, storing real time records and thus improving patient care. Hospitals are getting more busier these days and number of patients continuously increasing which generated the need of next generation patient monitoring devices in the hospital environment. Furthermore, in order to improve efficiency, better resource utilization and maintaining their level of service, adoption of these next generation patient monitoring devices is increasing. These devices are able to provide constant and real time physiological and allied data such as heart activity, body temperature, blood pressure, pulse rate and other clinical conditions with wireless connectivity as to monitor patients better, more closely and efficiently.
Next Generation Patient Monitoring Devices Market: Drivers & Restraints
Several advantages of next generation patient monitoring devices in assisting patient care such as reduced adverse events, improving hospital efficiency, improving patient outcomes, real time data monitoring and storage, lesser hospital stays etc. supports the adoption and market growth of these devices. The next generation patient monitoring devices also has the potential of minimizing the healthcare costs which further fuels their adoption in hospital settings. Several factors such as hospital’s financial & budget constraints, lack of advanced medical facilities, lack of trained professionals in various developing as well as under-developed nations restricts the market growth for these next generation patient monitoring devices. Furthermore, stringent regulatory approvals in several countries slows down the product commercialization which also limits the market growth. Insufficiency in maintaining the privacy and security of the stored data and lack of uniformity in device functionality are some other challenges which restricts the market growth for these next generation patient monitoring devices.
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Next Generation Patient Monitoring Devices Market: Segmentation
Segmentation by Service Type:
- MRI Compatible Devices
- Non-MRI Compatible Devices
Segmentation by Component:
- Wearable component
- Non-Wearable component
Segmentation by Application:
- Diagnosis
- Treatment monitoring
Segmentation by End User
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Diagnostic Centers
- Home Care Settings
Next Generation Patient Monitoring Devices Market: Overview
Companies involved in the Next Generation Patient Monitoring Devices services market are involved in continuous advancement of their manufacturing technologies to develop innovative solution with focus on more precise and low cost devices. These manufacturers are collaborating with healthcare professionals and organizations for network building and increasing sales. The demand of next generation patient monitoring devices in anticipated to increase with the rise in incidences of chronic diseases, increasing aging population and improving healthcare facilities.
Next Generation Patient Monitoring Devices Market Treatment Market: Key Players
Some of the players in the Next Generation Patient Monitoring Devices market includes Boston Scientific Corporation, Koninklijke Philips N.V., Nihon Kohden Corporation, F. Hoffmann-La Roche Ltd., LifeWatch AG, Medtronic, Abbott, eDevice, Isansys Lifecare Ltd, Zywie Inc. etc.
Next Generation Patient Monitoring Devices Market: Region-wise Outlook
Geographically, North America leads the market for Next Generation Patient Monitoring Devices services owing to the advanced healthcare infrastructure and the intensity of market players in the region. This is followed by the Western Europe countries due to more focus on patient care and thus a good rate of adoption. APEJ represents a significant growth rate for the next generation patient monitoring device over the forecast period owing to the rise in chronic disease and improvement in healthcare facilities. Japan also have a significant market share owing to the high number of geriatric population as well as available government support. Eastern Europe does not represent a significant growth rate owing to the less developed healthcare infrastructure. Latin America followed by Middle East & Africa represents the least market share as well as growth rate in the next generation patient monitoring devices over the forecast period but represents a significant market opportunity for the market players to invest in the region.
The regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia-Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- The Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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