The global patient monitoring devices market is estimated to reach USD 24,762 million by 2020 growing at a CAGR of 5.6 percent during the forecast period, 2015-2020.
The driving factors include growing population size of the elderly, rising incidences of unhealthy lifestyle, and technological developments like portability of equipment. The cardiac monitors segment had the largest share in 2015 of the total patient monitoring devices market, whereas neuro-monitoring devices segment will be the fastest growing segment by 2020, predicts MarketsandMarkets.
The respiratory monitors segment is also expected to grow at a high pace in the forecast period. This growth can be attributed to the rising incidences of obstructive sleep apnea and the rising alternate uses of capnographs. The remote patient monitoring (RPM) devices segment is expected to grow at a fast pace, majorly driven by government regulations to control the rising healthcare costs. The technological innovations and developments of products are contributing to the market growth of RPM devices.
North America accounted for the highest share in 2015 and is poised to grow from 2015 to 2020. Europe was the second leading contributor to the patient monitoring devices market in 2015. However, the growth of this region is expected to be sluggish in the forecast period and it is estimated to grow at a lower CAGR, due to factors such as uneven reimbursement policies, declining birth rates, and reduced number of beds in hospitals.
Asia-Pacific is the most promising region for patient monitoring devices in the coming 5 years. It is expected to grow at a higher CAGR over the forecast period. High population base and improved purchasing power of patients will be the major drivers of this market. Moreover, the economic instability in the western countries enables the companies to focus on the region in order to meet their revenue targets.