Research Nester has released a report titled “North America Smart Patient Monitoring Device Market – Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The rapid evolution in healthcare sector have made it possible to integrate mobile devices and smart technologies with medical devices. Rising demand for IOT integrated patient monitoring technology on the back of possibility of monitoring patient’s health outside the conventional clinical parameters is leading to increasing patient care and better analysis of health of patients to the doctors.
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Furthermore, growing inclination towards unhealthy lifestyle by people that includes unhealthy eating habits and work life unbalance is raising the number of chronic diseases. Factors such as increasing geriatric population and rise in the number of chronic and cardiovascular diseases, such as cardiac arrest, cardio myopathy, coronary artery disease, hypertension, increased high blood pressure cases and others is raising the need for constant monitoring of health data, which is promoting the demand for smart patient monitoring device market. The World Bank in one of their statistics stated that population aged 65 and above in North America peaked 58 million in 2018 from 17 million in 1960.
The North American smart patient monitoring device market accounted for USD 1981.8million in 2019 and is anticipated to reach USD 3729.6 million in 2027 by recording a CAGR of around 6% during the forecast period i.e. 2019-2027. The market is segmented by product type into vital sign monitors, infusion pumps, cardiac monitors, respiratory monitors, hematological monitors, anesthesia systems monitors, renal function monitors, telemetry, multi parameter monitors and others. Among all these segments, the vital sign monitoring segment is anticipated to hold largest market share on the back of rise in geriatric population that requires constant monitoring of health owing to increasing geriatric syndromes.
By end user, the market is segmented into home setting, hospitals, clinics, research institutions, ambulatory surgical centers, independent ER centers, independent long term acute care and nursing centers, out of which, the home setting segment is anticipated to gain significant market share on the back of convenience of use of these devices, efficient monitoring, and ability of constant recording. Owing to such factors, patients also feel the ease to monitor their health at their own residential premises, instead of undergoing same processes at hospital or nursing care premises.
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However, increasing cost of manufacturing of these devices and the challenges observed in maintaining privacy of data and fear of data security breach, all of these factors are estimated to operate as barriers to the growth of the North America smart patient monitoring device market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the North American smart patient monitoring device market, which includes company profiling of Medtronic, Paragon Medical Supply, Inc., Honeywell HomMed, ACSDiagnostics, General Electric Company (NYSE: GE), Boston Scientific Corporation (NYSE: BSX), Koninklijke Philips N.V. (AMS: PHIA), BioTelemetry Inc. (NASDAQ: BEAT), F. Hoffmann-La Roche Ltd (SWX: ROG) and Abbott (NYSE: ABT).
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “North America Smart Patient Monitoring Device Market – Demand Analysis & Opportunity Outlook 2027”, analyses the overall smart patient monitoring device industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the North America smart patient monitoring device market in the near future.
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