Global Patient Monitoring Equipment Market Growing at 8.93% CAGR during 2017 to 2021

PUNE, India, Feb. 13, 2017 /PRNewswire-iReach/ -- The report, Global Patient Monitoring Equipment Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The increase in demand for homecare patient monitoring systems is driving the market growth. Aged and critically ill individuals cannot afford frequent visits to health centers and they often require monitoring on a daily basis. Home monitoring, therefore, is a convenient and cost-effective alternative that helps patients monitor their health regularly. The demand for wireless multiparameter home use monitors is likely to propel the growth of the market during the forecast period. There is an increased need for the continuous monitoring of individuals with chronic disorders, such as hypertension. To reduce hospital cost and hospital stay, individuals are preferring home-based healthcare monitoring.

Complete report on global patient monitoring equipment market spread across 131 pages, analyzing 4 major companies and providing 74 data exhibits is now available at  http://www.reportsnreports.com/reports/857446-global-patient-monitoring-equipment-market-2017-2021.html .

The analysts forecast the global patient monitoring equipment market to grow at a CAGR of 8.93% during the period 2017-2021. Vendors are bundling two or more products or services to achieve product differentiation and provide better products. For example, along with vital signs monitors, vendors are offering accessories for patients to monitor their blood pressure levels. For instance, Smiths Medical develops BCI, a bed-side patient monitor, that can include vital signs, pulse oximeters, capnography, and BP monitor.

Patient monitoring equipment with specialized versions are used to monitor physiological signs. These devices are either used as bed-side monitors or as remote patient monitors. Remote patient monitoring is one of the key factors for the buying criteria of the patient monitoring equipment in the market. Hence, vendors are developing technologically advanced products that can be integrated with smartphones and applications, which can send test results on time and provide better patient care service. For instance, Dexcom developed the Dexcom G5 mobile continuous glucose monitoring (CGM) device, a mobile system, that sends glucose readings to a compatible smartphone every 5 minutes. In October 2014, the company received the FDA approval for its mobile application Dexcom SHARE, which is used in Dexcom G4 PLATINUM CGM system.

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Further, the report states that as the market is highly competitive with the presence of a few established vendors and many new and small companies, both global and local vendors offer a wide range of patient monitoring equipment at lesser price. Global companies invest significantly in the marketing, promotion, and improvement of their brand quality to gain profit margins. However, intense competition in the market leads to price wars. This causes global vendors to lower the average selling prices of their devices to compete for high volume and low-cost sales agreements. Vendors also offer discounts, which further contributes to market competition. As a result, vendors, particularly leading companies, are operating on low profit margins.

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