According to Stratistics MRC, the Global Patient Care Monitoring Systems is accounted for $17.41 billion in 2017 and is expected to reach $33.95 billion by 2026 growing at a CAGR of 7.7% during the forecast period. Increasing incidence of chronic diseases and the growing availability of wireless monitoring devices and for eco-friendly packaging are the major factors boosting the market growth. Moreover, the demand for extended shelf-life of products will create ample opportunities for market growth.
The patient monitoring system is used for monitoring critical conditions and diseases such as ECG, EEG, Oxygen saturation in human blood (SpO2), the temperature of body, and others.
Monitoring of these parameters is performed at hospitals, or home.
However, high capital investments for manufacturing may hinder the growth of the market.
By Product, Cardiac Monitoring Devices segment is likely to have a huge demand due to increasing incidence of cardiovascular diseases at an early age and rising obese population.
These devices monitor the continuous and intermittent heart activity, usually through electrocardiography.
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By geography, Asia Pacific is estimated to have a lucrative growth due to increasing per capita healthcare expenditure, growing public health awareness and rising prevalence of lifestyle diseases.
Some of the key players in Patient Care Monitoring Systems market include Bosch Medical, Cardiocom, GE Healthcare, Honeywell HomMed, Omron Healthcare, Philips Healthcare, Abbott Laboratories, AMD Global Telemedicine, Carematix, Coviden, Mindray, OSI Systems, Welch Allyn, Second Opinion Telemedicine Schiller AG and Roche.