Wireless patient monitoring devices are wireless and remote technologies that monitor and transmit data either within an institution or hospital via wireless or intranet, or at a remote location, using wireless transmissions. It would be a very difficult task to keep track of the patient data and information in a multi-specialty hospital with large set ups, wherein there is a regular flow of critical care patients and out-patients. A wireless patient monitoring device helps solve this by keeping track of the patient’s critical data 24-hours, daily, through computers so that immediate action could be taken in case of an emergency. An anticipated shortage of doctors and nurses in the hospitals, and a significant difference of doctor to patient ratio is fueling the usage of the remote patient monitoring systems, which in turn is boosting the wireless patient monitoring market.
A key feature of the wireless patient communication is the capability to deliver essential and relevant patient data to the caregiver irrespective of the location. The concept to free the patient from hospital bed and yet monitor the patient data, without switching from machine to machine, has led to the opportunity of employing patient monitoring devices. The global wireless patient monitoring market is expanding and is anticipated to expand significantly in the near future.
Decrease in the number of the healthcare professionals, cost effectiveness by reducing the hospital stays, rise in the healthcare needs of the geriatric population are few factors driving the market for wireless patient monitoring devices. The lack of reimbursement and incapability of the patient monitoring systems to predict and alert the caregiver of any complication are considered to be the restraints for the market. However, the increasing awareness and acceptance of telemedicine and the replacement of older technology equipment with new wireless ones is likely to create an opportunity for new market entrants.
In terms of product type, the wireless patient monitoring market can be segmented into cardiac monitoring device, hematological monitoring device, respiratory monitoring device, and multi-sign monitoring device. Cardiac monitoring device is further sub-segmented into ECG monitors, BP monitors, heart rate monitors, and fetal heart rate monitors. Respiratory monitoring device is further sub-segmented into respiratory rate monitor, spirometer, and sleep apnea monitor. Hematological monitors are further sub-segmented into blood glucose monitor and prothrombin time monitor.
In terms of application type, the wireless patient monitoring market can be segmented into diabetes monitoring, chronic obstructive pulmonary disease monitoring, asthma monitoring, congestive heart failure monitoring device, cancer monitoring device, and coronary heart disease monitoring device.
In terms of end-user, the wireless patient monitoring market can be segmented into hospitals, nursing centers, home healthcare, and others. The hospitals segment accounts for a major share of the market as the hospital setups are more affordable.
Based on geography, the global wireless patient monitoring market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to lead the global market due to the easy adaptability to the advancing technology and high purchasing power in the region. Asia Pacific is projected to follow North America in terms of market share due to the rise in medical interventions.
Key players operating in the wireless patient monitoring market are GE Healthcare, Honeywell Homemed, Cybernet Medical Corporation, Drager Medical, American Telecare, Medtronics Inc., Carematix, Globalmedia Group, Infinium Medical, Leaf Healthcare, and Philips Healthcare.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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