Patient monitoring systems are utilized to record, measure, display, ad distribute combinations of biometric values such as blood oxygen saturation levels (SPO2), heart rate, temperature, and blood pressure. The home healthcare monitoring devices are proposed to deliver a range of health equipment and services to the individual while they are at home. These devices are mainly useful when a patient needs a lengthy stay within healthcare facilities. These services comprise numerous therapies, diagnosis, and equipment together with software to assist the doctors to plan the effective treatment processes at the home-care settings.
The key factor driving the growth of the global home healthcare monitoring devices market includes the elevating inclination of elderly people toward home-care treatments. Further, the increasing prevalence of chronic diseases, technological improvements in home care devices, and mounting requirement for cost-effective healthcare delivery owing to the rising healthcare prices are also expected to fuel the market growth. In addition, the ongoing COVID-19 pandemic has positively influence the market growth as these devices play a significant part in monitoring patients and thus battling the pandemic.
The global home healthcare monitoring devices market can be categorized based on product type, application, and region. By product type, the market is segregated into neuromonitoring, hemodynamic monitoring, fetal & neonatal monitoring, cardiac monitoring, multi-parameter monitoring, respiratory monitoring, weigh monitoring, remote patient monitoring, and temperature monitoring devices. The market, by application, is classified into infusion therapy, rehabilitation, respiratory therapy, unskilled care, and others.
Regionally, the global home healthcare monitoring devices market is projected to be dominated by North America during the forecast period owing to the rising incidence of numerous chronic diseases, such as respiratory disorders, diabetes, & coronary heart diseases; the existence of a huge aging population with an increase in baby boomers in the US, demanding effective treatment while handling the healthcare prices without confronting financial penalties.
The major players active within global home healthcare monitoring devices market include Roche Diagnostics, GE Healthcare, Abbott Laboratories, BIOTRONIK SE & Co. KG, Philips Healthcare, Siemens Healthcare, Spacelabs Healthcare, CAS Medical Systems, Inc., Shenzhen Mindray Bio-Medical Electronics Co, and Honeywell International, Inc., among others. These market players have implemented numerous growth approaches such as M&As, launches, partnerships, and others to reap higher revenue share within the market. To cite, a vital sign monitor, EarlyVue VS30, was launched by Royal Philips in November 2019. It computes risk-based alerts and gathers crucial signs that will enable recognition of subtle deterioration signs in signs to clinicians. Also, this novel product introduction will reinforce product portfolio of the company and secure its status in the market, thus offering it a competitive edge.
