The patient monitoring devices market is projected to reach USD 25.31 billion by 2023 from USD 19.14 billion in 2018, at a CAGR of 5.7% during the forecast period.
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Will the growth in the demand for patient monitoring devices in non-hospital settings create opportunities for the patient monitoring devices market in the coming years?
Rising healthcare costs are a major factor driving the preference for home healthcare, which, in turn, has ensured a growing demand for effective home-use devices such as thermometers, pulse oximeters, weight scales, ECG monitors, event monitors, EEG recorders, and fetal monitors. The effect of this factor has been amplified due to the growth of the geriatric population, rising incidence of lifestyle and chronic diseases, and the cost-effective nature of home care devices and services as compared to hospital-based care.
The need to cut costs has also led healthcare providers to focus on reducing the duration of treatment, which has added to the prospects of home healthcare as well as private nursing institutions and geriatric care homes as effective alternatives to hospital-based care. According to the WHO, about 1.3 million people receive care each day in 15,500 nursing homes in the US alone. Moreover, the number of hospital readmissions has decreased considerably due to the rising use of remote and home monitoring devices.
These factors play a greater role in emerging and developing markets where healthcare decentralization and the rising use of miniaturized devices will provide growth opportunities to players operating in the patient monitoring devices for home settings.
What are the risks associated with invasive patient monitoring devices, and how will they challenge market growth?
There are several risks associated with the use of invasive monitoring systems, such as the discomfort associated with the insertion of monitoring instruments, such as pulmonary artery catheters (PAC). Air embolism, sepsis, bleeding/hematoma formation, cardiac arrhythmias, reduced circulation to the distal limb, hemorrhage, nerve damage (during insertion), thrombosis, air embolism, and pulmonary capillary necrosis are some major risks. These factors increase the mortality rate during invasive procedures.
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In addition, the use of invasive patient monitoring devices is not recommended for elderly and weak patients. Due to the associated risks, invasive monitoring is recommended only for a set of specific indications, provided that the risks associated are overshadowed by the benefits of obtaining the relevant data during the procedure. Moreover, invasive monitoring is extremely expensive and requires skilled professionals to perform catheter insertions in patients. Although invasive patient monitoring devices provide accurate, comprehensive, and continuous data about the state of patients, the above-mentioned risks limit their usage.