Patient monitoring devices poised to explode in developing countries
June 12, 2013 in Medical Technology
Investments in healthcare infrastructure within Brazil, Russia, India and China, BRIC countries, are expected to play a significant role in the future growth of the patient monitoring devices market, as medical facilities aspire to achieve Western standards of care, says new data by GBI Research.
According to GBI, the report looks at the market, competitive landscape and trends for seven patient monitoring devices market categories: remote patient monitoring devices; micro-electro mechanical systems; patient monitoring accessories; non-invasive blood pressure monitors; multi-parameter patient monitoring devices; neonatal monitors and fetal monitors.
GBI officials say the study was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GBI research’s team of industry experts.
[See also: Mostashari expects big year ahead in data exchange.]
During the last decade, various developing countries have exploded onto the global healthcare market, as a result of huge population numbers and fast-emerging wealth, according GBI. Patient monitoring technologies are witnessing a soaring trade as a result of such healthcare system overhauls, and some manufacturing companies are working hard to cash in on this new market.
Until recently, India had very low national healthcare expenditure, but private sector investments have been increasing in the country and improving medical facilities, GBI researchers say. Large-scale investment by corporate groups in underserved cities has increased the number of hospitals, clinics and diagnostic centers, with major hospital groups such as Fortis Healthcare and Apollo Hospitals announcing expansion plans in India.
The addition of new medical facilities provides significant opportunities for growth in the patient monitoring devices market in India, which GBI says is expected to grow from a value of $85 million in 2012 to $134 million in 2019, at a compound annual growth rate of 7 percent.
China’s central government has recently pushed to improve healthcare services, investing $70 billion over the last few years in the construction of hospitals and clinics in regions with inadequate healthcare access, according to the report. This allows more patients to be seen, therefore increasing the opportunities for using patient monitoring devices. GBI Research predicts that the patient monitoring devices market in China will grow from $445 million in 2012 to $714 million in 2019, at a CAGR of 7 percent.