According to a research by Elliot and Coventry, it is very important that the following eight parameters of a patient should be monitored: oxygen saturation, temperature, pain, pulse, blood pressure, level of consciousness, urine output, and respiration rate, which are monitored with the help of patient monitoring devices. Patient monitoring devices are used during minor & major surgeries to monitor the patientís physiological signs and related complication. Moreover, with the advancement in wireless technology, these devices could be used to remotely monitor the physiological parameters of the patients. These devices are an integral part of hospitals and other healthcare facilities that are expected to help physicians determine the severity of any disease.
The major factors influencing the growth of the market include increasing geriatric population, rising incidence of lifestyle diseases, growing preference for home and remote monitoring, and availability of easy-to-use and portable devices. This report also tracks and analyzes competitive developments of the key players in terms of market developments, product portfolios, and financials. Moreover, factors such as growing population size of the elderly, rising incidences of unhealthy lifestyle, and technological developments like portability of equipment is further going to aid the market growth.
The Latin America Patient Monitoring Devices market is segmented on the basis of Product and End User. On the basis of Product, it is segmented into Hemodynamic, Neurology, Cardiac, Multiparameter, Remote Patient Monitors, Respiratory, Fetal and Neonatal, Temperature and Weight Management Monitors. Hemodynamic monitoring devices are further segmented into blood glucose, blood gas & electrolyte analyzer, and blood pressure monitors. Neuromonitoring devices are further segmented into electroencephalograph devices, magnetoencephalography devices, intracranial pressure monitors, transcranial Dopplers, and cerebral oximeters. Cardiac monitoring devices are further segmented into electrocardiogram devices, Holter monitors, event monitors, and others (implantable loop recorders, cardiac output monitoring devices, and others). Fetal & neonatal monitoring devices are further segmented into ultrasound devices, Electronic Fetal Monitoring devices (EFM), Fetal Doppler and Others. Respiratory monitoring devices are further segmented into capnograph, spirometer, sleep apnea monitor, and pulse oximeter. Multiparameter monitoring devices are further segmented into high, mid, and low acuity. The respiratory monitors' segment is also expected to grow at a high pace in the forecast period. This growth can be attributed to the rising incidences of obstructive sleep apnea and the rising alternate uses of capnography. The remote patient monitoring (RPM) devices segment is expected to grow at a fast pace majorly driven by government regulations to control the rising healthcare costs. The technological innovations and developments of products are contributing to the market growth of RPM devices. On the basis of End User, it is segmented into Hospitals and Home.
On the basis of geography, the market is analyzed under various regions namely Argentina, Brazil and Mexico. High population base and improved purchasing power of patients will be the major drivers of this market. In addition, the economic instability in the western countries enables the companies to focus on the Latin America region in order to meet their revenue targets.
The market is dominated by companies like Abbott Laboratories, GE Healthcare, Nihon Kohden, Omron Healthcare, Philips Healthcare, Siemens Healthcare, Medtronic PLC, Honeywell International Inc., Infinium Medical and Roche Diagnostics Limited.
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