Groups of devices or machines known as patient monitoring systems are used to continuously monitor patients by utilising a range of vital signs and warning systems to identify and document changes in their health.
Europe Patient Monitoring System Market Driving Factors and Challenges
The market for patient monitoring systems is expanding significantly due to a number of important considerations. First off, as patient monitoring devices are essential to controlling and tracking the health of people with chronic ailments, the prevalence of chronic diseases is rising, which is driving up demand for them. On the other hand, obstacles including inadequate reimbursement could somewhat impede market growth. Second, the creation of increasingly sophisticated and effective monitoring devices is being made possible by the quickening pace of technological breakthroughs, especially in the United States. This is driving market expansion. Additionally, the market is ripe with opportunity due to growing investments in healthcare infrastructure, an ageing population, and a growing need for portable and home-based monitoring equipment. Furthermore, technological developments—like the creation of more effective cardiac monitoring systems—will propel market expansion and create profitable opportunities.
However, a lack of qualified professionals and resistance from the healthcare sector to adopt systems are challenging factors for the market, and the struggle of healthcare industry professionals to apply patient monitoring devices could further stifle the market's growth in the near future. Manufacturers and healthcare providers have difficulties while implementing patient monitoring systems because to the need to comply with intricate regulations and standards, such as the General Data Protection Regulation (GDPR) in the European Union. Strict regulatory policies on procedures and poor reimbursement practices are, nevertheless, restraining factors for the market. Adoption of patient monitoring systems may be hampered by difficulties with payment rules and coverage, especially in nations with strict healthcare budgets.
Impact of COVID-19 on Europe Patient Monitoring System Market
The hospital system, already overworked and understaffed, was severely strained by the COVID-19 pandemic. Throughout the pandemic, patient monitoring technologies—like ventilators—helped in the monitoring of critically ill COVID-19 patients by measuring physiological reserves and demonstrating the effectiveness of therapeutic therapies. This had a positive commercial impact. Additionally, the companies are producing more vital and necessary medical equipment. For instance, Royal Philips increased production of critical care products and solutions that support the diagnosis and treatment of COVID-19 patients in March 2020. The product line includes portable ventilators for treating respiratory disorders, medical supplies for both invasive and non-invasive ventilation, and patient vital sign monitors.
Europe Patient Monitoring System Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Abbott, Dragerwerk AG and Co. KGaA, F.Hoffmann-La Roche Ltd., General Electric, Johnson and Johnson Services, Inc., Koninklijke Philips N.V, Masimo, Medtronic, Mortara Instruments Inc, Natus Medical Incorporated, NIHON KOHDEN CORPORATION, Nonin, OMRON Healthcare Co., Ltd., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Welch Allyn, Others.
Europe Patient Monitoring System Market Segmentation:
By Type: Based on the Type, Europe Patient Monitoring System Market is segmented as; Cardiac Monitoring Devices, Hemodynamic Monitoring Devices, Multi-parameter Monitors, Neuromonitoring Devices, Respiratory Monitoring Devices, Other Types of Devices.
By Application: Based on the Application, Europe Patient Monitoring System Market is segmented as; Cardiology, Fetal and Neonatal, Neurology, Respiratory, Weight Management and Fitness Monitoring, Other Applications.
By End User: Based on the End User, Europe Patient Monitoring System Market is segmented as; Home Healthcare, Hospitals and Clinics, Other End- User.
By Region: This research also includes data for Belgium, France, Germany, Italy, Netherlands, Russia, Spain, Switzerland, The U.K., Turkey, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.