Market Research Future (MRFR)’s recent study has revealed that the global non-invasive monitoring device market is projected to strike a healthy CAGR of 6.8% during the forecast period 2017 to 2023. The market is estimated to thrive from USD 13,260 Mn in 2016 to USD 21,586.18 Mn by 2023-end. The shift witnessed towards non-invasive technology in healthcare is likely to accelerate revenue creation for the market players over the next few years.
The growth of the market is directly dependent on the rising burden of cardiovascular diseases. According to the American Heart Association, one in every three deaths in the U.S. was caused due to cardiovascular disorder in 2014. It further stated that cardiovascular disorders claimed over 8, 01,000 lives in the U.S. in 2014. The large-scale prevalence of cardiovascular diseases has intensified the need for the development of new and better diagnostic and monitoring devices. Nevertheless, the stringent regulations enforced to keep a check on the precision and accuracy of the devices remain an impediment to the market expansion.
The growth trajectory of the market is guided by the growth and expansion of the players in the market. The competitive landscape of the market represents intense and healthy competition. Partnerships and collaborations among big players and new entrants are forecasted to catapult the market on an upward trajectory through the assessment period.
Global Non-Invasive Monitoring Device-Segmental Market Analysis:
MRFR’s report offers a detailed segmental analysis of the market based on type, modality, application, and end user. By type, the market is segmented into cardiac monitoring devices, brain monitoring devices, blood pressure monitoring devices, anesthesia monitoring devices, blood glucose monitoring devices, and others. The cardiac monitoring devices segment is sub-segmented into electrocardiography and cardiac output devices. Also, the brain monitoring devices segment is further sub-segmented into CT, MRI, electroencephalography, electromyography, evoked potentials, intracranial pressure monitors, and others. The cardiac monitoring devices segment held the largest share of the market in 2016 and is expected to thrive at a strong CAGR of 6.46% during the forecast period.
By modality, the market has been segmented into table top devices and wearable devices. Among these, the table top devices segment dominated the global market in 2016 and was valued at USD 8,792.3 Mn. It is expected to register a CAGR of 6.60% over the assessment period. Meanwhile, the wearable devices segment is projected to exhibit a relatively higher CAGR of 7.17% over 2023.
By application, the market is segmented into cardiology, neurology, oncology, and others. Among these, the cardiology segment accounted for the most significant share of the market in 2016 and is poised to retain a substantial share of the marker towards the end of 2023. The neurology segment is estimated to show a steeper rise in the growth of the market striking a CAGR of 7.23% over the assessment period.
By end user, the market has been segmented into hospitals & clinics, diagnostic centers, research & academic institutes, and others. The hospitals & clinics segment was valued at USD 5,457.4 Mn in 2016 and held a major share of the market. Meanwhile, the diagnostic centers segment is likely to register a relatively higher CAGR of 7.23% during the forecast period.
Global Market for Non-Invasive Monitoring Device-Competitive Dashboard:
Some of the key players profiled in the report are KONINKLIJKE PHILIPS N. V., Abbott, Omron Corporation, General Electric Company, Medtronic Plc, Vaso Corporation, Integrity Applications, Tensys Medical Inc., OrSense Ltd., CNSystems Medizintechnik AG, CAS Medical Systems, Inc., A & D Medical Inc., NIMedical, and Advanced Brain Monitoring, Inc.
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Regional Outlook:
By region, the global non-invasive monitoring device market has been segmented into Asia Pacific, Americas, Europe, and the Middle East & Africa. Americas currently holds a substantial share of the market and is likely to exhibit positive growth over the next couple of years. The growth is attributable to the growing prevalence of cardiovascular diseases, technological advancement in non-invasive monitoring segment, the presence of major manufacturers, rising awareness among the population and high disposable income.
Asia Pacific is the second largest market for non-invasive monitoring device. It is expected to retain an important position globally towards the end of the projection period. The factors responsible for catalyzing the market growth include a large number of medical device manufacturers, low manufacturing and labor cost, developing healthcare infrastructure, and high aging population.
Europe is an important growth pocket in the global market and is poised to remain highly lucrative through the assessment period. The factors such as improving economies, disposable income per individual, increased healthcare spending, and governmental support for research and development (R&D) activities have responsible for favoring the proliferation of the market in the region. The Middle East and Africa market is projected to exhibit growth but a sluggish pace in the foreseeable future.
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