The global sales of non-invasive monitoring devices market report asserts the market to remain steady on account of the increasing prevalence of cardiovascular and neurovascular diseases. Market Research Future (MRFR)’s latest study reveals that the global non-invasive monitoring device market is set to expand at 6.8% CAGR during the forecast period (2017–2023). While the product demand in advanced economies enters a maturity phase, countries such as China, India, and Australia have emerged as the new growth avenues for industry players. In the recent years, the adoption of non-invasive medical technologies has increased, particularly in regions such as Asia Pacific, South America, and Europe.
Factors such as favorable reimbursement policies and rising geriatric population are likely to play a crucial role in boosting growth of the market during the forecast period, especially in advanced economies. This primarily due to the presence of numerous private and government-backed insurance firms in developed countries. For instance, over 50 private insurance companies are present in the U.S. which have policies that cover more than 75% of the cost of the devices and treatment. For instance, if the average cost of the single device is approximately USD 10,000, then USD 7,500 is reimbursed under the U.S. Medicare plan. Other developed countries such as the U.K., Canada, and Germany are also introducing similar reimbursed policies.
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Global Market for Non-Invasive Monitoring Device – Segmental Analysis
MRFR’s report offers a detailed segmental analysis of the market based on type, modality, application, end-user, and region. By type, the market has been segmented into cardiac monitoring devices, brain monitoring devices, blood pressure monitoring devices, anesthesia monitoring devices, blood glucose monitoring devices, and others. In 2016, the cardiac monitoring device segment held the largest share, representing a market value of USD 6,232.4 million. By modality, the market has been segmented into tabletop and wearable. The tabletop segment accounted for the largest share in 2016 and is expected to grow significantly during the forecast period. By application, the market has been segmented into cardiology, neurology, and oncology. Among these, the cardiology segment accounts for the largest market share and is likely to remain highly lucrative throughout the assessment period. By end-user, the market has been segmented into hospitals and clinics, diagnostic centers, research & academic institutes, and others. The hospitals & clinics segment is likely to retain its top position towards the end of 2023.
Regional Outlook
The global non-invasive monitoring device market, on the basis of region, is segmented into the Americas, Europe, Asia Pacific and the Middle East and Africa. The Americas currently account for the largest share in the global non-invasive monitoring device market. This is majorly attributed to factors such as the presence of major manufacturers, increasing prevalence of cardiovascular diseases, technological advancement in non-invasive monitoring segment, raising awareness among the population and high disposable income. Asia Pacific currently accounts for the second largest market share. Presence of a large number of medical device manufacturers, (low-cost manufacturing) low manufacturing cost, cost-competitive labor, developing healthcare infrastructure, and increasing geriatric populace are some of the factors propelling the market in the region.
The Europe market is the third largest market for non-invasive monitoring devices. Factors such as recent healthcare developments, improving economies, improving per capita income, increased healthcare spending, and governmental support for R&D are influencing the growth of the market. The Middle East and Africa with less economic developments and extremely low income accounted for the least market share in 2016 but is expected to grow, as people living in this region are becoming more aware and demand for better treatments.
Global Market for Non-Invasive Monitoring Devices – Competitive Dashboard
Some of the key players profiled in the report include General Electric Company, Medtronic Plc, KONINKLIJKE PHILIPS N.V, Abbott, Omron Corporation, Vaso Corporation, Integrity Applications, CAS Medical Systems, Inc., A&D Medical Inc., Tensys Medical Inc., OrSense Ltd., CNSystems Medizintechnik AG, NIMedical, and Advanced Brain Monitoring, Inc.
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