The Japan patient care monitoring equipment market size is projected to expand at a high CAGR of more than 4.6% during the forecast period, 2021–2028. Growth of the market is attributed to the rapidly growing elderly population, rising prevalence of chronic diseases, and increasing hospital infections (HAI) have forced medical institutions to focus on minimizing transmission.
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The patient monitoring system is used to measure, record, distribute, and display a combination of biometric data, such as heart rate, blood oxygen saturation (SPO2), blood pressure, and temperature. They are used to monitor patients on a continuous basis, which helps prevent serious problems. Although most markets are declining, the COVID19 outbreak has had a positive impact on several health-related markets, including patient monitors. Epidemics and patient monitoring patient monitors (including heart rate monitors, ventilators, and temperature monitors) are in high demand.
Market Trends, Drivers, Restraints, and Opportunities
• Growing demand for wearable patient monitoring devices is expected to boost the market during the forecast period.
• Rapid growth of the healthcare industry due to covid-19 outbreak and increasing geriatric population is major factors driving the market.
• Growing preference for telehealth services and continuous patient monitoring systems is anticipated to fuel the market.
• High price of patient monitoring system is projected to restrict the market growth.
• Lack of reimbursement strategies and strict government framework for healthcare sector act as major factors that can hamper the market growth during the forecast period.
• R&D investment and technological advancement of patient monitoring systems for home care settings and continuous transmission of data to healthcare professionals for monitoring is projected to offer significant opportunities for the market players.
Market Segment Insights
The pulse oximeters segment is projected to hold a major market share
Based on type of devices, the patient care monitoring equipment market is segregated into blood glucose monitors, pulse oximeters, temperature monitors, and blood pressure monitors. The pulse oximeter segment is expected to represent a key share of the market during the forecast period owing to its application to assess the immersion of hemoglobin in the oxygen in blood. It can be used to measure the oxygen infiltration volume of hemoglobin. On the other hand, the blood glucose monitor segment is anticipated to expand at a rapid pace during the forecast period. The blood glucose monitoring product segment dominated the patient monitoring equipment market as the incidence of diabetes is rising, new products are launched, and the acceptance of blood glucose meters continues to increase this should lead to the growth of market segments.
The weight management and fitness monitoring segment is expected to grow at a rapid pace
Based on applications, the patient care monitoring equipment market is segregated into cardiology, neurology, respiratory, fetal and neonatal, weight management & fitness monitoring, and others. The weight management and fitness monitoring segment is expected to represent a key share of the market during the forecast period owing to increasing chronic diseases, such as diabetes, obesity, and cardiovascular diseases. Japan is the country with the majority of aging population in the world. Therefore, it is necessary to monitor the overall health of the patient, it is expected that these factors will increase the demand for weight control and health monitoring devices.
The hospitals segment is anticipated to expand at a substantial CAGR
Based on end-users, the Japan patient care monitoring equipment market is fragmented into hospitals, home settings, and ambulatory surgery centers. The hospital segment is expected to represent a key share of the market during the forecast period. Factors such as rising incidence of CVD, increasing number of patient visits to hospitals for diagnosis, rising number of cardiac implant operations, and availability of payment for these treatments drives the market.
Key players competing in the patient care monitoring equipment market include Nihon Kohden Corporation, Boston Scientific Corporation, Abbott Laboratories, General Electric Company (GE Healthcare), and Koninklijke Philips N.V
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