The India healthcare informatics and patient monitoring market is highly fragmented and displays a stiff competition among several key market players, reports Transparency Market Research (TMR). Prominent players in the market include Mindray Medical India Pvt. Ltd, Wipro GE Healthcare, Philips India Ltd, Schiller Healthcare India Pvt. Ltd., India Medtronic Pvt. Ltd., and PL Medical Technologies Pvt. Ltd. These companies are engaging in strategic collaborations and research and development activities in order to strengthen their position in the market. The robust competition between these players is expected to highly augment the India healthcare informatics and patient monitoring market’s growth.
As per expert analysts, the India healthcare informatics and patient monitoring market is anticipated to garner an astounding CAGR of 16.3% during the forecast period which is 2017 to 2025. Growing at this rate, the market is expected to reach a valuation of US$560.9 mn by the end of the forecast period.
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Based on demography, the India healthcare informatics and patient monitoring market is segmented into rural hospitals and healthcare facilities and metropolitan and urban hospitals and healthcare facilities. Out of these, the metropolitan and urban hospitals and healthcare facilities segment dominates the market owing to a rising prevalence of cardiovascular diseases.
Geographically, the India healthcare informatics and patient monitoring market is categorized into East, West, North, and South. Out of these, South India holds dominance over the market on account of adoption of novel medical technologies and increasing support from the government. It accounts for approximately 39.0 percent share in the overall market. india healthcare informatics patient monitoring market
Rising Prevalence of Chronic Diseases to Boost Growth
A rise in chronic diseases is the key factor burgeoning the growth of India healthcare informatics and patient monitoring market. Additionally, an unhealthy lifestyle and burgeoning geriatric population have significantly increased the need for advanced healthcare monitoring systems. This has impacted the India healthcare informatics and patient monitoring market favourably, thereby expediting its growth.
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In recent times, there has been a rise in urbanization leading to a rise in the number of hospitals and advancements in healthcare technology. Moreover, there is surge in the disposable income of population in several metropolitan cities of India. These factors have highly driven the growth of India healthcare informatics and patient monitoring market.
In addition ti the above drivers, initiatives taken by Indian government in the form of funding and campaigns supporting healthcare informatics has considerably stimulated the market’s expansion. Moreover, there rise in awareness regarding healthcare leading to a surge in demand for multispecialty hospitals, thereby steering the growth of the India healthcare informatics and patient monitoring market.
On the downside, there are a few restraints that may impede the India healthcare informatics and patient monitoring market’ growth. Factors such as high investment and recall of patient monitors may pose a threat to the market’s growth. Nevertheless, rising number of hospital beds owing to a surge in respiratory and cardiovascular diseases may steer the market’s growth. Additionally, development of new patient monitoring techniques may offset the effects of the restraints, thereby flourishing the India healthcare informatics and patient monitoring market’s growth.
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Remote Monitoring to Pave New Avenues for the Market
Advent of remote patient monitoring has served as a major landmark in the India healthcare informatics and patient monitoring market. It encompasses the use of implanted cardiac device that collects the data about the heart’s activity and sends information to the hospital or the physician’s office. This allows prompt evaluation of the data and remote follow-ups. Such developments have presented new growth opportunities for the India healthcare informatics and patient monitoring market.
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