The global patient monitoring system market, marked by the slow recovery of the North American market, is set to reach $9.3bn in 2014, according to a report by TechNavio.
The report, Global Patient Monitoring System 2010-2014, which focused on US, EMEA, and APAC, indicated that the market is presently driven by the growth in remote patient monitoring.
Companies mentioned in the report include – Philips Healthcare, GE Healthcare, Omron Healthcare, Drager Medical and Johnson and Johnson.
In spite of the demand for patient monitoring systems, the high price of these systems hinders the growth of the market.
However, the growth opportunities in Europe and APAC are expected to propel the market.
The report said "remote patient monitoring helps healthcare centers reduce costs and increase business opportunities for healthcare service providers while integrating systems and providing necessary operational facilities.