Published On: March 2018
Non-Invasive Monitoring Device Market Overview
Monitoring the patient condition is one of the major parts of any treatment process for any disease condition. Monitoring devices play an important role in providing best possible care to the patients. Three types of monitoring devices are available in the market: invasive, minimally invasive, and non-invasive monitoring devices. The demand for non-invasive devices is high from the healthcare providers as well as patients due to their advantages over invasive monitoring. The working principle of non-invasive monitors is different from invasive monitors. The non-invasive monitors do not require rupturing of skin and penetration of any device into the body of the patient. These devices are equipped with sensors, which play an important role in generating readings of the body vitals.
Increasing prevalence of chronic and acute disorders such as cardiovascular and neurology disorders, rising geriatric population, increasing investments in the non-invasive technology research and development, growing acceptance of new non-invasive technologies by the patients, and favorable reimbursement policies are adding fuel to the development of non-invasive monitoring devices market. Moreover, increasing healthcare expenditure and government support of various global countries are pushing their way to the market development. Moreover, a notable development in the monitoring device industry has significantly changed the current scenario-- the use of non-invasive devices and technology. The development of non-invasive devices and their worldwide acceptance has inspired the service providers to use non-invasive devices instead of traditional devices. Thus, their usage has increased exponentially over the last decade. Non-invasive procedures and devices are an accurate solution to the patients who are often feared of blood and surgical methods. Non-invasive devices reduce the post-procedure hospital stay, which further reduces the treatment cost. All these benefits are majorly contributing to gain attention and acceptance of the non-invasive devices.
As per the report published by MRFR, the global non-invasive monitoring device market is estimated to grow at a steady pace and is projected to reach approximately USD 21,586.2 million by 2023 from USD 13,620.0 million in 2016. However, this report by MRFR is primarily focused on few specific types of non-invasive monitoring devices which include cardiac monitoring device, brain monitoring device, blood pressure monitoring device, and anesthesia monitoring device among others
Monitoring devices are currently the major component of the healthcare system, and continuous development and innovation in technologies have been patronized by a number of big and small medical device manufacturing companies all across the world.
Current Market Scenario
Currently, the global non-invasive monitoring device market is witnessing a moderate growth. The demand for the advanced monitoring devices has increased from the last decade. In the last few years, the non-invasive monitoring device market has seen positive growth since various manufacturers have focused on the development of advanced non-invasive technology. Moreover, increasing approvals for the devices and product accessories have positively impacted the growth of the company revenues.
Future of non-invasive monitoring device Industry
The non-invasive monitoring device market is projected to showcase many opportunities in the forthcoming times due to rapidly surging demand for the non-invasive technology. The government has shown great interest in companies’ ventures and is trying to be a constant support for the manufactures with prospects of developing advanced monitoring devices. The upsurge in medical tourism has opened new doors to the medical device manufacturing firms, which has created numerous opportunities for the market growth in Asian countries. Developing countries offer great opportunities in the diagnostics sector, and its potential is being recognized by the big international organizations.
In the coming years, the non-invasive monitoring market may flourish in the non-invasive glucose monitoring segment. The development of non-invasive monitoring devices to measure the blood glucose level can revolutionize the way glucose monitoring is done, and diabetes is managed. Blood glucose is one of the major factors that affects millions of people worldwide. Currently, the blood glucose monitoring is carried out with the invasive technology. There are some technologies used for non-invasive glucose monitoring such as electromagnetic sensing, optical coherence tomography, bioimpedance spectroscopy, fluorescence technology, near-infrared spectroscopy, mid-infrared spectroscopy, optical polarimetry, and Raman spectroscopy. There are great opportunities for the new entrants as well as well-established companies to take this as a challenge and come up with such non-invasive blood glucose monitors.
Factors limiting market growth
Though the consecutive product launches by the medical devices manufacturers, incessant development in the medical device sector are positively affecting the market growth, certain pitfalls for the companies as well as patients and payers are hampering the market growth.
Various governments and regulatory authorities have imposed stringent regulatory norms on the manufacturing of the monitoring devices to maintain the quality standards of the medical devices. Erroneous readings produced by the nation quality monitoring devices may increase the risk of putting the lives of patients in jeopardy. Strict regulatory rules have been implemented and notified to the manufacturers to prevent infections associated with the monitoring devices and ensure the safety of patients.
The high pricing of the monitoring devices is one of the prime concerns. Furthermore, complexity in the manufacturing of non-invasive technology-based medical devices and extensive R&D costs push the final pricing of the monitoring devices. Additionally, integration of these monitoring devices with other medical technologies and cross-platform operation are bulging the purchase costs further. Even though companies are trying their best to reduce the costs and achieve a balance between better quality and affordable pricing, high costs of the non-invasive devices are the factor limiting the growth of the non-invasive monitoring device market across the globe.