The Indian patient monitoring market is expected to register a CAGR of 6.4% during the forecast period. The key factors propelling the growth of the market are the rising incidences of chronic diseases due to lifestyle changes, growing preference for home and remote monitoring, and ease of use and portability devices to promote growth.
India is among the top three countries with high incidence of diabetes. The diabetic population in the country increased from 11.9 million in 1980 to around 69.1 million in 2015. The prevalence of diabetes in men has more than doubled in the country, from 3.7% to 9.1% from 1980-2015. Moreover, according to the Global Burden of Disease Study and Institute for Health Metrics and Evaluation (IHME), the incidence of diabetes in India was 263.59 (per 100,000 population) in 2017.
Indians are four times more likely to develop diabetes than other regions, such as Europe, because Indian diets are rich in saturated fats and carbohydrates, which add more extra calories and sugar than required by the body. Additionally, sedentary lifestyles and obesity are the other factors responsible for the high prevalence of diabetes. Therefore, the high prevalence of chronic diseases in India is expected to augment the growth of the patient monitoring market.
Owing to the rapid evolution of the market in the use of medical technology, medical device companies that are able to launch new innovative equipment will be rewarded with huge benefits.
Key Market Trends
The Respiratory Segment is Expected to Hold a Major Market Share
- The respiratory segment is anticipated to exhibit a robust growth over the forecast period.
- According to the World Health Organization (WHO) 2016 report,12 million people were affected by chronic obstructive pulmonary disease (COPD) in India, and the prevalence rate of chronic obstructive pulmonary disease (COPD) in adults was around 7%.
- Moreover, according to World Ageing 2019 Report, in India, the population aged 65 years or over was 87.149 million (6.4%) in 2019, which is projected to reach 128.877 million (8.6%) in 2030. As the elderly population is expected to grow in the near future, it may ultimately drive the market growth, as this population is more prone to chronic diseases such as respiratory diseases.
- Thus, owing to the above factors, the respiratory segment is expected to show significant growth in the coming years.
The India patient monitoring market is fragmented competitive and consists of several major players. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships that help in strengthening their market positions. Some of the companies currently dominating the market are Koninklijke Philips NV, GE Healthcare, BPL Group, Mindray Medical International Limited, Nihon Kohden Corporation, Dragerwerk AG, Spacelabs Healthcare, Schiller, Siemens Healthcare GmbH, and Life Plus Healthcare Private Limited.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support