The market for healthcare informatics and patient monitoring in India
is characterized by stiff competition among the existing numerous
players. Currently the market is fragmented in nature on account of
the presence of a copious number of local as well as international
players. Some of the key players operating in the market are Mindray
Medical India Pvt. Ltd., Philips India Ltd., Wipro GE Healthcare,
Nihon Kohden India Pvt. Ltd., BPL Medical Technologies Pvt. Ltd.,
Schiller Healthcare India Pvt. Ltd., Dräger India Pvt. Ltd., and
India Medtronic Pvt. Ltd. The robust competition in the market is
predicted to catalyze its phenomenal growth.
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As per a report by Transparency Market Research, the market for
healthcare informatics and patient monitoring in India will likely
expand at a stellar 16.3% CAGR during the period between 2017 and
2025. Expanding at this rate, the report forecasts the market to
become worth US$560.9 mn by 2025 from US$124.7 mn in 2015.
Depending upon demography, the India market for healthcare
informatics and patient monitoring can be broadly divided into
metropolitan and urban hospitals and healthcare facilities and rural
hospitals and healthcare facilities. Of the two, the metropolitan and
urban hospitals and healthcare facilities segment leads the market
with a mammoth share in it. In 2014, the segment held a whopping
88.0% share in the market. Growing occurrence of cardiovascular and
respiratory diseases has led to the segments swift progress so far.
Apart from that, the increasing occurrence of fatal conditions and
rising number of beds in tier 1 and tier 2 cities have also propelled
the segment to a dominant position.
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Based on region, the India market for healthcare informatics and
patient monitoring can be segmented North, South, West, and East. Of
them, the market in South India holds a dominant share by dint of
being a frontrunner in adoption of cutting-edge medical technology.
Besides, easy availability of technologically superior patient
monitors and solid support from the government has also fuelled
strong growth in the market in the region. In 2015, South India
accounted for 39.0% share in the overall India market.
At the forefront of driving growth in the India healthcare
informatics and patient monitoring market is the alarming instances
of chronic conditions resulting from a growing pool of elderly and
changes in lifestyle due to increasing wealth of people. As per the
lead analyst of the TMR report, “With the increased prevalence of
chronic disorders, patient monitoring devices are undergoing rapid
and innovative technological advancement in order to establish an
effective treatment platform for monitoring disease progression.”
This is also another reason for the rapid growth in the healthcare
informatics and patient monitoring market in India along with the
rising awareness about the latest technologies in the field.
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In addition, rise in the number of hospitals and home care centers
and a dearth of nursing staff is also expected to fuel growth in the
India healthcare informatics and patient monitoring market. For
example, patient monitors are leveraged to keep a tab on a patients’
vital signs under critical care. Such monitors primarily measure five
main vital signs of temperature, heart rate, blood pressure, pulse
oximetry, and respiratory rate.
Proving to be a drawback to the market is the price sensitivity of
the consumer and frequent recall of patient monitors.
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