The overall market for pressure monitoring is expected to reach $8,040.6 million by 2020 from $6,000.0 million in 2015, growing at a CAGR of 5.0% from 2015 to 2020. Factors such as rising prevalence of chronic and acute diseases increase in the aging population, new product launches, and technological advancements are driving the growth of this market. On the other hand, high cost of technological advancements, lack of trained professionals, accuracy of the devices and short shelf life is hindering the growth of this market.
Philips Healthcare dominated the pressure monitoring market in 2014. The company offers various patient monitoring and cardiac devices, diagnostic imaging systems, and healthcare information technology solutions. The strong geographic presence and customer reach of the company enabled it to attain a competitive edge over the other players. The company majorly focuses on collaboration, partnerships, and new product launches. In 2015, Philips collaborated with the Massachusetts Institute of Technology (MIT) to conduct research on the use of Philips ultrasound technology and the MIT physiological model. The combination of the two technologies provided a less invasive way for the measurement of intracranial pressure.
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In 2014, new product launches and approvals accounted for the largest share of the total number of strategic developments undertaken by the market players. For instance, in April 2015 Philips launched the Philips CareEvent mobile application for use by healthcare service providers in hospitals. This device provides details of the vital health status of patients on the go, such as heart rate and blood pressure.
In October 2014, Covidien, a part of Medtronic, received FDA approval for the Nellcor (PM10N) bedside SpO2 patient monitoring system.
The other key strategies adopted by players in the pressure monitoring market include agreements, collaborations, mergers & acquisitions, and expansion. These strategies were majorly adopted by Philips Healthcare (The Netherlands), GE Healthcare (U.K.), Welch Allyn, Inc. (U.S.), Medtronic (U.S.), and Drägerwerk AG & Co. KGaA (Germany).
Pressure Monitoring Market Size & Share by Product (Device (Blood Pressure, Intracranial Pressure, Intraocular Pressure), Accessory), Application (Respiratory, Glaucoma, Dialysis), Procedure (Invasive), End User (Hospital, ASC, Diagnostic) - Global Forecast to 2020
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