Pressure monitoring plays an important role in detecting the health problems of a patient. The major fluctuations of pressure in the vital areas of the body may cause various chronic and acute diseases such as diabetes, cardiac arrest, and glaucoma. Increase in the prevalence of the above mentioned diseases and growing aging population have increased the need for pressure monitoring and control in the market.
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The report "Pressure Monitoring Market By 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", provides a complete summary of the major drivers, restraints, challenges, opportunities, current market trends, and various strategies influencing the global market of pressure monitoring along with estimates and forecasts of the revenue and market share analysis.
The major factors responsible for the growth of the pressure monitoring are the rising prevalence of chronic and acute diseases, growth of aging population, new product launches, increase in the lifestyle related diseases, and technological advancements. Due to these factors, the demand for pressure monitoring is increasing. On the other hand, lack of trained professionals, short shelf life of the device, accuracy of devices has may restrain the growth of the 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.
The major factors driving the growth of this market are the increasing urbanization resulting into increased pollution levels, rising prevalence of chronic diseases and acute diseases, changing lifestyle, growing aging population, and technological advancements. On the other hand, high cost of technological development, concerns regarding the accuracy of these devices, short shelf life of devices and accessories, availability of low cost devices from the local market, and lack of training for using the devices may hinder the growth of the market.
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North America dominates the market, accounting for a major market share. Factors such as increasing prevalence of chronic and acute diseases such as hypertension and cardiac diseases, technological advancements, acceptability of the non-invasive pressure monitors among the patients, and existence of key market players in North America are driving the growth of this market.
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).
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