Patient Monitoring Devices Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
The global patient monitoring devices market is projected to observe massive growth over the coming years due to the growing prevalence of chronic diseases among the global population. In addition, various technological advancements in patient monitoring devices to improve the level of convenience for doctors and patients are propelling the overall market size. Taking November 2019 for instance, Royal Philips, a renowned health technology company reportedly launched its new vital sighn monitor EarlyVue VS30 monitor. The new vital sign monitor allows clinicians to look at vitals remotely from a monitor-to-monitor data sharing feature.
According to a research report by GMI, the patient monitoring devices market is likely to surpass a valuation of $32.6 billion by 2026.
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Following is a comprehensive overview of the major trends are influencing the patient monitoring devices market share:
Increasing demand for respiratory monitoring devices
With respect to product, the respiratory monitoring devices market is estimated to foresee an immense rate of adoption through the projected timeframe due to the growing use of pulse oximeters. In 2019, the segment accounted for an industry share of more than 6%. Pulse oximeters are specifically useful when it comes to new-born babies as it effectively notifies the hospital staff about any drops in the baby’s oxygen levels. Additionally, pulse oximeters are also more affordable and easy to use for medical facilities and healthcare professionals, which is further augmenting their demand.
Growing adoption of wireless monitoring devices:
In terms of type, the market is categorized into wireless, and conventional devices. In 2019, the wireless segment held a valuation of more than $7 billion. Wireless monitoring devices provide crucial data to concerned medical personnel remotely, thereby eliminating the need for additional hospital visits.
These products also provide quality and real-time data, which is leading to a higher preference for using wireless monitoring devices. Wireless monitoring devices allow the healthcare provider to closely monitor high-dependency patients like post-operative and rehabilitation patients, driving the segment growth.
Rising cardiac disorders across North America
North America patient monitoring devices market is slated to record tremendous growth die to the increasing number of people suffering from cardiac disorders and needing immediate care and use of cardiac monitoring devices in the region. In 2019, the regional industry held a market share of 40% with growing cardiovascular disorder cases fostering product demand.
As per the CDC (Centers for Device Control and Prevention), in 2019, more than 18.2 million adults aged 20 or more were suffering from coronary artery disease. Moreover, increasing awareness about the benefits and availability of wearable monitoring devices should propel regional revenue growth. In addition, the strong presence of key product manufacturers throughout North America is slated to drive the regional market outlook.
Key companies in the patient monitoring devices market are also turning to acquisitions to significantly grow their respective product portfolios and effectively expand their reach. Taking July 2020 for instance, medical device giant Medtronic acquired Cardiocom for $200 million in an all-cash transaction to foray into the field of remote health monitoring. Cardiocom’s technology offers healthcare providers the ability to monitor crucial patient data remotely.
The competitive landscape of the global patient monitoring devices market is inclusive of players such as Opto India, Medion Healthcare, Sensata Technologies, Skanray Technologies, Epsimed, Mindray, Hill-Rom Holdings, Medtronic, GE Healthcare, Nihon Kohden, OSI Systems, Siemens, and Philips among others.
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Partial Chapter of the Table of Content
Chapter 5. Patient Monitoring Devices Market, By Type
5.1. Key segment trends
5.2.1. Market size, by region, 2015-2026 (USD Million)
5.3.1. Market size, by region, 2015-2026 (USD Million)
Chapter 6. Patient Monitoring Devices Market, By End-use
6.1. Key segment trends
6.2.1. Market size, by region, 2015-2026 (USD Million)
6.3. Ambulatory Surgical Centers (ASCs)
6.3.1. Market size, by region, 2015-2026 (USD Million)
6.4. Homecare settings
6.4.1. Market size, by region, 2015-2026 (USD Million)
6.5.1. Market size, by region, 2015-2026 (USD Million)