|Status : Published||Published On : Dec, 2021||Report Code : VRHC-1053||Industry : Healthcare||Available Format :||Page : 200|
The global patient monitoring device market was valued at USD 26.1 billion in 2020 and is anticipated to reach USD 44.85 billion in 2027, witnessing a CAGR of 4.5% during the forecast period 2021-2027. Patient monitoring devices are used for detection, continuous monitoring and treatment various body parts such as lungs, heart and brain. These devices are essential for hospitals and other healthcare facilities. The global patient monitoring device market is growing at significant rate, due to mounting occurrence chronic and lifestyle associated diseases and boosting demand of patient monitoring in remote and non-hospital settings. Different product contributed to the patient monitoring device market size. The cardiovascular device market has witnessed high demand for ECG devices in the coming years due to mounting occurrence of cardiovascular diseases and advancement of technologically innovative devices.
Insight by Product
On the basis of product the patient monitoring device market is subdivided into cardiac monitoring devices, neuromonitoring devices, respiratory monitoring devices, hemodynamic monitoring devices, multi-parameter monitoring device, temperature monitoring devices, fetal and neonatal monitoring device and weight monitoring devices.
The cardiac monitoring devices market is further subdivided into implantable loop recorders, mobile cardiac telemetry monitors, ECG devices, event monitors, and smart wearable ECG monitors. Of all the products, the mobile cardiac telemetry monitors segment is expected to grow at fastest rate in the market due to improved and speedy and massive prospective for decreasing healthcare costs. Moreover, ECG devices accounted the largest share in the market due to mounting occurrence of cardiovascular diseases, advancement of technologically innovative devices, extensive application of ECG devices in cardiovascular disease management, and government schemes.
The respiratory devices market is further subdivided into pulse oximeter, capnographs, peak flow meters and spirometers. Of all the products, capnographs segment are expected to grow at fastest rate in the market due to their compulsory necessity during anesthesia and in monitoring the respiratory condition of patients in ICUs. Moreover, the pulse oximeter segment accounted the largest share in the market due to development of innovative products.
In addition, the neuomonitoring device market is further subdivided into cerebral oximeters, electroencephalograph (EEG) machines, electromyograph machines, intracranial pressure monitors, and magnetoencephalograph machines. Of all the products, the EEG machines segment accounted the largest share in the market due to mounting occurrence of neurological disorders, boosting number of specialized facilities and growing R&D in the field of cerebral and spinal disorders. Moreover, cerebral oximeters are expected to grow at fastest rate in the market as it provides real time data through a non-invasive procedure, which further helps to observe the effects of interventions and make emergency care decisions.
The multi-parameter monitoring device market is further subdivided into low-acuity monitors, mid-acuity monitors and high-acuity monitors. Of all the products the low-acuity monitors accounted the largest share in the market due to its lower price and its benefits over single-parameter monitors. In addition, fetal and neonatal monitoring device market is further sub divided into fetal monitoring device and neonatal monitoring device. Of both fetal monitoring device segment accounted the largest share in the market due to boosting alertness of fetal care in developing countries.
Insight by End User
The different end users of the market are ambulatory surgical centers, home settings and hospitals and clinics. Convenience of infrastructure, mounting occurrence of chronic diseases and refining healthcare infrastructure in developing countries are the factors growing the demand of patient monitoring device in hospitals and clinics. Among the all end users, the hospitals and clinics accounted the largest share in the patient monitoring device market.
Accessibility of wireless monitoring device and mounting occurrence of chronic and lifestyle associated diseases are the primary growth drivers for patient monitoring device market. For instance, according World Health Organization (WHO) approximately 17.7 million people died from cardiovascular diseases in 2015.
Boosting demand of patient monitoring in remote and non-hospital settings, expanding geriatric population, mounting public health alertness and mounting healthcare expenditure are also facilitating the growth for the patient monitoring device market. For instance, according to WHO, globally in 2010 approximately 524 million people were aged 65 years and older, and is expected to reach 1.5 billion in 2050.
Threats related with invasive monitoring devices and strict regulatory requirements for the approval of devices are the major challenges for the growth of patient monitoring device market.
Globally, the manufacturing companies trying to enter the patient monitoring device market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest patient monitoring device market as in the region the occurrence of chronic and lifestyle associated diseases is increasing. For instance, according to according to Centers of Disease Control and Prevention (CDC), in the U.S. approximately 610,000 people die every year due to heart disease. Technological advancement in patient monitoring devices, advanced healthcare infrastructure, high healthcare expenditure and expanding geriatric population are also up surging growth of the North American patient monitoring device market.
Asia is observed to witness fastest growth in the patient monitoring device market, due to mounting healthcare expenditure. In addition, mounting occurrence of chronic and lifestyle associated diseases, and budding public health alertness are also creating a positive impact on the patient monitoring device market growth in the region.
Key players in the patient monitoring device market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In April 2018, Masimo received CE marking for Rad-97 pulse CO-oximeter with integrated NomoLine capnography, for continuous oxygenation and ventilation monitoring. Medtronic PLC, Edward Lifesciences, Natus Medical, Masimo, Koninklijke Philips N.V., Nihon Kohden, Hill-Rom Holdings, Drägerwerk AG, Omron and GE Healthcare are the key players offering patient monitoring device.
Source: VynZ Research