|Status : Published||Published On : Oct, 2021||Report Code : VRHC1237||Industry : Healthcare||Available Format :||Page : 200|
The global patient monitoring solutions market was $22.50 billion in 2020 and is estimated to reach $38.95 billion by 2027, registering a CAGR of 7.8% during the forecast period 2021-2027. Patient monitoring solutions are monitoring devices used to measure, record, and monitor patient vital parameters regularly like BP, heart rate, etc. The market is evolving owing to the increasing adoption of remote monitoring devices, the rising geriatric population, and the increasing prevalence of chronic diseases. Moreover, the rising rate of surgeries and diseased population needs continuous monitoring, growing demand for portable and remote patient monitoring, raising funds, and investment in patient monitoring will fuel the market growth in the global patient monitoring solutions market.
The COVID-19 pandemic has enabled patient monitoring technologies to find changes in the patient’s physiological data and promotes self-monitoring. This will lead to a reduction in readmissions, prevents avoidable hospitalizations, reduces unnecessary trips to the hospitals, and also decreases travel-related expenses. Thus, the patient monitoring solutions market can benefit globally on a short-run and long-run basis.
Insight by Product
Based on product, the global patient monitoring solutions market is segmented into hemodynamic monitoring devices, cardiac monitoring devices, respiratory monitoring devices, neuromonitoring devices, diabetes monitoring devices, temperature monitoring devices, fetal & neonatal monitoring devices, multiparameter monitoring devices, remote patient monitoring devices, and weight monitoring devices. The cardiac monitoring devices like ECG devices, Holter Monitor, Event monitor, etc., is anticipated to grow fast during the forecast period owing to the rising prevalence of cardiovascular disorders. Moreover, hemodynamic monitoring devices like blood glucose, blood pressure, cholesterol, etc., are growing at a high CAGR during the forecast period owing to the rising usage in the population and availability of BP measuring devices in the hospitals, homes, and ambulances.
Insight by Application
Based on application, the global patient monitoring solutions market is divided into hematology, cardiology, respiratory, neurology, metabolics, and temperature. The cardiology segment is anticipated to grow fast during the forecast period 2021-2027 as patient monitoring devices are taken to diagnose and monitor disorders or any abnormalities of the heart and the overall cardiovascular system. Moreover, the rising cases of cardiovascular diseases have led to the use of cardiac monitoring devices.
Insight by End-User
Based on end-user, the global patient monitoring solutions market is segregated into hospitals & clinics, home settings, ambulatory surgical centers (ASCs), and others. Among these segments, hospitals & clinics dominates the market in 2020 as patients need continuous monitoring of vital signs and disease conditions after undergoing surgery in hospitals. Thus, there is an increase in the adoption of monitoring devices in hospitals.
The advent of technologies like IoT, AI, home dialysis remotely, smart speakers for monitoring cardiac arrest, wireless neonatal body monitors, biostickers are the trends in the global patient monitoring solutions market.
Patient monitoring devices are playing a significant role in fighting the pandemic and monitoring the patients. The growing incidence and prevalence of chronic diseases and lifestyle change, government regulations, rising geriatric population and ease of use and portability devices, increasing preference for home and remote monitoring, and rising trend for fitness trackers and smart wearable devices will bolster the growth of the global patient monitoring solutions market. Moreover, the rising demand for tracking biometrics like calorie tracking applications, Bluetooth monitors will influence the growth of the global patient monitoring solutions market.
There is a high cost involved in technology, resistance from medical industry professionals in adopting patient monitoring systems, the risk associated with monitoring devices, and lack of security of patient data and information regarding safety concerns are the challenges faced by the global patient monitoring solutions market.
The rising demand for patient monitoring devices in-home care settings, rising investment in healthcare, and growth in the untapped market of the emerging economies are opportunities in the global patient monitoring solutions market.
The global patient monitoring devices has witnessed tremendous growth in North America owing to patient adopting measures like remote tracking devices to avoid contact with doctors and maintain a healthier diet. North America contributes to the largest share in the global patient monitoring solutions market in 2020 owing to the increasing demand for home-based monitoring devices, rising patient population, growing funding to develop patient monitoring devices, and rising investment in healthcare IT. Moreover, Asia Pacific is anticipated to be the fastest-growing region owing to the rising prevalence of chronic diseases like diabetes, hypertension and the increasing demand for home monitoring devices.
The industry players are taking strategic initiatives to attain high market share and strengthen their market position such as mergers & acquisitions, collaborations, new product launches, and partnerships.
OMRON corporation announced the launch of OMRON Complete, which is a single-lead electrocardiogram (ECG) and blood pressure (BP) monitor for home use. The product is designed for detecting atrial fibrillation (AFib). OMRON Complete also incorporates the ECG technology that has been clinically validated for blood pressure checks as well.
Boston Scientific Corporation agreed to acquire Preventice Solutions, Inc., a privately held company offering remote and wearable cardiac monitors for adults and pediatric patients. The acquisition will establish a strong footprint of Boston Scientific Corporation in the implantable cardiac monitor market.
Some of the key players operating in the patient monitoring solutions market: Medtronic, GENERAL ELECTRIC, Koninklijke Philips N.V., Abbott, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd, Boston Scientific Corporation, Edwards Lifesciences Corporation, OMRON Corporation, and Getinge AB.
Source: VynZ Research