PATIENT MONITORING DEVICES MARKET: SUMMARY
The Global Patient Monitoring Devices Market is projected to reach a value of USD 60.15 billion by 2027 at a CAGR of 8.5%.
The patient monitoring devices assist in continuous measurement of the patient’s health parameters such as heart rate, blood pressure, blood oxygen saturation as well as respiratory rate. It helps to enhance health care access, enables early detection of deterioration, rise efficiency, as well as maximum healthcare delivery costs. The global patient monitoring devices market is rising with the rising demand for wearable patient monitoring devices. However, the lack of skilled professionals is expected to hinder the growth of the market.
PATIENT MONITORING DEVICES MARKET: MARKET DYNAMICS
• Rising Demand for Wearable Patient Monitoring Devices
There has been a rising demand for wearable patient monitoring devices is play a significant role in the patient monitoring devices market. As it helps the people to better monitoring their health status both at the fitness level as well as at the medical level
In December 2019, Masimo had announced the FDA Clearance for Neonatal RD SET Pulse Oximetry Sensors with better accuracy specifications
For example, some of the applications of these devices are continuous glucose monitoring, blood pressure monitoring, and temperature monitoring. Hence this application will lead to fuel the market growth
In June 2020, Abbott which is the global leader in continuous glucose monitoring (CGM) had been announced the U.S. Food and Drug Administration (FDA) had cleared its next-generation FreeStyle Libre 2 integrated continuous glucose monitoring (iCGM) system for adults as well as for children ages 4 and older with diabetes. Also using the Bluetooth technology, the FreeStyle Libre 2 system automatically helps to alerts users when their glucose is high or low without the need to scan the sensor
In May 2020, Philips has launched the next generation wearable biosensor for early patient deterioration detection, including clinical surveillance for COVID-19. Whereas, the Wireless wearable biosensor had received 510(k) clearance from the FDA and CE mark to support the monitor of COVID-19 patients in a hospital, with the first install at OLVG Hospital in the Netherlands
In July 2020, Medtronic plc. which is a global leader in medical technology, had announced that it has received U.S. Food and Drug Administration (FDA) clearance as well as the CE (Conformité Européenne) Mark approval for its LINQ II insertable cardiac monitor (ICM) with remote programming, that helps to enable clinicians to optimize device settings without the need for patients to return to hospital or office.
• Increasing Technological Growth in Patient Monitoring Devices
• Rising Demand for Home and Remote Monitoring
• Heavy Cost of Technology
PATIENT MONITORING DEVICES MARKET: KEY SEGMENTS
The patient monitoring devices market is majorly segmented into type, application, and end-user.
Based on type, the market is sub-segmented into hemodynamic monitoring devices, neuromonitoring devices, remote patient monitoring devices, cardiac monitoring devices, multi-parameter monitors, respiratory monitoring devices, weight monitoring devices, temperature monitoring devices, and others. The hemodynamic monitoring devices are expected to grow faster in the forecast period. As there is a growing prevalence of cardiac disorders and diabetes as well as a growing need for home-based and non-invasive monitoring systems.
Based on application, the market is bifurcated into cardiology, neurology, respiratory, and others.
Based on end-user, the market is divided into home healthcare, hospitals and clinics, Ambulatory Surgical Centers (ASCs), and others.
PATIENT MONITORING DEVICES MARKET: KEY REGIONS
On the basis of region, the market is divided into the Americas, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Americas accounted for the major market share with the growing technological advancements in healthcare, the rising geriatric population, and the growing incidences of chronic diseases. However, Asia-Pacific is projected to grow at the fastest growth rate, with the growing constantly improving healthcare infrastructure as well as growing the medical tourism lead to boost the growth of the market in the forecast period.
PATIENT MONITORING DEVICES MARKET: REPORT SCOPE
The report on the patient monitoring devices market covers a deep dive analysis of historic, recent, and current market trends. furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered, and the entire supply chain dynamics are covered through the below segmentation.
Report Features Specifics
Historical/Estimated/Forecasted Market Size Years 2018-2027
Historical Year 2018 & 2019
Base Year 2020
Forecasted Period 2021-2027 (2020 estimated year, forecast up to 2027)
Measured Units Value (USD Million)
Segments Included Type, Application, and End-User
Regional Coverage Americas, Asia-Pacific, Europe, Middle East & Africa
KEY COMPANIES COVERED
• Abbott Laboratories (Company Overview, Financial Overview, Product Synopsis, Key Developments, SWOT Analysis, & Key Strategy)
• Drägerwerk AG & Co. KGaA
• Edwards Lifesciences Corporation
• GENERAL ELECTRIC COMPANY
• Hill-Rom Holdings, Inc.
• Koninklijke Philips N.V.
• Natus Medical Incorporated
• Nihon Kohden Corporation
• Other Key Companies
PATIENT MONITORING DEVICES MARKET: REPORT SEGMENTATION
For the scope of the report, In-depth segmentation is offered by Forencis Research
Patient Monitoring Devices Market, by Type
• Hemodynamic Monitoring Devices
• Neuromonitoring Devices
• Remote Patient Monitoring Devices
• Cardiac Monitoring Devices
• Multi-parameter Monitors
• Respiratory Monitoring Devices
• Weight Monitoring Devices
• Temperature Monitoring Devices
Patient Monitoring Devices Market, by Application
Patient Monitoring Devices Market, by End-User
• Home Healthcare
• Hospitals and Clinics
• Ambulatory Surgical Centers (ASCs)
Patient Monitoring Devices Market, by Region
o North America
o Latin America
o South Korea
o Rest of Asia-Pacific
o Rest of Europe
• Middle East & Africa
o Middle East
KEY QUESTIONS ANSWERED BY THE REPORT
• What are the prominent developments affecting the market worldwide and its growth?
• What will be the impact of the developments in the market on the industry and on the market players in the future?
• What are the evolving variations of the market globally?
• What are the evolving functions of the market globally?
• What are the prominent aspects that will affect market growth globally during the study period?
• Who are the key players operating in the market across the globe?
• How are the key players leveraging in the present market scenario worldwide?
• Patient Monitoring Devices Market Providers
• Patient Monitoring Devices Market Solution and Services Suppliers, Distributors and Dealers
• End-Users of Patient Monitoring Devices Market
• Government Bodies and Intellectual Institutions
• Associations and Industrial Organizations
• Research & Consulting Service Providers
• Research & Development Organizations
• Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE PATIENT MONITORING DEVICES MARKET STUDY