Global patient monitoring accessories market was valued at USD 5.9 Billion in 2019. It is projected to grow at a compound annual rate (CAGR of 7.2%) between 2020 and 2027. To provide timely and efficient treatment, patient monitoring accessories can be used in conjunction with medical devices. These accessories include SpO2 sensors and blood pressure cuffs as well as brain monitoring system sensors, brain transmission sensors, temperature sensors, CO2 absorbers/Amsorb filters, ECG leadwires, and neuromuscular transmission sensor sensors. They all aid in the collection and analysis of vital signs. Market growth is due to rising prevalence and burden of chronic diseases, increased demand for monitoring around the clock, and technologically advanced accessories.
One of the main factors driving the growth in the market for patient monitoring accessories is the rising incidence of chronic diseases. Cardiovascular Diseases (CVDs) include ischemic heart disease and stroke and contribute to a lower quality of life worldwide. The WHO estimates that cardiovascular diseases account for 17.9 million deaths and disabilities each year. More than three quarters of these people are from low- and middle-income countries.
These diseases have become a major public health problem and require a fast and controlled treatment. Neurological diseases can progress and require 24-hour monitoring. An estimated one million Americans are diagnosed each year with a chronic brain disorder or disease. This will increase the need for remote monitoring accessories that can be used to monitor patients remotely.
Personalized monitoring and care is a major focus because of the rising mortality rate from non-communicable disease. In the long-term, this will lead to a greater demand for accessories for patient monitoring. The use of LEDs and sensors that measure oxygen saturation in patients' bodies, which are durable and non-toxic, has helped to make technological advancements. This alerts the therapist to avoid hypoxemia and desaturation which can lead to cyanosis. Standardizing healthcare workflow can be achieved by introducing skin-temperature probes that can be used for both children and adults, with adapters that work with other temperature monitors.
In 2019, the SpO2 sensors segment accounted for 51.0% of the market and is expected to see a substantial CAGR during the forecast period. The market for patient monitoring accessories can be divided by product into SpO2 sensors and blood pressure cuffs. It also includes neuromuscular transmission sensors, temperature sensors as well as CO2 absorbers/Amsorb filter, ECG leadwires, and brain monitoring system sensors. SpO2 accounted for the largest market share. Monitoring SpO2 is a global standard for patient care. The majority of patient monitoring accessories can be attached or have built-in capabilities to monitor vital signs. This is a clear indication of the importance these sensors play in the patient monitoring market. This segment can be further divided into disposable and reusable SpO2 sensor.
Over the forecast period, the market for patient monitoring accessories is expected to see the highest CAGR. Due to increasing numbers of patients who require sedation, the brain monitoring system sensor segment is expected to see the most growth. The depth of anesthesia is measured by neuromonitoring sensors. This is a measure of how much the Central Nervous system (CNS) is affected by an anesthetic agent. It depends on its potency and the dose. To prevent possible side effects, such as hypertension and tachycardia or sweating, sweating, lacrimation and increased skeletal muscles tone, post-traumatic syndrome, the Depth of Anaesthesia (DOA), should be maintained accurately. The segment is expected to grow due to the increased number of procedures performed and the need to monitor intraoperative awareness.
North America was the dominant market for patient monitoring devices in 2019. It accounted for 41.3% of the total revenue in 2019, and is expected to show a substantial CAGR over the forecast period. Market growth will be driven by the increasing number of chronic diseases that require routine monitoring and the existence of advanced healthcare infrastructure. The Behavioural risk factor surveillance system estimates that around 45% of Americans have co-morbidities. This puts them at greater risk for developing health complications and requires continuous monitoring.
The market for patient monitoring accessories in Asia Pacific is expected to grow at 8.8% CAGR over the forecast period. This is due to the large population, favorable government initiatives and the availability of well-developed health care facilities. The market for patient monitor accessories is expected to grow due to factors such as growing demand for these accessories and related services, which are a result of increased government spending on healthcare. As the population grows rapidly, countries such as India, China and Japan are spending significantly more on healthcare. Emerging economies are also experiencing an increase in chronic diseases. Therefore, it is likely that the demand for accessories for patient monitoring will grow.
Market for patient monitoring accessories can be highly competitive. This market is characterised by established players with mergers and acquisitions. New product development and launch are also common. These companies may also take other strategic initiatives to improve their market position. Medtronic, for example, launched the Pivotal Trial in June 2019 for its next-generation Guardian continuous glucose monitor sensor. This allowed it to expand its product range. The market leader in patient monitoring accessories is:
Medtronic plc
GE Healthcare Limited
Nihon Kohden Corporation
Masimo
Welch Allyn Inc.
LifeScan Inc
Honeywell
Lifecare Solutions
Philips
Omron
Roche
Up Market Research published a new report titled “Patient Monitoring Accessories Market research report which is segmented by Product (BP Cuffs, CO2 Absorbers, SpO2 Sensors, ECG Leadwires, NMT Sensors, Temperature Sensors), By Players/Companies GE Healthcare Limited, LifeScan Inc, Masimo, Nihon Kohden Corporation, Lifecare Solutions, Omron, Welch Allyn Inc, Philips, Honeywell, Roche, Medtronic plc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Patient Monitoring Accessories Market Research Report |
By Product | BP Cuffs, CO2 Absorbers, SpO2 Sensors, ECG Leadwires, NMT Sensors, Temperature Sensors |
By Companies | GE Healthcare Limited, LifeScan Inc, Masimo, Nihon Kohden Corporation, Lifecare Solutions, Omron, Welch Allyn Inc, Philips, Honeywell, Roche, Medtronic plc |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 228 |
Number of Tables & Figures | 160 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (BP Cuffs, CO2 Absorbers, SpO2 Sensors, ECG Leadwires, NMT Sensors, Temperature Sensors).
Patient Monitoring Accessories Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Patient Monitoring Accessories Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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