Global patient monitoring device market was valued at USD 37.3 million in 2020. It is projected to grow at an 8.8% compound annual growth rate (CAGR), between 2021 and 2028. This is due to the increasing demand for monitoring devices that measure, distribute and record biometric data such as temperature and blood oxygen saturation. Quarantine and social distancing have been implemented all over the globe since the COVID-19 pandemic. Many people avoid hospital visits because of this. Many people need routine monitoring at home of their temperature and oxygen levels to ensure their health. This is why you should have monitoring devices installed at home.
Many government initiatives have been implemented to help with the spread of this pandemic. FDA issued Emergency Use Authorizations (EUAs), for certain wearable and monitor devices, to increase access to treatments and monitor patients. This also helps to reduce the exposure of SARS/CoV-2 to healthcare professionals during the COVID-19 pandemic.
The market is also growing due to the increasing preference for wearable and remote monitoring devices. The diagnosis of chronic diseases can be made easier by using wearable devices that combine clinical symptoms with vital signs. The use of wearable devices for COVID-19 prevention has seen a significant increase.
Patients monitoring devices are increasingly needed because of the increasing number of chronic diseases such as stroke, diabetes, and kidney disease. According to the World Health Organization (WHO), 422.0 million people worldwide have diabetes. To grow their market, major market players invest in partnerships, collaborations, innovation, launches and mergers. Roche's Accu-Check was launched in August 2016. Accu-Check is a glucose monitoring system that makes daily glucose monitoring simple.
Asthma patients, chronic obstructive pulmonary disease (COPD) sufferers, and high levels of tobacco smoking are on the rise. The WHO estimates that around 235 million people have asthma. Peak flow meters are used to measure respiration rate. It's easy to use, transport, and remote accessible, which drives demand and the market.
In 2020, the segment of cardiac monitoring systems accounted for more than 19.5% of the total revenue. According to WHO, Cardiovascular Diseases (CVDs), which account for approximately 30.0 million deaths each year worldwide, are the leading cause of death. Major market players are trying new products to address the growing demand for cardiac monitoring devices due to the rising incidence of heart disease. Medtronic, for example, received FDA approval in January 2020 for Micra AV. This pacemaker is the smallest with atrioventricular synchrony.
Technological advancement, government initiatives, regional expansion, and other factors are all likely to increase the market share for patient monitoring devices. In February 2020, Abbott was awarded CE marking for the Gallant Implantable Cardioverter Defibrillator ICD and Cardiac Ressynchronisation Therapy Defibrillator CRT-D devices. These devices offer new possibilities for remote monitoring and patient engagement via novel smartphone connectivity and other connected applications.
Hospitals dominated the market, accounting for more than 51.3% of the total revenue in 2020. This market share is expected to grow due to hospitalizations' increasing emphasis on early diagnosis and treatment. The America Heart Association (AHA) estimates that in-hospital cardiac arrest was reported in approximately 209,000 Americans in 2016. This number is expected to rise to 23.6 million in 2030, according to AHA.
Other segments of the market include hospitals and Ambulatory Surgery Centers, Home Care Settings, and other. Over the forecast period, home care is expected to grow rapidly. The trend towards portability and the delivery of care at the bedside is increasing. This is driving the development of next-generation diagnostic, therapeutic, and monitoring equipment designs that are more flexible, precise, and compact.
North America was the dominant market for patient monitoring devices in 2020, accounting for more than 42.7% of the total revenue. The market's growth is due to increasing incidence of chronic diseases and the availability of advanced technology. Major market players like Edward Lifesciences and GE Healthcare, Masimo Corporation, Natus Medial, and Masimo Corporation are investing in R&D to improve patient monitoring devices facilities. This will help boost the market over the next few years.
The Asia Pacific market is expected to experience lucrative growth during the forecast period. This is due to the growing number of people living sedentary lives, such as poor diets, inactivity and excessive sugar consumption, which has led to many chronic diseases such as diabetes and obesity. The largest number of diabetics is in India and China, and this will continue to grow over the forecast period. This awareness will lead to a greater understanding of diabetes preventive care. This is expected to increase market growth.
This market is highly competitive and has a lot of international as well as domestic players. Honeywell, American Telecare and Roche were the top players in the regulatory market for 2020. Johnson & Johnson, Covidien Plc, Philips Healthcare, Philips Healthcare, and Philips Healthcare. This market is growing because of various strategic initiatives taken by large players like mergers, acquisitions and partnerships as well as collaboration between these companies. Masimo Corporation was approved by the FDA in February 2020 for Neonatal Pulse Oximetry Sensors. Neonatal severe retinopathy can be reduced by using oximeters.
Patients with diabetes are increasing in demand for patient monitoring devices. In June 2020, Abbott was granted FDA clearance for its FreeStyle Libre 2 (iCGM), which is suitable for both adults and children suffering from diabetes. The device monitors glucose levels every minute and includes an optional real-time alarm to help diabetic patients keep track.
Major players are also investing in product approval and launch to monitor oxygen levels during the COVID-19 pandemic. Remote patient monitoring technology can transmit and track vital signs of patients, providing real-time insight to patients in order to decide the next steps during the COVID-19 Pandemic. The following are some of the most prominent players in patient monitoring devices:
Bosch
Biotronik
Intel
Welch Allyn
Health anywhere Inc.
Up Market Research published a new report titled “Patient Monitoring Devices Market research report which is segmented by Product (Blood Glucose Monitoring Systems, Cardiac Monitoring Devices, Multi-parameter Monitoring Devices), By Players/Companies Intel, Biotronik, Health anywhere Inc, Welch Allyn, Bosch”. 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 Devices Market Research Report |
By Product | Blood Glucose Monitoring Systems, Cardiac Monitoring Devices, Multi-parameter Monitoring Devices |
By Companies | Intel, Biotronik, Health anywhere Inc, Welch Allyn, Bosch |
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 | 229 |
Number of Tables & Figures | 161 |
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 (Blood Glucose Monitoring Systems, Cardiac Monitoring Devices, Multi-parameter Monitoring Devices).
Patient Monitoring Devices 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 Devices 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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