Patient Monitoring Devices Market Analysis
The global patient monitoring devices market is predicted to touch USD 23.4 billion at a 5.7% CAGR over the forecast period (2014-2022), as per the latest Market Research Future (MRFR) report. A patient monitor, simply put, is an electronic medical device which comprises of one or more monitoring sensors, a screen display, and a processing equipment. It provides the record to medical professionals about the vital medical signs of a patient such as respiratory rate, pulse rate, blood pressure, and body temperature or measurements of the activities of the different body organs such as EKG monitors, anesthesia monitors, ECG monitors and many more.
Various factors are propelling the patient monitoring devices market growth. These factors, as stated by the MRFR report, include increasing prevalence of various chronic and lifestyle diseases such as atherosclerosis, cancer, and diabetes, increasing adoption of remote patient monitoring devices, and rising geriatric population. Additional factors pushing market growth include constant technological advancements, easy accessibility of wireless monitoring devices, and its growing demand in non-hospital settings.
On the contrary, high cost, risks related to invasive monitoring devices, and issues associated to reimbursements and government regulations are factors that may hamper the patient monitoring devices market growth over the forecast period.
Patient Monitoring Devices Market Segmentation
The Market Research Future report provides a wide segmental analysis of the patient monitoring devices market based on product type and end user.
Based on product type, the patient monitoring devices market is segmented into temperature monitoring devices, weight management monitors, respiratory monitors, fetal and neonatal monitors, hemodynamic monitoring devices, electrocardiogram (ECG) devices, portable bedside monitors, and central monitoring stations. Of these, the ECG devices segment is predicted to have the largest share in the market over the forecast period. This is owing to its extensive application in CVD management, rising incidences of cardiovascular diseases, government initiatives, and the availability of technologically advanced devices.
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Based on end user, the patient monitoring devices market is segmented into home care, ambulatory care centers, hospitals and clinics, and others. Of these, the home care setting will dominate the market over the forecast period. This is owing to the various advantages of using such devices.
Patient Monitoring Devices Market Regional Analysis
Based on the region, the patient monitoring devices market report covers the latest trends and growth opportunities across Asia Pacific (APAC), Europe, the Americas, and the Middle East and Africa. Of these, the Americas will dominate the market over the forecast period. This is owing to the rising geriatric population, rising need for portable and wireless systems, growing incidences of chronic diseases, and the presence of sophisticated reimbursement structure.
The patient monitoring devices market in Europe will have the second-largest share in the market over the forecast period. This is owing to the growing demand for streamlined and wireless operation in major homecare settings and health facilities.
The patient monitoring devices market in the APAC region is predicted to have a promising growth during the forecast period. This is owing to the huge presence of untapped opportunities in China and India, constantly improving healthcare infrastructure, and rising medical tourism.
The patient monitoring devices market in the Middle East and Africa is predicted to have a limited yet steady growth over the forecast period.
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Patient Monitoring Devices Market Key Players
Leading players profiled in the patient monitoring devices market report include Shenzhen Mindray Bio-Medical Electronics Co., Honeywell International, Inc., Spacelabs Healthcare, CAS Medical Systems, Inc., Philips Healthcare, Siemens Healthcare, Abbott Laboratories, BIOTRONIK SE & Co. KG, Roche Diagnostics, and GE Healthcare. Key players have used several strategies to strengthen their position in the market, such as acquisitions, mergers, expansions, and product innovations.
August 2019: Stevens Institute of Technology researchers have come up with a wearable device that has been designed to aid expecting mothers to keep track of the fetal heartbeat of their child. This, when placed on the expecting mother’s stomach, will help in detecting vibrations as the baby moves or the baby’s heart beats.