Patient Monitoring Devices Market Report, published by Allied Market Research, forecasts that the global market was valued at $21,127 million in 2016, and is expected to garner $32,435 million by 2023, registering a CAGR of 6.2% during the forecast period 2017 – 2023. The cardiac monitoring devices segment accounted for one-third share of the global patient monitoring devices market in 2016, and is expected to maintain its dominance throughout the analysis period.
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Patient monitoring devices are utilized to observe and evaluate the vital physiological parameters of critically ill patients. These are used in emergency, operating rooms, and intensive care units. Different physiological parameters, such as heart rate, oxygen level, and blood glucose level are assessed with the help of these devices.
These devices are used in an inpatient and outpatient setting, such as emergency medical services and transport, owing to the advancement in the patient monitoring technology. The major factors that boost the market include ease of use; portability of device; increase in the aging population; and growth in the incidence of patients suffering from various lifestyle diseases, such as obesity, chronic liver diseases, and stroke… In addition, the introduction of breakthrough patient monitoring devices is expected to supplement the market growth.
The cardiac monitoring devices segment dominated the global market in 2016, and is expected to continue its dominance throughout the forecast period. This are attributed to the various applications of the cardiac monitoring devices for cardiovascular surgeries and its ability to monitor the severity of range of cardiovascular diseases. However, this segment is estimated to grow highest rate, owing to the growth in popularity of the advantages in this segment.
Patient monitoring devices are most commonly and widely used in hospitals & clinics for various procedures, thus it is the dominant end user segment of the market and is expected to maintain its market position throughout the forecast period. As there is a rise in popularity of self-monitoring devices, home setting segment is anticipated to be the fastest growing segment.
In 2016, North America and Europe possess the highest growth potential due to established reimbursement policies, high buying power, rapid adoption of remote patient monitoring devices, rise in the geriatric population, and increase in prevalence of patients with lifestyle diseases. However, the market is expected to gain traction in the developing regions of Asia-Pacific and Latin America, due to the increase in urbanization & disposable income, growth in awareness about patient monitoring devices, and large number of undiagnosed patients.
Key Findings of Patient Monitoring Devices Market:
- The intracranial pressure monitor segment is estimated to exhibit a CAGR of 8.1%.
- U.S. was the largest economy market in 2016, and is anticipated to maintain its lead until 2023.
- The remote patient monitoring devices segment is anticipated to be the fastest growing segment throughout the analysis period.
- Electronic fetal monitoring devices market is projected to grow at a CAGR of 7.5%.
- China is the fastest growing segment in the Asia-Pacific region, registering a CAGR of 9.5%
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The key companies profiled in the report include Medtronic, Inc., Biotronik, F. Hoffmann-La Roche Ltd., GE Healthcare Ltd., Masimo Corporation, Nihon Kohden Corporation, Johnson & Johnson, Omron Healthcare Co. Ltd., Abbott Laboratories, and Koninklijke Philips N.V.