The global patient monitoring devices market held a market value of USD 25,768.56 million in 2019 and is anticipated to reach USD 44,861.56 million by 2027 growing at a CAGR of 4.4% during the forecast period of 2020-2027.
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Patient monitoring devices are medical devices used for measuring, distributing, recording, and displaying the parameters such as temperature, heart rate, and blood pressure.
The market is continuously growing owing to the factors such as easy availability of patient monitoring devices and the availability of remote patient monitoring devices. According to a statistics published by the Information Handling Services Organization, approximately 4 million patients in the US remotely monitor their health conditions generally.
However, lack of awareness and risks associated with the devices are expected to restrain the market growth.
The global patient monitoring devices market has been segmented into product and end user.
On the basis of product, the global patient monitoring devices market is divided into hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices, fetal & neonatal monitoring devices, respiratory monitoring devices, multiparameter monitoring devices, remote patient monitoring devices, weight monitoring devices, and temperature monitoring devices. The hemodynamic monitoring devices segment is further divided into blood glucose, cholesterol, blood gas & electrolyte analyzers/monitors, and blood pressure. The neuromonitoring devices segment is sub-segmented into electroencephalograph (EEG) devices, transcranial dopplers (TCD), magnetoencephalography (MEG) devices, intracranial pressure (ICP) monitors, and cerebral oximeters. The cardiac monitoring devices segment is further divided into electrocardiogram (ECG) devices, holter monitors, event monitors, and others. The fetal & neonatal monitoring devices segment is further classified into ultrasound, electronic fetal monitoring devices, fetal doppler monitoring devices, and other fetal & neonatal monitoring devices. The respiratory monitoring devices segment is further segmented into capnographs, spirometers, sleep apnea monitor, and pulse oximeters. The multiparameter monitoring devices segment is further divided into high acuity, mid acuity, and low acuity.
Neuromonitoring devices segment held the largest market share owing to the rising number of product launches in the segment. By end user, the patient monitoring devices market is segmented into hospitals & clinics, home settings, and ambulatory surgical centers (ASCs). The hospitals & clinics segment held the largest market share in 2019 owing to the high usage of patient monitoring devices in hospitals & clinics.
By region, the global patient monitoring devices market is segmented into the North America, Europe, APAC, and LAMEA.
North America accounted for the largest market share owing to rising geriatric population and presence of advanced healthcare functions. According to a data published by the World Health Organization (WHO), by the year 2050, it is expected that the total geriatric population by the year 2050 is expected to reach 900million in 2050, from 900 million. The Europe market is the second largest region segment owing to high research & development activities in the region by major companies. The market in Asia Pacific is expected to witness the fastest growth owing to the increasing prevalence of chronic diseases. According to a data published by the WHO, chronic diseases such as diabetes, chronic respiratory diseases, and cardiovascular diseases, among other contribute to 8.5 million every year.
Key market players covered in the report include Medtronic, Inc. (Ireland), Biotronik (Germany), F. Hoffmann-La Roche Ltd.(Swizerland), GE Healthcare Ltd (US), Masimo Corporation (US), Nihon Kohden Corporation (Japan), Johnson and Johnson (US), Omron Healthcare Co. Ltd. (Japan), Abbott Laboratories (US), and Koninklijke Philips N.V. (Netherlands), among others. These companies are involved in many strategic activities to grow in the market. For instance, according to US Food and Drugs Administration (FDA), in May 2020, the G Medical Innovations Ltd launched the Remote Patient QT Interval Monitor. With this, the company expanded its extensive patient monitoring g solutions provider. Additionally, in November 2019, Koninklijke Philips N.V. launched the EarlyVue VS30, a vital sign monitoring device specialing in calculating the risk-based alerts and collection of vital signs which help in identification of certain signs that indicate towards poor health of the individual alerts the clinicians. With this, the company expanded its product portfolio in the market. Moreover, in October 2018, Siemens Healthineers collaborated with Healthy.io, which helped patients in improving the compliance with chronic kidney disease monitoring. With this, the company devised its market penetration strategy, hence providing lucrative opportunities in the market.
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