Global Patient Monitoring Devices Market By Product (Blood Glucose Monitoring Systems, Cardiac Monitoring Devices, Respiratory Monitoring Devices, Temperature Monitoring Devices, Hemodynamic/Pressure Monitoring Devices, Fetal & Neonatal Monitoring Devices, Neuromonitoring Devices, Weight Monitoring Devices, and Others), By End User (Hospitals, Ambulatory Surgery Centers, Home Care Settings, Other), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa) – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2030

Global Patient Monitoring Devices Market Overview

Biometric values such as heart rate, blood oxygen saturation levels (SPO2), blood pressure, and temperature are measured, recorded, distributed, and displayed by patient monitoring systems. They're used to keep track of patients on a regular basis, which can assist prevent serious problems. The major goal of these monitors is to notify critically ill patients of early or severe deterioration. There are two sorts of monitors: bedside monitors and remote monitoring.

However, because of technological improvements, monitors are now available in a wearable version that allows for real-time monitoring. Furthermore, more than four million people are expected to check their health problems remotely by 2020, according to the IHS (Information Handling Services).

The increase in the geriatric population and the deployment of remote patient monitoring devices are two main drivers driving the market forward. Furthermore, the rising prevalence of patients suffering from various lifestyle disorders such as diabetes, cancer, and atherosclerosis contributes to the market's positive growth. Collaborations between enterprises, hospitals, and academic institutions are also likely to result in the launch of innovative products, which will assist to raise market revenue and growth.

However, the high cost of this technology and a lack of patient awareness limit market expansion. Furthermore, government rules and payment difficulties may stifle the market for patient monitoring equipment.

Market Size

According to Business Intelligence Insights “ global Patient Monitoring Devices Market is expected to grow from USD 37.10 billion  in 2021 to USD 70.73 billion by 2030, at a CAGR of  8.40%  during the forecast period 2022-2030.

Covid -19 Impact Analysis

As a result of the pandemic, access to customers to sell and implement patient monitoring devices (such as neuromonitoring devices and weight monitoring devices) decreased in March 2020 and during the second quarter of 2020, as hospitals focused solely on the COVID-19 pandemic. The epidemic has increased demand for remote monitoring and patient engagement systems significantly. Manufacturers are increasingly focusing on increasing production to meet the growing demand for respiratory monitoring devices, multi-parameter monitoring devices, blood glucose monitoring devices, cardiac monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, and fetal/neonatal monitoring devices as a result of COVID-19. Furthermore, the market for neuromonitoring devices is predicted to recover its losses by the fourth quarter of 2020.
 

Market Dynamics

Drivers

• Wearable patient monitoring technologies are becoming increasingly popular.
• Patient monitoring devices are in higher demand in non-hospital settings

Restraints

• The dangers of invasive monitoring equipment

Segmentation Insights

By Product

Cardiac Monitoring Devices category dominated the market with more than 20% of the market share

Cardiovascular diseases (CVDs) are the leading cause of death worldwide, according to the WHO, with roughly 30.0 million individuals suffering a stroke or heart attack each year. The rising incidence of cardiac disease is driving up demand for cardiac monitoring system devices, hence prominent market players are releasing new products to satisfy the need. Medtronic, for example, got FDA certification for Micra AV, the smallest pacemaker with atrioventricular synchronization, in January 2020. 

 

By End User 

Hospitals category dominated the market with more than 36.3% of the market share

The increased emphasis on effective and early disease diagnosis in hospitals, as well as the expanding procedural volume in hospital settings, are expected to account for a considerable portion of the market. According to the American Heart Association (AHA), over 209,000 people died in hospitals in the United States in 2016, with the figure anticipated to rise to more than 23.6 million by 2030. The large target patient population base (especially in emerging countries) prefers hospitals, the growing procedural volume in hospital settings, the rising emphasis on effective and early disease diagnosis in hospital settings, and the high budget of hospitals for introducing various technologically advanced patient monitoring device products are all factors that contribute to this segment's large share. 

By Product

• Blood Glucose Monitoring Systems
• Cardiac Monitoring Devices
• Respiratory Monitoring Devices
• Temperature Monitoring Devices
• Hemodynamic/Pressure Monitoring Devices
• Fetal & Neonatal Monitoring Devices
• Neuromonitoring Devices
• Weight Monitoring Devices
• Others

By End User

• Hospitals
• Ambulatory Surgery Centers
• Home Care Settings
• Other End Users

By Region

• North America
• U.S.
• Canada
• Europe 
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific 
• China
• India
• Japan
• Rest of Asia Pacific
• Latin America 
• Brazil
• Mexico
• Rest of Latin America
• Middle East and Africa 
• UAE
• South Africa
• Rest of Middle East and Africa (MEA)

 

Key Players

• Abbott Laboratories (US)
• Hill-Rom Holdings, Inc. (US)
• Drägerwerk AG & Co. KGaA (Germany)
• Edwards Lifesciences Corporation (US)
• OMRON Corporation (Japan)
• Masimo Corporation (US)
• Compumedics Limited (Australia)
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
• Nihon Kohden Corporation (Japan)
• Natus Medical (US)
• Medtronic plc (Ireland)
• Koninklijke Philips N.V. (Netherlands)
• GE Healthcare (US)
• Getinge AB (Sweden)
• Boston Scientific Corporation (US)
• Dexcom, Inc. (US)
• Nonin (US)
• BIOTRONIK (Germany)
• SCHILLER (Switzerland)
• BioTelemetry, Inc. (US)  
   

Regional Insights

North America dominated the market with more than 35% of the market share

 

The rising prevalence of chronic diseases, combined with the presence of advanced technology, as well as demand for wireless and portable systems targeted at reducing out-of-pocket costs, are some of the reasons driving the market in the region. Major market players such as Edward Lifesciences, GE Healthcare, Masimo Corporation, and Natus Medial are also investing in research and development for more advanced patient monitoring device facilities, which will increase the market in the next years. The key drivers driving market growth in North America include increased R&D to develop novel sensor-based patient monitoring systems, rising prevalence of infectious diseases, safety concerns, and technological developments in patient monitoring device products. Others have concentrated on growing their reach and capabilities.

 

Table

Report Attributes	Details
Market Size Value in 2021	USD 37.10 billion
Market Size Value in 2030	USD 70.73 billion
Growth Rate	8.40%
Base Year	2021
Forecast Period	2022-2030
Historical Data	2018-2020
Forecast Units	(USD Billion)
Countries Covered	North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE
Segments Covered	By Product, By End User,By Region
Competitive landscape	Leading companies, Competitive strategies and Consumer engagement scope
Customization is available	If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at sales@businessintelligence-insights.com if you have any questions.

 

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