The global patient monitoring devices market size is anticipated to grow at 5.60% CAGR from 2020 to 2025. The value of the worldwide market will be USD 19.1 billion in 2020 and worth USD 25.08 billion by 2025.
In today's automated world, the biomedical field is no longer isolated. The use of engineering and technology is important in the biomedical field. Lifestyle disorders, such as high blood pressure and diabetes, require constant monitoring of patients.
Health care providers and hospitals continue to seek innovative products that can provide a greater standard of care to patients. In recent years, many inpatients have suffered complications and even died after surgery. This has increased the demand for and use of on-going patient monitoring devices in the market to maintain patient care in the proper sense.
Various benefits associated with continuous patients monitoring devices such as reduced ICU utilization, reduced hospitalization time, and an easy alerting mechanism drive progress in the patient monitoring device industry.
The market for patient surveillance devices is more stimulated by factors such as growing economies in developing countries such as China, India, Mexico, Canada and Brazil through supplying devices in country hospitals for general people. The number of hospitalizations worldwide has increased which has created more demand for these devices.
Growing new product arrivals and increasing technological advancements in this area primarily drive the global patient monitoring devices market.
The other significant factors favoring the growth of the market include increasing geriatric population, rising incidence of lifestyle diseases, growing preference for home and remote monitoring, and availability of easy-to-use and portable devices. This report also tracks and analyzes the key players' competitive developments in terms of market developments, product portfolios, and financials.
The patient monitoring devices market is further driven by factors such as the increasing economies of developing countries like China, India, Mexico, Canada, Brazil, and others. The growth opportunities in the market are likely to increase further over the forecast period due to the emergence of advanced and innovative surgical techniques, growing medical tourism rates, and encouraging policies by governments.
Increasing patient monitoring devices and rising patient populations are providing significant growth opportunities in developing nations. The introduction of new schemes by the government in favor of the ordinary people is also likely to bolster the demand of the patient monitoring devices market. Furthermore, growing incidences of cardiovascular problems across the world are surging the growth rate of this market.
With strict government policies, the cost of the procedure is very costly to constrain in the growth of the patient monitoring device market. People lacking knowledge regarding the monitoring devices and the benefits in utilization in the market but due to low healthcare expenditure and the lack of awareness about these devices, there is no great impact in developing and underdeveloped countries.
Impact of COVID-19 on the global patient monitoring devices market:
COVID-19 has become a global pandemic that has reached 215 countries around the world and disrupted industries around the world.
Rising of COVID-19 patients, there has been a significant increase in demand for patient monitoring systems and manufacturers are increasingly concentrating on expanding production to meet growing demands like respiratory monitoring devices, multiple parameters monitoring devices, glucose monitoring devices, heart monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, and fetal/neonatal monitoring devices.
During the second quarter of 2020, key players in the market are accessing customers through selling and implementing the patient monitoring devices such as weight monitoring devices and neuromonitoring devices. COVID-19 pandemic leads to significant growth in demand for remote monitoring and patient engagement solutions and a substantial surge in demand for patient monitoring systems.
Market Size Available
2019 to 2025
2020 to 2025
By Product, End-User and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Abbott Laboratories, GE Healthcare, Nihon Kohden, Omron Healthcare, Philips Healthcare, Siemens Healthcare, Medtronic PLC, Honeywell International Inc., Infinium Medical and Roche Diagnostics Limited.
This research report on the global patient monitoring devices market has been segmented & sub-segmented based on the product, end-user, and region.
Patient Monitoring Devices Market – By Product:
The respiratory monitors' segment is expected to grow rapidly during the forecast period based on the product. This growth can be attributed to the rising incidences of obstructive sleep apnea and the rising alternate uses of capnography.
The blood glucose monitoring systems segment is another lucrative segment. During the forecast period, the blood glucose monitoring systems segment is expected to record a high compound annual growth-share due to the factors such as a rise in incidences of people with diabetes, copulation with rising in the adoption of blood glucose monitoring in emerging countries, and launching of the new product.
Patient Monitoring Devices Market – By End-User:
The hospital segment is expected to account for the largest share in the global patient monitoring devices market by end-user segment. It is due to the presence of a large target patient population base by preferring hospitals and growth of procedural volumes in settings of hospitals. Moreover, the rise in emphasis for early and effective disease diagnosis in hospitals and a massive budget for hospitals for the introduction of various advancements in the patient monitoring devices market's technology.
Patient Monitoring Devices Market – By Region:
Geographically, North America accounted for the highest share, followed by Europe in the global patient monitoring devices market. The major growth factors contributing to the growth of the North American market are the aging population and lifestyle diseases that are further adding to the overall prevalence of chronic diseases. Furthermore, the rise in the demand for wireless and portable systems and increment in the incidence of chronic diseases helps the regional market grow further.
However, The European market for patient monitoring devices had a significant share of revenues in 2019 and will experience a growth rate of around 6.2% until 2025. The strong growth in the elderly population with various chronic diseases requiring ongoing surveillance will stimulate market growth across the region. Western European countries in the European region are helping in market growth share due to high mortality rates and a rise in demand for low-cost treatment. Moreover, recording as the second-largest regional market due to the increase in demand for in-home monitoring, the increase in accuracy and effectiveness of remote patient monitors, and supporting central data management systems are also primary drivers in the European region.
The Asia-Pacific region is expected to experience the fastest CAGR over the forecast horizon due to untapped opportunities in emerging markets in India and China. The Asia Pacific is the most promising region for patient monitoring devices in the coming five years. It is expected to grow at a higher CAGR over the forecast period. A high population base and improved purchasing power of patients will be the primary drivers of this market. The presence of untapped opportunities in emerging markets such as China and India, the rise in medical care tourism, and the improvement of healthcare infrastructure further accelerate the Asia-Pacific patient monitoring devices market.
The economic instability in the western countries enables the companies to focus on the Asia Pacific, Latin America, and the Middle East and Africa region to meet their revenue targets.
KEY MARKET PLAYERS:
Notable companies dominating the global patient monitoring devices market profiled in this report are Abbott Laboratories, GE Healthcare, Nihon Kohden, Omron Healthcare, Philips Healthcare, Siemens Healthcare, Medtronic PLC, Honeywell International Inc., Infinium Medical, and Roche Diagnostics Limited.
MAJOR HAPPENINGS IN THIS MARKET:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Hemodynamic Monitoring Devices
22.214.171.124 Blood Pressure Monitors
126.96.36.199 Blood Glucose Monitors
188.8.131.52 Blood Gas and Electrolyte Analyzers
184.108.40.206 Cholesterol Analyzers
5.1.3 Neuromonitoring Devices
220.127.116.11 Electroencephalograph (EEG)
18.104.22.168 Transcranial Doppler (TCD)
22.214.171.124 Magnetoencephalograph (MEG)
126.96.36.199 Cerebral Oximeters
5.1.4 Cardiac Monitoring Devices
188.8.131.52 Electrocardiogram (ECG)
184.108.40.206 ECG Market, By Product Type
220.127.116.11.1 Resting ECG
18.104.22.168.2 Wired Holter Monitors
22.214.171.124.3 Wireless Holter Monitors
126.96.36.199 ECG Devices Market, By Lead Type
188.8.131.52.1 Single-Lead ECG Devices
184.108.40.206.2 Lead ECG Devices
220.127.116.11.3 Lead ECG Devices
5.1.5 Event Monitors
5.1.6 Event Monitors Market, By Product Type
18.104.22.168 Pre-Symptom (Memory Loop)
22.214.171.124 Post-Symptom Event Monitors
5.1.7 Event Monitors Market, By Technology
126.96.36.199 Autodetect Monitors
188.8.131.52 Manual Event Monitor
5.1.8 Implantable Loop Recorder (ILR)
5.1.9 Cardiac Output Monitoring Devices
184.108.40.206 Minimally Invasive Com Devices
220.127.116.11 Non-Invasive Com Devices
5.1.10 Y-o-Y Growth Analysis, By Product
5.1.11 Market Attractiveness Analysis, By Product
5.1.12 Market Share Analysis, By Product
5.2.4 Y-o-Y Growth Analysis, By End-User
5.2.5 Market Attractiveness Analysis, By End-User
5.2.6 Market Share Analysis, By End-User
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Product
126.96.36.199 By End-User
6.1.4 Market Attractiveness Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Product
220.127.116.11 By End-User
6.1.5 Market Share Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Product
126.96.36.199 By End-User
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Abbott Laboratories
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 GE Healthcare
8.3 Nihon Kohden
8.4 Omron Healthcare
8.5 Philips Healthcare
8.6 Siemens Healthcare
8.7 Medtronic PLC
8.8 Honeywell International Inc.
8.9 Infinium Medical
8.10 Roche Diagnostics Limited.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures