The global patient monitoring market size is estimated at USD 26.08 Billion in 2020 and will worth USD 37.44 Billion by 2025, showcasing a CAGR of 7.5% between 2020 to 2025.
Patient Monitoring Systems enable efficient healthcare delivery to patients outside a conventional hospital or clinical setting by transmitting real-time patient data for clinical review, reducing the mortality rates, and facilitating efficient use of medical resources. These monitoring systems also help avoid emergency overcrowding by managing a massive number of patients and enhancing the maintenance of electronic health records (EHR). Recently the market has gained immense focus due to the government measures to cut down hospital expenditures and reduce hospital stays.
MARKET DRIVERS:
Y-O-Y growth in the incidence of chronic diseases and the aging population coupled with the increasing adoption of home healthcare and remote patient monitoring are expected to hike the growth rate of the global patient monitoring market.
Wearable medical monitoring devices, biosensors, and smart implants are used for various purposes, including continuous glucose monitoring, temperature monitoring, blood pressure monitoring, and pulse oximetry. The Internet of Things is built into the first generation of wearable gadgets. Wearable biosensors monitor vital signs, including blood pressure, weight, blood sugar, and electrocardiography (ECG), then sent to a central server through mobile wireless networks. Increased prevalence of patients suffering from various lifestyle disorders such as diabetes, cancer, atherosclerosis, and an uptick in the use of online patient tracking systems. Collaborations between companies, hospitals, and universities are likely to result in the release of new devices, increased recognition and acceptance of such utilities by physicians and healthcare professionals, various advantages of continuous patient monitoring systems, such as lower ICU usage, shorter hospital stays, and a simple warning system, would propel the patient monitoring devices industry forward.
The increasing demand for patient monitoring devices in hospitals and non-hospital settings is to provide growth opportunities to the market. Rising investments in developing advanced featured devices in the medical sector are prompting the demand of the market. Also, the emerging markets in different regions offer opportunities for players to enter the patient monitoring market.
MARKET RESTRAINTS:
However, the risks associated with invasive monitoring devices like air embolism formation, infections, occlusion, and thrombosis hinder the overall demand and growth of the global patient monitoring market. The shortage of skilled persons in operating the devices is challenging market developers.
Impact of COVID-19 on the global patient monitoring market:
As a result of the pandemic, access to consumers to market and incorporate patient tracking instruments such as neuromonitoring devices and weight monitoring devices decreased in March 2020 and the second quarter of 2020, as hospitals concentrated solely on the COVID-19 pandemic. As a result of the pandemic, demand for remote control and patient interaction technologies has increased. COVID-19 has resulted in a substantial increase in demand for patient tracking services, blood glucose monitors, heart monitors, temperature monitors, and hemodynamic/pressure monitors. For example, in March 2020, Royal Philips increased the development of critical care products and solutions that aid in detecting and treating COVID-19 patients. Patient vital signs devices, surgical consumables for non-invasive and invasive breathing, and wearable ventilators to treat respiratory problems are all part of the product range. As a consequence of the above causes, the industry is expected to benefit from the pandemic.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Application and Region |
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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 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
This research report on the global patient monitoring market has been segmented and sub-segmented based on the application and region.
Patient Monitoring Market - By Application:
Based on the application, the neuromonitoring devices are segmented into EEG machines, MEG systems, EMG machines, ICP monitors, TCD machines, and cerebral oximeters. EEG machines are the segment to account for the largest share of the neuromonitoring devices market in 2019 and are expected to maintain this trend during the forecast period. Due to the growing incidence and prevalence of neurological disorders, increasing research and development in cerebral and spinal disorders, and the increasing number of EEG Labs and sleep centers.
The respiratory monitoring devices are sub-divided into pulse oximeters, capnography, spirometers, and peak flow meters. During the forecast period, the capnography segment is anticipated to show the highest growth rate. It is mainly due to their compulsory anesthesia provision of these instruments and the patients & respiratory condition monitoring in ICUs.
Patient Monitoring Market - By Region:
North America accounted for the highest share in 2019. The significant factors backing the growth of the market in this region are the aging population and increased lifestyle diseases that further serve the overall prevalence of chronic diseases followed by Europe. However, these regions' growth is expected to be slow in the forecast period due to decreasing birth rates, irregular reimbursement policies, and a reduced number of beds in hospitals.
Asia-Pacific is the most favorable and promising region for patient monitoring devices in the coming few years. It is projected to grow at the highest CAGR over the forecast period. The improved purchasing power of patients and a high population base are the major drivers propelling the market in this region. Besides, the economic instability in the western countries facilitates the companies to plan their business more in the Asia-Pacific region and meet their revenue targets. On the flip side, patient privacy concerns & lack of proper reimbursement policies, and the high cost of Patient Monitoring systems inhibit the market's growth.
KEY MARKET PARTICIPANTS:
Some of the prominent companies dominating the global patient monitoring market profiled in the report are Covidien, Abbott Laboratories, Drager, Medical GmbH, GE Healthcare, Johnson & Johnson Inc., Masimo Corporation, Mindray Medical, Mortara Instrument Inc., Natus, Nihon Kohden, Nonin Medical, Omron Healthcare, Philips Healthcare, Roche Diagnostics Limited, and Welch Allyn.
NOTABLE HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
In Early 2015, Roche and Qualcomm announced their collaboration. It is a strategic move to innovate and improve remote monitoring and ensuring proper management of patients suffering from chronic diseases. Together, the organizations plan to advance clinical care management using linked therapy to further improve the quality of treatment, increase efficiency, and promote patient involvement in maintaining their health.
1.Introduction
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
2.1 Introduction
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. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
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 By Application
5.1.1 Neuromonitoring Devices
5.1.1.1 Electroencephalograph (EEG)
5.1.1.2 Transcranial Doppler (TCD)
5.1.1.3 Magnetoencephalograph (MEG)
5.1.1.4 Cerebral Oximeters
5.1.1.5 Intracranial Pressure Monitors (ICP)
5.1.2 Hemodynamic Monitoring Devices
5.1.2.1 Blood Pressure Monitors
5.1.2.2 Blood Glucose Monitors
5.1.2.3 Blood Gas and Electrolyte Analyzers
5.1.2.4 Cholesterol Analyzers
5.1.3 Cardiac Monitoring Devices
5.1.3.1 Electrocardiogram (ECG)
5.1.3.2 Event Monitors
5.1.3.3 Implantable Loop Recorder (ILR)
5.1.3.4 Cardiac Output Monitoring Devices
5.1.4 Fetal and neonatal Monitoring Devices
5.1.4.1 Ultra Sound Fetal Dopplers
5.1.4.2 Internal Fetal Monitors
5.1.5 Respiratory Monitoring Devices
5.1.5.1 Capnographs
5.1.5.2 Spirometers
5.1.5.3 Anesthesia Monitors
5.1.5.4 Sleep Apnea Monitoring Devices
5.1.5.5 Pulse Oximeters
5.1.6 Multi-Parameter Monitoring Devices
5.1.6.1 High-Acuity Monitors
5.1.6.2 Mid-Acuity Monitors
5.1.6.3 Low-Acuity Monitors
5.1.7 Temperature Monitoring Devices
5.1.8 Weight Monitoring Devices
5.1.9 Remote Patient Monitoring Devices
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
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
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Drager Medical GmbH
8.3 GE Healthcare
8.4 Johnson & Johnson Inc
8.5 Masimo Corporation
8.6 Medtronic
8.7 Omron Healthcare
8.8 Mindray Medical
8.9 Mortara Instrument Inc
8.10 Nonin Medical
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.Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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