According to a new report published by Allied Market Research, titled,"Patient Monitoring Devices Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2017 - 2023,"the patient monitoring devices market size accounted for $22,641 million in 2017, and is estimated to reach $37,187 million by 2025, registering a CAGR of 6.4% from 2018 to 2025. The cardiac monitoring devices segment accounted for one-third of the global patient monitoring devices market share in 2017, and is expected to maintain its dominance throughout the analysis period.
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. Patient monitoring devices are used in an inpatient and outpatient setting, such as emergency medical services and transport, owing to the advancements in 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 prevalence 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. However, the cost associated with this technology and issues related to government regulations & reimbursements are expected to hamper the global market growth. Furthermore, the technological advancements in these devices and the presence of untapped market in the developing region are expected to open new avenues for the growth of the patient monitoring devices market.
Based on product type, the patient monitoring devices market is categorized into hemodynamic, neuromonitoring, cardiac, fetal & neonatal, urine output monitoring, respiratory, multiparameter, remote patient, weight, and temperature monitoring devices. Cardiac monitoring devices are further divided into electrocardiogram devices, Holter monitors, event monitors, and others (implantable loop recorders, cardiac output monitoring devices, and others). The cardiac monitoring devices segment dominated the global market in 2017, and is expected to continue its dominance throughout the forecast period. These 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 at the 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 patient monitoring devices 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 2017, 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 patient monitoring devices 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 the Patient Monitoring Devices Market:
- The intracranial pressure monitor segment is estimated to exhibit a CAGR of 8.3%.
- U.S. was the largest economy market in 2017, and is anticipated to maintain its dominance until 2025.
- 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 7.6%.
- China is the fastest growing segment in the Asia-Pacific region, registering a CAGR of 9.6%
The key companies profiled in the report of patient monitoring devices market 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.
The other players in the value chain of the patient monitoring devices industry include Honeywell International Inc., Siemens Healthcare, Lifewatch AG, Care Innovations, LLC., Smiths Medical, and St. Jude Medical, Inc.