According to a new report published by Allied Market Research, titled, "Patient Monitoring devices Market by component, application, and end user: Opportunity Analysis and Industry Forecast, 2019–2027," the global patient monitoring devices market was valued at $25,768 million in 2019 and is expected to reach $44,861 billion by 2027, registering a CAGR of 4.4% from 2020 to 2027.
The global patient monitoring devices market has witnessed an exceptional growth in the past few years. Rise incidences of patients suffering from various lifestyle diseases such as obesity, chronic liver diseases, and stroke have contributed toward the market growth. The market is expected to grow at a moderate pace during the forecast period. In addition, introduction of breakthrough patient monitoring devices is expected to further fuel the growth of the market.
The patient monitoring devices market will boost up the growth in 2020 as the key players as well as few startups are expanding their remote monitoring devices portfolio to add value to their customers. In addition, the remote monitoring devices are rapidly being used by the patients to connect with their doctors to track their heath conditions. These devices allows to expand patient monitoring to the home, hospitals, urgent clinical settings and other locations that are temporarily set up to address increased demand.
The market is anticipated to gain traction in developing regions of Asia-Pacific and Latin America. Factors such as large undiagnosed patient population, increase in urbanization, rise in disposable income, and growth in awareness about patient monitoring devices are projected to be responsible for the impressive market growth in these regions. The market growth mainly relies on the increase in geriatric population and rise in the adoption of remote patient monitoring devices.
The report segments the global patient monitoring devices market on the basis of device type into hemodynamic monitoring, neuromonitoring, cardiac monitoring, fetal & neonatal monitoring, respiratory monitoring, multiparameter monitoring, remote patient monitoring, weigh monitoring, and temperature monitoring devices. The cardiac monitoring devices segment dominated the patient monitoring devices market, governing around 26.08% of the global market value in 2019, and its dominance in the market is expected to continue throughout the forecast period. It is estimated to garner $10,256.24 million by 2027, registering a CAGR of 4.8% from 2020 to 2027. This is attributed to the rise in prevalence of various cardiovascular diseases such as congestive heart failure and stroke.
On the basis of product, remote patient monitoring segment is anticipated to grow at the fastest pace during the forecast period. As remote patient monitoring devices can be used remotely to monitor the critical parameters of patients, the segment is rapidly gaining popularity among patients with chronic diseases such as diabetes, hypertension, and chronic respiratory diseases.
On the basis of end user, the market is segmented into hospitals & clinics, home settings, and ambulatory surgical centers. As most high-end and expensive monitoring devices are frequently used in hospitals, therefore, the hospitals segment is expected to occupy majority of the market share, and is expected to retain its market position throughout the forecast period. Owing to the growth in awareness regarding the advantages of using remote patient monitoring, the home setting segment is estimated to be the fastest growing segment, registering a CAGR of 5.0% during the forecast period.
Presently, North America and Europe are the most lucrative regions of the market, where growth is supplemented by factors such as rise in aging population, increase in prevalence and incidences of patients with lifestyle diseases, and well-established reimbursement policies along with the high buying power of customers. The North America patient monitoring devices market accounted for revenue of $11,286.83 million revenue in 2019, which is estimated to garner approximate revenue of $19,287.91 million by 2027, growing at an estimated CAGR of 4.1% during the forecast period. The growth pattern in North America is characterized by the stage of market maturity, in terms of both penetration and availability of advanced devices. The Asia-Pacific patient monitoring devices market is estimated to account for the fastest growing sub-segment globally.
Key Findings Of The Study
- By product type, the remote patient monitoring devices segment is anticipated to grow at the fastest rate during the forecast period.
- By region, North America was the major shareholder and accounted for the highest share of $11,286.83 million in 2019.
- Asia-Pacific is expected to grow at a CAGR of 5.5% during the forecast period.
- By end user, the hospitals segment dominated the market in 2019 and is anticipated to maintain its dominance during the forecast period.