According to a new report published by Allied Market Research, titled, "U.S. Patient Monitoring Systems Market by Component: Opportunity Analysis and Industry Forecast, 2020–2027," the U.S. Patient Monitoring Systems Market was valued at $12,200.96 million in 2019, and is projected to reach $22,583.40 million by 2027, registering a CAGR of 5.21% from 2020 to 2027.
The aim of patient monitoring is to give warning of early or dangerous deterioration of health. Patient monitoring systems are used to observe vital signs such as respiration and heart rate of patients. These devices such as pulse oximeters, capnographs, and cardiac monitors are increasingly being used in major hospitals, clinics, and various outpatient centers. These devices are commonly used during minor and major surgeries to monitor physiological signs of patients and intervene, if any complications occur. These devices can also help healthcare professionals to monitor vital signs of multiple patients at the same time. Some of these devices are also used to alert physicians, in case parameter levels are either above or below the limit set by physicians. Moreover, with the help of remote monitoring devices, physicians can remotely monitor physiological parameters such as blood glucose level, blood pressure, and heart rate; and accordingly provide appropriate treatment for patients.
The U.S. patient monitoring systems market has witnessed an exceptional growth in past few years. Rise in incidences of patients suffering from various lifestyle diseases such as obesity, chronic liver diseases, and stroke have contributed toward the patient monitoring systems 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 growth of the market. The patient monitoring systems market growth mainly relies on increase in geriatric population and rise in adoption of remote patient monitoring devices.
However, data privacy & security issues are likely to restrain growth of the market. Moreover, government regulations and reimbursement issues can also hamper growth of the U.S patient monitoring system market. Conversely, increase in adoption of AI and analytics is expected to create lucrative opportunities for the market during the forecast period. Further, growth in IoT healthcare applications is also projected to provide significant growth opportunities for the U.S. Patient Monitoring Systems Market.
Though most of the markets are dropping down, COVID-19 outbreak has positively affected various healthcare related markets, one of them being patient monitoring systems. Presently, the patient monitoring systems market is witnessing a tremendous growth. As they play a crucial role to combat pandemic and monitor patients. Patient monitoring systems including cardiac monitors, respiratory devices, and temperature monitoring devices are facing huge demand, owing to their immense use in patient treatment along with IoT technology. In addition, IoT, specifically when combined with other transformative technologies such as Cloud and Artificial intelligence (AI), lead to a wide range of applications in patient monitoring, which have been beneficial during the crisis.
The U.S. patient monitoring system market is segmented into component, which is divided into devices, services, and connectivity type. By device, the market is further categorized into hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices, fetal & neonatal monitoring devices, respiratory monitoring devices, multiparameter monitoring devices, weight monitoring devices, temperature monitoring devices, and urine output monitoring devices. The service segment is further divided into consulting, system integration & deployment, and support & maintenance. The connectivity technology segment is further categorized into cellular IoT - 3G, cellular IoT - 4G, LoRa, Wi-Fi, SIGFOX, wireline, wireless personal area network (WPAN), and others.
By component, the device segment acquired major share of the U.S. Patient Monitoring Systems Market and is expected to experience rapid growth during the forecast period, owing to high demand of patient monitoring devices. Moreover, collaborations between companies, hospitals, and academic institutions are expected to lead to launch of new products, which would help increase the market revenue and boost the U.S. Patient Monitoring Systems Market growth.
Key Findings Of The Study
- By component, the device segment accounted for a share of nearly 84.5% in the U.S. patient monitoring devices market in 2019.
- By component, the connectivity technology segment is anticipated to grow with the highest CAGR of 14.9% throughout the forecast period
- By service type, the support and maintenance segment accounted for a share of 54.7% in the healthcare payer solution market in 2019.
- By connectivity technology type, the Wireless Personal Area Network (WPAN) and Wi-fi segment collectively accounted for a share of 45.0% in the U.S. patient monitoring devices market in 2019.