Patient Monitoring Devices Market Size, Trends, Share And Forecast Analysis To Grow At A Cagr Of 8.6

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Globally, the increased use of remote and home patient monitoring is a key factor driving the growth of the multi-parameter monitoring devices market. To reduce hospitalization costs, many healthcare institutions are encouraging home/remote patient monitoring. As a result, the market for remote patient monitoring is estimated to double by the end of this decade, making this a highly lucrative market.

According to research report the global patient monitoring devices market is projected to reach USD 55.1 billion by 2025 from USD 36.4 billion in 2020, at a CAGR of 8.6% during the forecast period.

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Emerging markets:

The healthcare industry in emerging countries (such as India, China, Brazil, and Mexico) will offer significant growth opportunities for patient monitoring device manufacturers owing to the increasing patient population across these countries, coupled with the rising adoption of patient monitoring devices in these countries.

Moreover, ...
... emerging countries have registered a sustained increase in the volume of surgical procedures during the past decade, driven by the growing target patient population, the presence of a supportive regulatory environment, and rising medical tourism. Therefore, emerging countries are expected to offer potential growth opportunities to players in the patient monitoring devices market during the forecast period.

The ECG devices subsegment of cardiac monitoring devices products to hold major market share by 2025

Based on the product, the patient monitoring devices market is segmented into blood glucose monitoring systems, cardiac monitoring devices, multiparameter monitoring devices, respiratory monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, fetal and neonatal monitoring devices, neuromonitoring devices, weight monitoring devices and other patient monitoring devices. The cardiac monitoring devices products segment is further divided into ECG devices, event monitors, implantable loop recorders (ILRs), mobile cardiac telemetry (MCT) monitors, and smart/wearable ECG monitors.

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Based on product, the blood glucose monitoring systems segment is expected to account for the largest share of the patient monitoring devices market in 2019

Based on type, the blood glucose monitoring systems market has been segmented into the self-monitoring blood glucose systems and continuous glucose monitoring system. Among these, the self-monitoring blood glucose systems sub-segment dominated the market in 2019. The major share of the segment is attributed to the rising adoption of integrated blood glucose monitoring systems in developing as well as developed countries. New products have been introduced in the market that allow for easier result interpretation. LifeScan, for example, launched the OneTouch Verio Flex in 2016, which comes with the ColorSure technology to determine if blood glucose levels are low or high. Many manufacturers offer smartphone-connected meters that allow information transfer using Bluetooth.

The hospital segment is expected to register the highest growth rate during the forecast period

Based on end user, the patient monitoring devices market has been segmented into the hospitals, ambulatory surgery centers, home care settings and other end users. Significant market growth and large share of hospital segment can primarily be attributed to the presence of advanced ICUs and emergency wards in hospitals and the increasing number of surgical procedures.

North America is expected to dominate the global patient monitoring market in 2019

North America, comprising the US and Canada, accounted for the largest share of the patient monitoring devices market in 2019. Increasing number of clinical trials validating patient monitoring devices and a growing number of approvals for patient monitoring. Are the major factors driving market growth in North America. Customers in North America are moving towards homecare patient monitoring, which requires non-invasive patient monitoring devices. This trend will have a positive impact on the patient monitoring devices market.

Major Leading Companies:

On the other hand, the risks associated with invasive monitoring devices are expected to challenge market growth to a certain extent in the coming years. Major key players in the patient monitoring devices market include Medtronic (Ireland), Natus Medical (US), Nihon Kohden (Japan), GE Healthcare (US), and Philips Healthcare (Netherlands). In the highly competitive market, a majority of the leading players aim to gain a competitive edge through technological advancements and product launches.

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