PUBLISHER: Next Move Strategy Consulting | PRODUCT CODE: 1083121
PUBLISHER: Next Move Strategy Consulting | PRODUCT CODE: 1083121
The Patient Monitoring Market size was valued at USD 36.45 billion in 2021 and is predicted to reach USD 77.56 billion by 2030 with a CAGR of 8.7% from 2022-2030. Patient monitors, also known as medical monitors, are a set of systems that enable healthcare providers to monitor physiological signals of a patient's health. They are used for observing and measuring health parameters such as heart rate, respiratory rate, temperature, blood oxygen saturation, and many others. These devices offer accurate and immediate availability of information that are vital for making crucial decision for effective treatment. Moreover, they enable patients to become more educated and take charge of their health.
The demand for patient monitoring is increasing due to rising prevalence of infectious and chronic diseases due to changing lifestyle, coupled with growing preference towards remote monitoring. For instances, in April 2021, WHO stated in a report that Noncommunicable diseases (NCDs) also known as chronic diseases kill 41 million people each year, equivalent to 71% of all deaths globally. Patient monitoring can identify small changes in the patient's physiological data and alert the user on time. Thus, it reduces the chances of avoidable hospitalizations, admissions, and unnecessary trips to the doctor's office. These, along with the introduction of IoT based wireless portable healthcare systems that can continuously monitor patient's heart rate, body temperature, and SpO2 are propelling the patient monitoring market growth. These sensors are connected to a NodeMCU development board and display the vitals. All these data are synced from the device to the cloud using Wi-fi or SIM Card IoT module, for future references. It enables real-time data monitoring of medical records or anamnesis, 24/7 using mobile devices, allowing physicians or family members to take immediate precautions and also autogenerate prescriptions in some cases. All these factors are expected to support the growth of the global patient monitoring market
However, higher cost of patient monitoring devices is expected to restraint the growth of market during the forecast period. On the contrary, growing demand for patient monitoring devices in non-hospital settings and increasing investments in healthcare IT are expected to create ample growth opportunities for the patient monitoring market in the upcoming years.
The patient monitoring market is segmented on the basis of product, end user, application and geography. On the basis of product, the market is categorized into cardiac monitoring devices, blood glucose monitoring systems, hemodynamic/pressure monitoring devices, multi-parameter monitoring devices, respiratory monitoring devices, temperature monitoring device, fetal & neonatal monitoring devices, neuromonitoring devices, weight monitoring devices, and others devices. On the basis of cardiac monitoring devices, the market is sub- segmented into mobile cardiac telemetry monitor, electrocardiogram (ECG) devices, implantable loop recorders, event monitors, and smart/wearable ECG monitors. On the basis of blood glucose monitoring system, the market is sub-divided into self-monitoring blood glucose systems and continuous glucose monitoring systems. On the basis of hemodynamic/pressure monitoring devices, the market is sub-categorized into hemodynamic monitors, blood pressure monitors, and disposables. On the basis of multi-parameter monitoring devices, the market is sub- bifurcated into low-acuity monitoring device, mid-acuity monitoring devices and high-acuity monitoring devices. Moreover, on the basis of respiratory monitoring devices, the market is sub- segmented into pulse oximeters, spirometers capnographs and peak flow meters. On the basis of temperature monitoring device, the market is sub- divided into handheld temperature monitoring devices, table-top temperature monitoring devices, wearable continuous monitoring devices, invasive temperature monitoring devices and smart temperature monitoring devices. Furthermore, on the basis fetal & neonatal monitoring devices, the market is sub-bifurcated into neonatal monitoring devices and fetal monitoring devices. On the basis of neuromonitoring devices the market is sub- divided into electroencephalograph (ECG) machines, electromyography machines, cerebral oximeters, intracranial (ICP) pressure monitors, magnetoencephalography (MEG) machines and transcranial doppler (TCD) machines. On the basis of weight monitoring devices, the market is sub-classified into digital and analog. On the basis of type, the market is segmented into conventional and wireless. On the basis of end user, the market is categorized into home healthcare, hospitals & clinics and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions such as North America, Europe, Asia-Pacific, and RoW.
North America holds the dominant share of the global patient monitoring market at present, and is expected to maintain its dominance on the market throughout the forecast period. This is attributed to the factors such as increasing R&D to develop novel sensor-based patient monitoring systems, growing acceptance of mHealth apps, and rising investment in the healthcare sector. Also, growing number of surgeries in the region due to presence of large number of hospitals with advanced medical facilities creates further demand for the patient monitoring devices. In addition, collaborations made by various companies are also expected to contribute towards the market growth in this region. For instances, in February 2022, Abbott Laboratories announced new collaborations with key health-tech partners like BeatO, Sugar.fit, PharmEasy, GOQii, 1MG, Zyla Health, Healthifyme and Fitterfly for diabetes management care. Through these collaborations, Abbott aims to offer glucose monitoring solutions to 8 million people living with diabetes.
However, Asia Pacific is expected to show a swift rise in the market due to rise in adoption of remote patient monitoring devices. Also, high consumption of tobacco in the region that led to the diseases related to heart and lungs, is expected to boost the patient monitoring devices market demand during the forecast period.
Various market players operating in the global patient monitoring market includes Koninklijke Philips, GE Healthcare, Medtronic, Mindray Medical, Abbott Laboratories, Hill-Rom Holdings, Inc., Edwards Lifesciences Corporation, OMRON Corporation, Masimo Corporation, and Bio-Medical Electronics Co., Ltd. These market players are adopting various joint venture strategies and planning expansion of business across various regions to maintain their dominance in the patient monitoring market. For instance, Also, December 2021, Masimo Corporation launched Radius PCG, a portable real-time capnograph with wireless Bluetooth connectivity that received FDA 510(k) clearance. Radius PCG connects with the root patient monitoring and connectivity platform to provide seamless, tether less mainstream capnography for patients of all ages. Also, in August 2021 GE Healthcare introduced a remote monitoring solution, Tele-ICU, along with the Centricity High Acuity Critical Care Solution (CHA-CC). It is tailor-made solution to connect Intensive Care Units (ICUs) in different locations or within the same building to central sites.