PUBLISHER: The Business Research Company | PRODUCT CODE: 1261700
PUBLISHER: The Business Research Company | PRODUCT CODE: 1261700
“Patient Monitoring Devices Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on patient monitoring devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for patient monitoring devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The patient monitoring devices market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major companies in the patient monitoring devices market include: General Electric Company, Koninklijke Philips N.V., Draegerwerk AG, Cardinal Health, Inc., Masimo, Stryker Corporation, Medtronic Inc., Edwards Lifesciences, Flex Ltd., and Nihon Kohden Corporation.
The global patient monitoring devices market grew from $23.46 billion in 2022 to $25.53 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The patient monitoring devices market is expected to grow to $34.5 billion in 2027 at a CAGR of 7.8%.
The patient monitoring devices market consist of sales of instruments such as blood pressure cuffs, glucometers, pulse oximeter, ECG + stethoscope, wearables (activity trackers and continuous monitoring), and thermometers for patient monitoring. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Patient monitoring devices are machines that are used to constantly monitor patients through various vital signs and warning systems to detect and record changes in patient health conditions.
Asia-Pacific was the largest region in the global patient monitoring devices market in 2022. North America was the second-largest region in the global patient monitoring devices market. The regions covered in the patient monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of patient monitoring devices market are fetal and neonatal monitoring devices, weight monitoring and body temperature monitoring devices and equipment, vital parameter monitoring devices and equipment, and remote patient monitoring devices and equipment. Fetal and neonatal monitoring devices measure the heart rate and rhythm of the baby (fetus). This lets the healthcare providers see how the baby is doing. The type of expenditure is public and private. The products used are instruments/equipment and disposables. The end-users are hospitals and clinics, diagnostic laboratories, and others.
The demand for monitoring devices is likely to increase due to the shortage of professionals in the healthcare services industry. According to a report by Mercer, the US requires 2.3 million new healthcare workers by 2025; this includes nurses, physicians, lab technicians, and various other healthcare personnel. This shortage is likely to drive the demand for monitoring systems as these devices allow medical professionals to track multiple patients remotely. This is expected to drive the market for patient monitoring devices in the forecast period.
Awareness of diseases is low in many countries across the globe, and this affected the demand for patient monitoring devices in the historic period. For instance, a study conducted by the Indian Council of Medical Research (ICMR) on 213 million people found that only 43.2% are aware of the chronic disease diabetes. This lack of disease awareness limited the diagnosis and treatment pool, thereby restricting market growth for patient monitoring devices.
Patient monitoring device manufacturers are offering customized MPMs to cater to the growing patient pool. MPMs monitor different health parameters corresponding to patients' health conditions. For instance, Infinium Medical's Omni series monitors are preconfigured with ECG, oxygen saturation, non-invasive blood pressure, and temperature trackers. More advanced health measures such as invasive blood pressure, cardiac output, and anaesthetic agent measurement can be added to this device when needed. Custom MPM is predominantly beneficial for tracking the health status of critically ill patients.
The countries covered in the patient monitoring devices market are: Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa., South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The patient monitoring devices market research report is one of a series of new reports from The Business Research Company that provides patient monitoring devices market statistics, including patient monitoring devices industry global market size, regional shares, competitors with a patient monitoring devices market share, detailed patient monitoring devices market segments, market trends and opportunities, and any further data you may need to thrive in the patient monitoring devices industry. This patient monitoring devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.