Patient monitoring devices for continuous monitoring, detection, and treatment of heart, brain, lungs, and blood activities and measurement of temperature and weight of the body.
Patient Monitoring Devices Market by Product (EEG, EMG, MEG, TCD, Peak Flow Meter, Pulse Oximeter, Fetal Monitoring, Temperature Monitoring Devices, MCOT, ECG, Hemodynamic Monitoring System), End User (Home, Hospital).
Market Growth Overview:
The patient monitoring devices market is projected to reach USD 25.31 billion by 2023 from USD 18.11 billion in 2017, at a CAGR of 5.7%.
Availability of wireless patient monitoring devices
The integration of monitoring technologies in smartphones and wireless devices is a key trend in patient care, resulting in the introduction of remote patient monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors. Advanced devices such as mobile PDA systems enable the real-time transmission of data; for example, real-time cardiac monitoring provides continuous (beat-to-beat) outpatient EKG monitoring for periods ranging up to several weeks.
Remote and wireless patient monitoring devices and technologies can be used for long-term monitoring, such as ambulatory wireless EEG recorders used to detect the epileptiform activity of the patient at home, over a long period of time. These recorders are compact and can store large amounts of data in inbuilt memory cards; they do not restrict the patient’s freedom of movement. Remote patient monitoring devices help enhance patient care delivery and improve patient outcomes for conditions that need continuous monitoring in hospital and non-hospital settings.
Owing to their features and convenience, the demand for wireless monitoring devices is expected to increase across the globe. This, along with the increasing prevalence of heart, neuro, and breathing diseases, has led manufacturers to develop remote cardiovascular, neurological, and respiratory monitoring devices.
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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.
Low-acuity monitors are expected to account for the largest share of the multi-parameter monitoring devices market in 2018.
Low-acuity devices are used for monitoring the basic vital signs of a patient. These devices may also be set up at patients’ homes and ambulatory care settings for long-term monitoring. The growth of this market is mainly driven by their advantages over single-parameter monitors and their low prices as compared to mid- and high-acuity monitors.
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.
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Geographical Region Covered:
North America is expected to account for the largest share of the market. Asia is expected to register the highest growth rate from 2018 to 2023 for the market. Factors such as the increasing per capita healthcare expenditure, growing public health awareness, rising prevalence of lifestyle diseases, and improving treatment rates in emerging markets across India and China are expected to drive growth in the market in this region.
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.