The 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. Integration of monitoring technologies in smartphones and wireless devices is a key trend in patient care, resulting in the introduction of remote monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors are the key factors supporting the growth of the market.
COVID-19 Impact on the global Patient Monitoring Devices market
As a result of the pandemic, during March 2020 and throughout the second quarter of 2020, access to customers to sell and implement the patient monitoring devices (such as neuromonitoring devices, weight monitoring devices) diminished as hospitals became primarily focused on the COVID-19 pandemic. The pandemic has led to a significant increase in the demand for remote monitoring and patient engagement solutions.
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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. Blood glucose monitoring systems products include self-monitoring blood glucose systems and continuous glucose monitoring systems.
Based on application, the patient monitoring devices market has been segmented into the hospitals, ambulatory surgery centers, home care settings and other end users. Among these, the hospitals segment accounted for the largest share of the market in 2019. The large share of this segment is attributed to the large target patient population base (especially in emerging countries) preferring hospitals, the growing procedural volume in hospital settings, rising emphasis on effective and early disease diagnosis in hospital, and the high budget of hospitals for introducing various technologically advanced patient monitoring devices products.
North America is expected to command the largest share of the patient monitoring devices market in 2019
The report covers the patient monitoring devices market across five major geographies, namely, Europe, North America, Asia Pacific, Latin America, and MEA. North America commanded the largest share of the patient monitoring devices market in 2019. The increasing R&D to develop novel sensor based patient monitoring systems, rising prevalence of infectious diseases, safety concerns, and technological advancements in patient monitoring devices products are the key factors supporting market growth in North America.
Key Market Players
The major players in the patient monitoring devices market are Abbott Laboratories (US), HILL-ROM HOLDINGS, INC. (US), Drägerwerk AG & Co. KGaA (Germany), Edwards Lifesciences Corporation (US), OMRON Corporation (Japan), Masimo Corporation (US), Compumedics Limited (Australia), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Nihon Kohden Corporation (Japan), Natus Medical (US), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Getinge AB (Sweden), Boston Scientific Corporation (US), Dexcom, Inc. (US), Nonin (US), BIOTRONIK (Germany), SCHILLER (Switzerland), and BioTelemetry, Inc. (US), among others.
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