Dublin, Feb. 10, 2021 (GLOBE NEWSWIRE) -- The "Patient Monitoring Devices Global market - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Patient monitoring global market is expected to grow at a mid single digit CAGR fom 2020 to 2027 to reach $42,974.9 million by 2027.
The increase in the rate of surgeries and diseased population requires continuous monitoring, increasing demand for portable and remote patient monitoring and increasing funding and investment in patient monitoring are driving the market growth. However, the high cost of patient monitoring devices, stringent regulatory approvals for products, Patient safety and inaccuracy concerns associated with patient monitoring devices, increased product recalls are restraining the market growth.
The patient monitoring devices global market is segmented based on device, portability, end-users and geography. The devices market is segmented into neuromonitoring, hemodynamic monitoring, blood glucose monitoring, cardiac monitoring, fetal & neonatal care monitoring, respiratory care monitoring, multi-parameter monitoring, temperature monitoring and remote patient monitoring.
According to research, Blood glucose monitoring commanded the largest revenue in 2020 and expected to grow at a low single digit CAGR from 2020 to 2027. Remote patient monitoring is expected to grow at a high single digit CAGR from 2020 to 2027 due to increasing demand by patients for home healthcare and increasing connectivity of rural areas.
The Multi-parameter monitoring devices global market is segmented into High acuity, Mid-acuity, and Low-acuity devices. Among the multi-parameter monitoring devices, high acuity devices commanded the largest revenue in 2020 and expected to grow at a low single digit CAGR from 2020 to 2027.
The integration of advanced technology within the high-acuity multi-parameter patient monitors has fostered its adoption in intensive care units and hospitals that help in the treatment of several chronic diseases are the factors driving the market and low acuity segment is expected to grow at a low single digit CAGR from 2020 to 2027. Low-acuity monitors usually have a high preference in ambulatory surgical centers and hospitals because they are easy to use, accurate, mobile and low price as compared to the high-acuity multi-parameter patient monitors are making the device of choice.
The temperature monitoring devices global market is classified into digital thermometers, Infrared (IR) thermometers, and others (thermometer strips). Among them, the IR thermometer commanded the largest revenue in 2020 and is expected to grow at a strong mid single digit CAGR from 2020 to 2027. These devices do not involve touching or contacting anybody's surface so the risk of cross-infection is negligible, the increasing prevalence of chronic and infectious diseases driving the market as well.
The remote patient monitoring (RPM) devices are classified into hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices and multi-parameter monitoring devices and others. Among these, the Cardiac monitoring segment commanded the largest revenue in 2020 and is expected to grow at a high single digit CAGR from 2020 to 2027.
An increase in the prevalence of the cardiac disorder, an increase in the prevalence of the geriatric population who are more prone to chronic disorders are the factors that increase the usage of RPM devices. Other remote patient monitoring devices such as remote respiratory monitoring devices and home dialysis devices are expected to be the fastest-growing segment with a high double digit CAGR from 2020 to 2027.
The patient monitoring devices global market is further segmented based on the portability into stationary, portable, wearable and implantable. Among these, portable commanded the largest revenue in 2020 and is expected to grow at a mid single digit CAGR from 2020 to 2027.
The patient monitoring devices global market based on end-user is segmented into hospital, ambulatory, homecare and others. Among these, the hospital commanded the largest revenue in 2020 and is expected to grow at a low single digit CAGR from 2020 to 2027. The home care market is expected to be the fastest-growing segment with a mid single digit CAGR from 2020 to 2027 due to the improvement and acceptance of home care devices has increased.
North America commanded the largest share in 2020 and the market is expected to grow at a low single digit CAGR from 2020 to 2027. An increase in patient population and an increase in funding on developing patient monitoring devices are the factors driving the market. Asia Pacific is expected to grow at a mid single digit CAGR from 2020 to 2027.
Market Analysis
Drivers and Opportunities
- Increase in the Rate of Surgeries and Diseased Population Require Continuous Monitoring.
- Increasing Demand for Portable and Remote Patient Monitoring Devices.
- Increasing Funding and Investment in Patient Monitoring Technologies.
- Increase in Demand for Patient Monitoring Devices in Emerging Nations
- Favorable Reimbursement Policies
- Technological Advancements
- Availability of Services Such as Home Healthcare and Nursing Care Increasing the Demand for the Use of Patient Monitoring Devices
Restraints and Threats
- High Cost of Patient Monitoring Devices
- Patient Safety Issues and Inaccuracy Concern Associated With Patient Monitoring Devices
- Increased Product Recalls
- Lack of Cyber-Security in Wireless Patient Monitoring Devices
- Stringent Regulatory Requirements for New Products
Regulatory Affairs
- International Organization for Standardization
- Iso 9001: 2015 Quality Management System
- Iso 13485 Medical Devices
Technological Advancements
- Biosticker
- Artificial Intelligence in Patient Monitoring Devices
- Wearable Patient Monitoring Devices
- IoT in Patient Monitoring System
- Home Dialysis Remote Patient Monitoring System
- Smart Algorithms Integrated Holter Monitoring Systems
- Functional Near-Infrared Spectroscopy (Fnirs)
- A Tricorder Phototype for Diagnosis and Monitoring of Multi Parameter at Home
- Wearable Technology for Continuous, Non-Invasive Blood Pressure Monitoring
- Smart Speakers for Monitoring Cardiac Arrest
- Wireless Neonatal Body Monitors
- Liquid Metal Biosensors for Monitoring
Porter's Five Force Analysis
Market Share Analysis
- Patient Monitoring Devices Global Market Share Analysis
- EEG Global Market Share Analysis
- Cerebral Oximeter Global Market Share Analysis
- ICP Global Market Share Analysis
- BP Monitor Global Market Share Analysis
- Cardiac Output Monitors Global Market Share Analysis
- Continuous Glucose Monitoring Global Market Share Analysis
- Cardiac Monitoring Devices Global Market Share Analysis
- Pulse Oximeter Global Market Share Analysis
- Capnography Global Share Analysis
- Multiparameter Monitors Devices Global Market Share Analysis
- Remote Patient Monioring Devices Global Market Share Analysis
- Temperature Monitor Global Market Share Analysis
- Mobile Cardiac Telemetry Global Market Share Analysis
Major Player Profiles
- Abbott Laboratories
- Dexcom, Inc.
- Dragerwerk AG & Co. Kgaa
- Edwards Lifesciences Corporation.
- General Electric Company (Ge Healthcare)
- Hill-Rom Holdings, Inc.
- Koninklijke Philips N.V.
- Masimo Corporation
- Medtronic, plc
- Nihon Kohden Corporation.
- Omron Corporation
- Shenzhen Mindray Bio-Medical Electronic Co. Ltd.
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