Portland, OR, Sept. 16, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the U.S. Patient Monitoring Systems Market generated $12.20 billion in 2019, and is projected to garner $22.52 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027.
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Increase in prevalence of lifestyle diseases, increase in adoption of remote patient monitoring devices, and surge in the geriatric population drive the growth of the U.S. patient monitoring market. However, government regulations, reimbursement issues, limited awareness, and high costs hamper the market growth. On the contrary, advancements in technology are expected to create lucrative opportunities for the market players in the coming years.
Covid-19 scenario:
- Demand for patient monitoring systems has surged during the Covid-19 outbreak in the U.S. as the need for continuous monitoring and interaction to support the patients for long term is increased.
- There is a significant increase in demand for remote patient monitoring systems as it is effective in data collection to care for patients at home.
- Patient monitoring systems play a crucial role in battling the pandemic and tracking a patient’s heart conditions, temperature, and vitals.
The U.S. patient monitoring systems market is segmented into device, service, and connectivity technology. The device segment held the largest share in 2019, accounting for more than four-fifths of the market. However, the connectivity technology segment is projected to manifest the highest CAGR of 14.9% during the forecast period.
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The devices segment is further divided into hemodynamic monitoring devices, neuromonitoring devices, cardiac monitoring devices, fetal and neonatal monitoring devices, respiratory monitoring devices, multiparameter monitoring devices, remote patient monitoring devices, weight monitoring devices, temperature monitoring devices, and urine output monitoring devices. The cardiac monitoring devices segment dominated in 2019, contributing to more than one-fourth of the market. However, the remote patient monitoring devices segment is anticipated to register the highest CAGR of 6.0% during the forecast period.
The U.S. patient monitoring systems market report includes an in-depth analysis of the major market players such as Biotronik SE & CO. KG, Abbott Laboratories, Medtronic, Inc., Boston Scientific Corporation, GE Healthcare Ltd, F. Hoffmann-La Roche Ltd., Nihon Kohden Corporation, Masimo Corporation, Koninklijke Philips N.V., and OSI Systems, Inc. (Spacelabs Healthcare).
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.