Patient Monitoring Devices Market by Type [Blood Glucose Monitoring, Cardiac Monitoring Devices, Multi-parameter Monitoring Devices, Neuro Monitoring Devices, and Hemodynamic/Pressure Monitoring Devices], End User [Hospitals and Home Care Settings] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global patient monitoring devices market was pegged at ~US$ 36 billion in 2020. The market is expected to witness a CAGR of ~8% from 2021 to 2031.
Increasing prevalence of chronic diseases, rising demand & adoption of wearable/remote monitoring devices, and incessant launch of technologically advanced devices are some of the pivotal factors propelling the growth of the patient monitoring devices market. However, high costs of devices, risks associated with the devices, and recall of the devices are likely to restrain the market growth to a certain extent.
Government bodies and numerous organizations across the globe are implementing several initiatives to fast-track the development of patient monitoring devices for COVID-19 by providing the necessary grants, permissions, clearances & approvals to meet the needs of the healthcare sector. For instance, in Jun 2020, the FDA has issued EUAs (Emergency Use Authorization) for certain remote or wearable patient monitoring devices to increase the monitoring & treatment of patients and reduce healthcare provider exposure to SARS-CoV-2 during the COVID-19 pandemic.
Chronic diseases such as cancer, heart attack, stroke, chronic respiratory problems and diabetes are the leading cause of death globally. According to WHO, an estimated 17.9 million people died from CVDs in 2016, representing 31% of all global deaths. Of these deaths, 85% were due to heart attack and stroke. Whereas, in 2016, an estimated 1.6 million deaths were directly caused by diabetes. Rising prevalence of these diseases coupled with increasing awareness among the people for timely diagnosis & treatment of diseases is expected to propel the growth of the market.
Nowadays, wearables/remote patient monitoring devices consist of smart sensors, artificial intelligence (AI), Internet of Things (IoT), big data, robots, and radar technologies, that can manage and prevent diseases. They can measure the heart rate, body temperature, blood pressure, and respiration of the elderly living in homes & facilities, and can also detect risk indicators, such as worsening disease conditions, falls, and other life-threatening situations. Technological advacements in wearables/remote patient monitoring devices are anticipated to bolster the growth of the market in the forecast period.
However, the risks associated with the devices remain a major concern for the patient monitoring devices market. Security and privacy is believed to be the main risk associated with the device. The patient monitoring devices which are used remotely, works over digital networks. Therefore, they are prone to hacking and the associated breach of privacy & other security issues. Furthermore, complications related to invasive patient monitoring devices such as discomfort, air embolism, sepsis, bleeding, nerve damage pulmonary capillary necrosis, etc. are expected to reduce the patient compliance and limit the use of the device, thereby hampering the growth of the market.
The Asia Pacific region is projected to be the fastest growing patient monitoring devices market. The high growth of the region can mainly be attributed to developing infrastructure, rising awareness about timely monitoring & treatment of diseases, growing government initiatives and rising demand for home based monitoring devices. Countries such as India, China in the APAC region are expected to offer significant growth opportunities owing to presence of the large patient population and rising prevalence of acute & chronic diseases.
Some of the prominent players operating in the patient monitoring devices market are GENERAL ELECTRIC COMPANY, Abbott, Medtronic, Koninklijke Philips N.V., SCHILLER, Hill-Rom Services, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Nihon Kohden Corporation, BioTelemetry, Inc., BIOTRONIK, among others.