Number of pages: 120 | Report Format: PDF | Published date: 28 January, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global patient monitoring devices market was pegged at ~US$ 36 billion in 2020 and is expected to witness a CAGR of ~8% during the forecast period.
Patient monitoring devices generally measure, distribute, record and display combinations of biometric values including temperature, blood pressure and heart rate, among others. A patient monitoring device typically contains a sensor for capturing important patient information (e.g., heart rate) and an interconnect solution (e.g., PCBs, connectors, wiring, etc.) that can transmit the information to the capital equipment. High-capability, multi-function monitors are typically used in hospitals and clinics to ensure high-level of quality patient care. Portable patient monitors are designed to be compact and power-efficient. This allows them to be used in remote areas or by paramedics or at homecare settings to aid diagnosis in the field, enable monitoring and transmitting data to health care providers in other locations.
The global patient monitoring devices market is mainly driven by increasing prevalence of chronic diseases, rising demand & adoption of wearable/remote monitoring devices, and incessant launch of technologically advanced devices. Several initiatives by government bodies to fast-track the development of patient monitoring devices is also likely to play a pivotal role in driving the market globally. 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.
The global patient monitoring devices market has been analyzed from three perspectives: Type, End User and Region.
Patient Monitoring Devices Market by Type
Based on type, the market has been segmented into blood glucose monitoring, cardiac monitoring devices, multi-parameter monitoring devices, neuro monitoring devices, hemodynamic/pressure monitoring devices and others (fetal & neonatal monitoring devices, temperature monitoring devices, weight monitoring devices, and others). The blood glucose monitoring segment accounted for the largest share in the market. The blood glucose monitoring are further bifurcated into self-monitoring blood glucose systems and continuous glucose monitoring systems. The growth of the segment can primarily be attributed to increasing prevalence of diabetes, new product launches, and growing adoption of self-blood glucose monitoring devices at home owing to their affordability & high convenience.
Patient Monitoring Devices Market by End User
Based on end user, the market has been segmented hospitals, home care settings and others (ambulatory surgery centers, clinics, and others). The hospitals segment accounted for the largest share in the market. The growth of the segment can primarily be attributed to large number of patient admission in hospitals as compared to other healthcare settings, growing volume of surgeries performed in hospitals and high budget of hospitals for introducing various technologically advanced devices.
Patient Monitoring Devices Market by Region
Based on region, the global patient monitoring devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the patient monitoring devices market, followed by Europe. The large share of North America in the global market can largely be attributed to rising prevalence of chronic & acute diseases owing to changing lifestyles, increasing R&D activities and favorable reimbursement policies. Presence of prominent players in the region coupled with their continuous effort to launch technologically advanced products is also expected to propel the growth of the market in the region.
Some of the prominent players operating in the patient monitoring devices market includes:-