Noida, India, July 08, 2021 (GLOBE NEWSWIRE) -- A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global patient monitoring devices market reached USD 36.6 billion in 2020 and is further projected to reach USD 68.4 billion by 2027, growing at a CAGR of 9.6% during 2021-2027 (forecast period). The increased demand for tracking biometrics such as calorie-tracking applications, heart rate checking apps, Bluetooth monitors, skin patches, and others is positively influencing the growth of the global patient monitoring devices market. Also, with fitness trackers and smart wearable devices becoming more popular, the global patient monitoring device market is experiencing substantial growth. Moreover, the advent of technologies such as the Internet of things (IoT) is also expected to boost growth as the technology allows for more accurate and precise information to be provided to patients.
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Increasing demand for remote patient monitoring favoring the global patient monitoring devices market
The increasing use of the IoT (Internet of Things) technology for analyzing continuous glucose monitoring, blood pressure observation, temperature recording, and pulse oximetry is helping to improve the capabilities of remote patient monitoring devices. These devices can be Fitbit, glucose monitors, wearable heart trackers, Bluetooth-enabled scales, smart shoes & belts, or maternity care trackers. By accumulating, transmitting, processing, and storing such information, the devices enable doctors/practitioners to uncover patterns and discover potential health risks associated with a patient. As a result of rising technological advancements, these technologies are proving to be more efficient and accurate, which in turn has made it easier for doctors to diagnose patients accurately and help them in recovering from their past traumas. Growing penetration of 5G technology could enhance the performance of these devices, thereby giving the global market for patient monitoring devices more growth prospects.
Provisions of improved healthcare are propelling the growth of global patient monitoring devices market growth
These patient monitoring systems have helped reduce readmissions of patients, minimize unnecessary doctor visits, improve diagnoses, keep track of vitals in a timely manner, and more. According to an estimate from Information Handling Services, over 4 million people have gained access to remote checks and tracking of their health problems by 2020. The WHO reports that cardiovascular diseases have ranked as one of the leading causes of death globally, killing approximately 17.9 million people each year. Because it accounts for a sizeable portion of the global population, the global patient monitoring devices market has thus been witnessing a rapid growth rate as a result of the huge demand for cardiac monitoring devices worldwide.
The global demand for patient monitoring devices is driven by cardiac monitoring devices sub-segment
Based on product type, the global patient monitoring devices market is segmented into hemodynamic monitoring, neuromonitoring, cardiac monitoring, blood glucose monitoring, fetal & neonatal monitoring, respiratory monitoring, multi-parameter monitoring, remote patient monitoring, weight monitoring, temperature monitoring devices, and others. The cardiac monitoring devices segment accounted for the largest share in the global patient monitoring devices market in 2020. The increasing prevalence of cardiovascular disorders, such as stroke and heart failure around the world, is driving the growth of the global patient monitoring devices market. Coronary heart disease is one of the most common causes of death worldwide; therefore, analyzing the health of those who have higher cholesterol levels is crucial. The growth of the global patient monitoring devices market has been spurred by the increased requirement for cardiac patient monitoring following coronary artery surgery. In June 2021, CardioLabs, an independent diagnostic testing facility (IDTF), was acquired by AliveCor to expand its cardiology services to patients who use monitoring devices prescribed by healthcare specialists.
The Hospitals segment occupies the largest market share in the global patient monitoring devices market
Across end-users inclusive of the hospitals, home settings, ambulatory surgery centers, and others, the hospital segment accumulated the largest share in 2020. The segment is witnessing growth due to a higher focus on accurately diagnosing, treating, and providing care to patients. Developing countries around the world have shown an increase in healthcare spending and budgets to incorporate precision technologies across hospitals for improving healthcare facilities and enhancing the lives of those with chronic diseases. The global patient monitoring devices market has also been witnessing growing procedural volumes across hospital settings. Despite the fact that surgical facilities have been catching up with rising chronic diseases globally, hospitals are still regarded as the safest treatment options due to their availability and the advent of the latest technologies in healthcare. It has thus helped in driving the growth of the global patient monitoring devices market.
Global Patient Monitoring Devices Market: Regional Insights
Based on region, the global patient monitoring devices market is divided into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. North America acquired the biggest share among all regions around the world in 2020. The growth of the global patient monitoring devices market in this region can be ascribed to chronic diseases spreading throughout the region as a result of poor eating habits, obesity rates, unhealthy lifestyles, and increased funding for such devices. Another important element driving the growth of the global patient monitoring devices market is an increase in demand for portable and wireless solutions. The global patient monitoring devices market had witnessed an overwhelming response amid the COVID-19 pandemic in North America that induced the patients to opt for measures like remote tracking devices to avoid contact with doctors and maintain a healthier diet. It also helped reduce the overload on the healthcare system of the region as the U.S. had the greatest number of COVID-19 cases around the world.
However, the Asia-Pacific is expected to register the largest share in the global patient monitoring devices market during the forecast period. The rising prevalence of cardiac diseases in this region has created a demand for patient monitoring devices in the APAC countries. Additionally, India and China have been the most affected areas around the world with some of the highest diabetes rates. According to one WHO estimate, diabetes claimed the lives of nearly 1.5 million people in 2019. As a result, the region is confronting rising demand for home-based remote monitoring devices, which in turn is opening new prospects for the market. Furthermore, the region is home to numerous significant players in the global patient monitoring devices market, which contributes to its market share.
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COVID-19 Impact Analysis - Global Patient Monitoring Devices Market
The COVID-19 pandemic has positively contributed to the growth of the global patient monitoring devices market. The pandemic may have had a negative impact initially owing to the reduced supply of critical raw materials which were required in the production of patient monitoring devices; however, rising infection rates have helped to boost the global patient monitoring devices market. As the COVID-19 is still surfacing with fresh variants and the rising infections have become a major concern, the demand for remote monitoring and patient engagement solutions has been witnessing a sharp rise among various end-users, including hospitals and surgical facilities.
In order to meet the growing demand for devices such as respiratory monitoring devices, oxygen monitoring devices, multi-parameter trackers, blood glucose, and blood pressure monitoring devices during the pandemic, manufacturers are speeding up. In October 2020, The Food and Drug Administration of the United States issued a directive that facilitated patient monitoring while reducing healthcare provider and patient exposure to COVID-19. Furthermore, many developed countries have begun initiating such projects to mitigate the interaction between a patient and their doctor, helping to reduce the possibility of the spread of viruses, thereby propelling the growth of the global patient monitoring devices market.
The leading players in the global patient monitoring devices market are Medtronic plc, Abbott Laboratories, Dragerwerk AG & Co. KGaA, Edwards Lifesciences Corporation, GE Healthcare, OMRON Corporation, Masimo Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd, Nihon Kohden Corporation, Natus Medical, Koninklijke Philips N.V., Getinge AB, Boston Scientific Corporation, Dexcom, Inc., Nonin Medical, Inc., Biotronik, Bio Telemetry, Inc., Schiller AG, F. Hoffmann-La Roche Ltd., Hill- Rom Holdings, Inc., and other prominent players. The global patient monitoring devices market is highly competitive. Moreover, in recent years, governments have instituted stringent regulations to prevent the black marketing of patient monitoring devices. To maintain their market position, the top players are implementing important strategies such as product launches, partnerships, collaborations with companies offering the latest technology gadgets, and acquisitions of companies leveraging the latest technologies in their devices.
In July 2021, OMRON corporation announced the launch of OMRON Complete, which is a single-lead electrocardiogram (ECG) and blood pressure (BP) monitor for home use. The product is designed for detecting atrial fibrillation (AFib). OMRON Complete also incorporates the ECG technology that has been clinically validated for blood pressure checks as well.
In November 2020, Masimo Corporation announced the acquisition of advanced hemodynamic monitoring device manufacturer Lidco for an estimated amount of USD 40.1 million. This device is primarily designed for critical intensive care and high-risk surgical patients across the U.S. and the U.K. It is also available across continental Europe, Japan, and China.
Scope of Report
By Product
- Hemodynamic Monitoring
- Neuromonitoring Devices
- Cardiac Monitoring Devices
- Blood Glucose Monitoring Systems
- Fetal & Neonatal Monitoring Devices
- Respiratory Monitoring Devices
- Multi-parameter Monitoring Devices
- Weight Monitoring Devices
- Temperature Monitoring Devices
- Other Patient Monitoring Devices
By Application
- Cardiology
- Neurology
- Respiratory
- Fetal & Neonatal
- Weight Management & Fitness Monitoring
- Others
By End-User
- Hospitals
- Home Settings
- Ambulatory Surgery Centers
- Other End Users
By Region
- North America
- Europe
- The Asia-Pacific
- Latin America
- The Middle-East & Africa
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