The global patient monitoring devices market is anticipated to grow at a CAGR of around 4.9% during the forecast period 2021 to 2028 and to reach around US$ 43.2 Bn by 2028.
Weight tracking and body temperature surveillance systems and facilities sector that will gain $3.61bn in annual revenue worldwide by 2022, will have the world's leading demand for patient surveillance system markets. The demand for patient care devices would now gain $2.87 billion in annual U.S. revenue. In order to take advantage of opportunities such as these, patient tracking equipment businesses will explore strategies for innovation in emerging technologies such as the Medical Body Area Network (MBAN) to raise profit margins, developing portable devices to cater to the growing demand for compact and smaller devices, focusing on personal emergency response systems (PERS), collaborating with technology companies to develop AI integrated devices to deliver more accurate and efficient service to patients, adopting strategic M&A approach to widen the product range and strengthen the market position, targeting the aging population by improving home monitoring, and personal health services, and investing in research and development activities.
There has been a rise in awareness of one's health in the case of chronic diseases such as diabetes and hypertension. Furthermore, the number of people suffering from heart-related diseases has risen dramatically in recent days. Such trends have contributed in the developed as well as in the developing world to raise the importance of preserving health. Over recent years there has been a major rise in demand for multiple health surveillance devices to preserve track health status. Moreover, in countries like North America, India , Canada, there has been an increase in the number of specialty clinics and home-health business. Asia Pacific is expected, due to an rise in disposable incomes and the urbanization trend in leading economies such as Japan, China and India, to have substantial growth opportunities during the projected period. All throughout aged and millennium communities, the use of portable and worn-in instruments to track vital signs has been strong. The demand for remote patient monitoring systems is expected to expand dramatically during the projected period because of the rise in health awareness
Segment Analysis by Region
In 2020 the patient monitoring devices market in North America accounted for the highest market share, with its lead projected to be sustained over the entire forecast period. However, in the context of increasing geriatric population and the buying power of populous countries, like China and Japan, as Asia-Pacific has a high market potential for growing the patient monitoring device market. The growth in the use of such products has contributed to significant changes in the industry dynamics for patient tracking systems. Instead of the increasing prevalence of lifestyle disorders, governments in many countries have launched an effort to upgrade healthcare services, enhancing the general healthcare system, which is projected to stimulate demand growth in patient monitoring equipment.
Pandemic situation across the globe has disrupted the business flow worldwide. In 2021 every industry vertical in its 2nd, 3rd, 4th quarter has witnessed substantial drop on production and revenue, this was majorly due to lockdown. The restriction on the operations is impacting the production side and also impacting the supply chain of products. The disrupted supply of raw materials and low operational factories efficiency has contributed in the slower growth of the global market. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process at high operational efficiency, better supply chain models, and effective distribution network. These factors to some extent will help the industry vertical to flourish and aid market growth.
The global market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
The global patient monitoring devices market is segmented into device type and end use. The device type segment is bifurcated into respiratory and anesthesia monitors, neuro monitoring devices, hemodynamic monitor, fetal and neonatal monitors, cardiac monitors, multi- parameter monitors, and others. Among device type the respiratory and anesthesia monitors segment is expected to account for significant revenue share in the global market. The players profiled in the report GE Healthcare, Roche Diagnostics, KG, Siemens Healthcare, Abbott Laboratories, BIOTRONIK SE & Co., CAS Medical Systems, Inc., Honeywell International, Inc., Philips Healthcare, Spacelabs Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., and others.
Patient Monitoring Devices Market By Device Type
Respiratory and Anesthesia Monitors
Neuro monitoring devices
Fetal and neonatal monitors
Multi- Parameter Monitors
Others (temperature and weight monitors, etc)
Patient Monitoring Devices Market By End User
Others (Outpatient Facilities, research and diagnostic centers)
Patient Monitoring Devices Market By Geography
The market value of patient monitoring devices is anticipated to be around US$ 30,000 Mn in 2027.
It is anticipated to grow around 5% CAGR amid the forecast period 2020-2027
North America held maximum share in 2019.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Technological advancements in patient monitoring industry in developed regions is expected to drive the growth of the patient monitoring devices market.
High cost of patient monitoring devices is a major factor expected to restraint the growth of the market.
GE Healthcare, Roche Diagnostics, KG, Siemens Healthcare, Abbott Laboratories, BIOTRONIK SE & Co. CAS, Medical Systems, Inc., Honeywell International, Inc., Philips Healthcare, Spacelabs Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., and others are the prominent players in the patient monitoring devices market.