Impressive Growth Awaits the Global Patient Monitoring Devices Market– Projected to Reach Worth USD 68.4 Billion in 2027
Published | 30 June 2021
A recent study conducted by BlueWeave Consulting revealed that the Global Patient Monitoring Devices Market was worth USD 36.6 Billion in 2020 and is projected to grow at a CAGR of 9.6% during the forecast period earning revenue of around USD 68.4 Billion by the end of 2027. The healthcare industry has been transformed as a result of the involvement of technology pioneers tapping into the rapid patient monitoring market. Due to the regular monitoring of vital indicators such as heart rate, spO2, blood pressure, and temperature, there has been a boost in demand for patient monitoring devices recently, propelling patient monitoring devices market growth. Several remote patient monitoring devices, including Mitra, DexCom, and Riverfield, are designed particularly for sample collection at home, making it easier and more cost-effective.
The recent outbreak of the COVID-19 pandemic has also increased the demand for this market across all its end-users. The integration of IoT in monitoring devices, availability of wearables, and other innovations like radar have further created new market opportunities. However, the high cost of products has caused a challenge in the growth of the patient monitoring devices market. Moreover, the market is regulated by stringent government laws, which leads to competition in price among competitors and acts as a restraint in the market's revenue in many regions.
Technological Advancements Creating New Market Opportunities
Due to the overburden in the healthcare sector, there has been an increasing need for incorporating technology-based inpatient care, which is driving the growth of the patient monitoring devices market. Patient monitoring devices have elevated patient care with the benefit of accurate, constant monitoring and diagnosis. The introduction of telemonitoring has helped track vitals and analyze data in real-time, even using mobile medical devices. Recent advancements in micro-/nanofabrication and wireless communication have enabled the launch of many wearable electrochemical sensors. Such technical innovations are creating new opportunities for the market to grow. For example, healthcare start-up ‘Dozee’, in March 2021, launched a contactless remote patient monitoring solution for hospitals. The start-up, which offers an AI-powered triaging technology that allows remote monitoring of patients outside of the ICU, hopes to work with over 500 hospitals in the next 12 months.
Need for Constant Monitoring Leading to Demand for Market
Patients who undergo surgeries require constant monitoring of their vital signs like heart rate, spO2 level, breathing, glucose level, body temperature, etc. Over the past decade, many patients have suffered complications and died due to respiratory depression because they were not regularly monitored. Such issues have created a demand for patient monitoring devices across all healthcare sectors. Other benefits offered by these devices are reduction in intensive care unit utilization, easy alert mechanisms, and reduced patient-staff contact. With the application of remote patient monitoring devices, patient care is now possible in the comfort of one's home which is proliferating market growth. Wearable, glucose monitors, heart rate monitors, Bluetooth-enabled scales, skin patches, belts, shoes, or maternity trackers gather, transmit, process, and store information about the patient, allowing clinicians to extract the data at the appropriate time, which enables constant monitoring.
Cardiology Segment Dominates the Market
Based on the application, the patient monitoring devices market is categorized into cardiology, neurology, respiratory, fetal & neonatal, weight management, and fitness monitoring. Due to the growing demand for cardiac monitoring devices, the cardiology segment held the largest share of the global market in 2020. The rising number of cardiac cases around the world is one of the factors boosting this segment's popularity. As per American Heart Association Research Report 2019, about 92.1 million American adults live with some form of cardiovascular disorder or after-effects of stroke, which created a demand for cardiology applications of patient monitoring devices market. According to the WHO, approximately 17.9 million lives are lost globally each year due to cardiovascular diseases (CVDs). Among the numerous pathologies affecting the heart and blood vessels are coronary heart disease, cerebrovascular disease, rheumatic heart disease, and others. Deaths resulting from CVD are caused by heart attacks and strokes four out of five times.
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Impact of COVID-19
During the COVID-19 epidemic, the market for patient monitoring devices grew even faster. Its popularity has grown among many end-users since it helps reduce patient-staff contact. Patient care is currently heavily reliant on patient monitoring devices due to coronavirus infection exposure. Additionally, this has enabled patients to remain at home while still caring for their health and communicating with their doctors. Manufacturers have also accelerated output as a result of rising demand. As a result of the pandemic, people all across the globe are increasingly becoming health-conscious. Consequently, during the pandemic, demand for weight management gadgets, fitness trackers, blood glucose monitoring devices, and other equipment soared as a result of the shift to preventive healthcare.
North American Region Leading the Market
On a regional basis, the patient monitoring devices market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. North America dominated the global market with the largest share in 2020. The demand for the market in this region can be attributed to the wide acceptance of wireless and portable patient monitoring systems. In addition, the government is actively funding research and development in the field of patient monitoring equipment. The North American region was the largest consumer of the patient monitoring devices market during the COVID-19 pandemic, which helped the region to limit its virus exposure rate. However, the Asia-Pacific region is anticipated to witness growth during the forecast period. The rising prevalence of cardiovascular diseases in this region has created a considerable demand for the patient monitoring devices market, especially in the cardiology segment. Japan is the leading country in the market due to the presence of the vital player Omron Healthcare.
The market for patient monitoring equipment is fiercely competitive, with government regulators enforcing price controls. The key players dominating the 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. Since the prices in the market are regulated by government regulatory bodies, market players are adopting collaborations, joint ventures, and acquisitions to remain dominant in the market. They also frequently collaborate with educational organizations and hospitals to create awareness about patient monitoring devices.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global patient monitoring devices. It also emphasizes the aspects that influence total market size forecasts. The study offers to provide recent technology developments as well as industry insights to assist decision-makers in making sound strategic decisions in the global patient monitoring devices market. In addition, the report examines the market's growth drivers, restraints, and competitive dynamics.
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