Major patient monitoring devices market players include Medion Healthcare, Philips, Medtronic, Epsimed, Skanray Technologies, GE Healthcare, Siemens Healthineers, OSI Systems, Nihon Kohden Corporation, Opto Circuits, Fukuda, Hill-Rom Holdings, and Mindray.
Selbyville, Delaware, Oct. 26, 2021 (GLOBE NEWSWIRE) --
The patient monitoring devices market size is anticipated to record a valuation of USD 39.6 billion by 2027, according to the most recent study by Global Market Insights Inc. Increasing inclination towards remote healthcare setup, home healthcare settings, and rising popularity of ambulatory surgical centers are some of the major factors that propelling the market growth. Also, innovation and advancements in medical devices are fuelling the market progression.
Increasing technological advancement in medical devices is one of the prime factors that will foster patient monitoring devices market expansion during the forecast period. Synergistic integration of the Internet of Things (IoT), cloud computing, and big data technologies in healthcare have promoted the concept of smart healthcare. Wearable devices such as continuous glucose monitors, blood pressure monitors, pulse oximeters, and ECG monitors are helping in managing chronic conditions and population health, in and out of the hospital. Research is going on around the world to make advanced health monitoring devices that are integrated with sensors and biomarkers that can measure vitals such as glucose level in sweat, and tears.
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Neuromonitoring devices accounted for USD 1.5 billion in 2020. Neuromonitoring is a tool that enables a surgeon to monitor spinal cord function in real-time using data from specific nerve roots, motor tracts, and sensory tracts during surgery. The demand for neuromonitors has increased as most of the disabling conditions in humans are neurological.
The wireless segment in the patient monitoring devices market was valued at USD 8.5 billion in 2020. The demand for wireless patient monitoring has increased as it is a much more sophisticated and reliable option than the large conventional monitoring setup. Also, it allows monitoring of patients accurately outside the hospital setups and has emerged out as a convenient option for patients. Also, wireless health monitors are used for various applications such as measuring blood glucose levels and mobile cardiac outpatient telemetry.
The home care settings segment captured more than 30% of the patient monitoring devices market share in 2020. Demand for home care setting is rising as it is more convenient, less expensive, and just as effective as hospital-based services or nursing facilities. Also, the aged population prefers home care to hospitalization. Furthermore, the availability of a varied range of portable remote patient monitoring devices for home care settings is further boosted the segment growth.
Asia Pacific patient monitoring devices market size was over USD 5.5 billion in 2020. Several factors such as the increasing prevalence of chronic diseases, the rising aging population in East Asian nations such as Japan, Korea, have fueled the demand for home-based patient monitoring devices. Also, cardiovascular disease is one of the leading causes of death in the region. For instance, according to the Journals of the American College of Cardiology (JACC), CVD was one of the major causes of death in Asia in 2019, causing around 10.8 million deaths. This was approximately 35% of the total deaths in the region. Thus, the use of patient monitoring devices system is expected to play a key role in the early detection and timely management of these diseases.
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Some of the leading players operating in the market include Medion Healthcare, Philips, Medtronic, Epsimed, Skanray Technologies, GE Healthcare, Siemens Healthineers, OSI Systems, Nihon Kohden Corporation, Opto Circuits, Fukuda, Hill-Rom Holdings, and Mindray. These companeis are focusing on product launches and strategic partnerships to gain a higher revenue share.
Table of Contents (ToC) of the report:
Chapter 3 Patient Monitoring Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By type
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.8 PESTEL analysis
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