Global Patient Monitoring Devices Market – Insights
The Global Patient Monitoring Devices Market has been evaluated as steadily growing market and it is expected that the market will continue to grow similarly soon. These monitoring devices continuously check patient’s vital signs by using a medical monitor. Patient monitoring devices market has various functions such as glucose monitoring, blood monitoring, temperature monitoring, cholesterol monitoring, weight monitoring etc. Electrocardiography is fastest growing sub-segment, it is largest in cardiac monitoring market and fastest growing in neurological device.
Electrocardiography is the process that checks for problems with the electrical activity of your heart. Electrocardiography is very helpful to diagnose unexplained chest pain or pressure, cause of symptoms of heart disease, to check how well medicines are working and see if they are causing side effects that affect the heart. Increase in consumer awareness is driving the market growth which expected to grow in same pace in near future. Patient monitoring devices manufacturers trying to make more advance, accurate and innovative device to provide desirable solution.
Global Patient Monitoring Devices Market is segment into two major segments and its sub-segments such as based on type, based on product type and based on end user. Global Patient Monitoring Devices Market is expected to reach USD 23.4 billion by 2022 at a CAGR of 5.7%. North America is the largest market for patient monitoring devices while Asia-Pacific region is fastest growing. Europe is second largest market for patient monitoring device and expected to grow steadily during forecasting period.
Global Patient Monitoring Device Market – Key Players
There are plenty of large and small market players which operate in this market all over the globe:
• GE Healthcare
• Roche Diagnostics
• BIOTRONIK SE & Co. KG
• Abbott Laboratories
• Siemens Healthcare
• Philips Healthcare
• CAS Medical Systems, Inc.
• Spacelabs Healthcare
• Honeywell International, Inc.
• Shenzhen Mindray Bio-Medical Electronics Co
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Global Patient Monitoring Devices Market – Segmentation
MRFR in their detailed analysis of the patient monitoring devices market segmented it by product type and end-user.
Based on the product type, the patient monitoring devices market can be segmented into central monitoring stations, portable bedside monitors, Electrocardiogram (ECG) devices, hemodynamic monitoring devices, fetal and neonatal monitors, respiratory monitors, weight management monitors, temperature monitoring devices, and others.
With a greater focus on the end-users, the patient monitoring devices market can be segmented into hospitals & clinics, ambulatory care centers, home care, and others. The hospitals & clinics segment own a substantial percentage of the global market. The home care segment is also gaining significant traction during the forecast period.
Global Patient Monitoring Devices Market – Regional Analysis
The North American region is estimated to lead the global patient monitoring devices market with a significant market share. Factors such as the growing prevalence of chronic diseases, patients suffering from different lifestyle diseases, and the increase in the geriatric population are contributing to the growth of the regional market. Huge uptake of continuous monitoring technology alongside the rise in the adoption rate of remote patient monitoring devices is fostering the market growth in the region.
The European region is another lucrative market for patient monitoring devices. Augmenting demand to move to a more wireless and streamlined operation in major health facilities as well as in the homecare settings is predominantly driving the market growth.
Tremendous advancements in medical technologies is a key driving force pushing up the regional market. Countries such as Germany and the U.K. backed by their well-developed medical devices markets which are led by enormous investments account for the major contributors to the growth in the regional market.
The Asia Pacific region is rapidly emerging as a promising market for patient monitoring devices due to the technological growth in India and China. AI-based remote patient monitoring solutions have become a trend in India, changing the dynamics of healthcare. Foreign investors are getting attracted to India, investing rapidly with aggressive plans of leading Indian healthcare into the digital age. They are designing remote patient monitoring solutions that can provide high resolution, ICU-grade monitoring to all areas of the hospital, throughout the patient care pathway.
Industry News:
In July 2018, Snap40, a Scottish startup, has launched an AI-enabled wearable monitoring device to help health professionals to monitor patients remotely or in the hospital.
November 14, 2018-ivWatch LLC (US), a leading global provider of continuous patient monitoring devices announced the partnership with New Medical (Australia), a supplier of medical consumables, devices, and patient monitoring accessories in Australia and New Zealand to manage distribution to support market expansion outside of the United States.
ivWatch’s entry into Australia and New Zealand markets is a response to growing awareness and clinical demand. The company also mentioned that it is now poised to meet the ongoing customer requests for its technology as they seek cutting-edge solutions to address the global problem of patient harm caused by peripheral IV infiltration.
Jan 2017 - Abbott acquired St. Jude Medical, Inc., for approximate $25 billion creating a global behemoth which is expected to result in price increase due to consolidation. Abbott is expected to benefit from market expansion, diverse product portfolio, diagnostics, and others.
August 2017 - Royal Philips acquired Spectranetics Corporation a leader in vascular intervention solutions.
November 2017 - Philips acquired Analytical Informatics, Inc. with an aim of market expansion of Radiology Solutions portfolio.
Koninklijke Philips N.V is multinational conglomerate company headquartered in Amsterdam focussed on electronics, healthcare, homecare and connected care. In August 2016 Philips launched medical grade Philips Health Watch thus expanding its product offerings in wearable’s section.
Honeywell International Inc. is a multinational company headquartered in the U.S. which manufactures a variety of commercial and consumer goods, aerospace systems and provides engineering services for broad range of customers. It has broad product segment in health wearable devices. In April 2018, Honeywell Life Care Solutions signed business collaboration with MobileHelp This collaboration will strengthen its brand loyalty and will provide better services for its customer base.
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