The global patient monitoring device market is anticipated to grow substantially at 4.5% CAGR owing to the rise in the geriatric population, adoption of remote patient monitoring devices, increasing prevalence of chronic diseases such as diabetes, atherosclerosis, etc. Moreover, the integration of monitoring technology in smartphones and wireless devices to monitor patient health will foster the growth of the patient monitoring device market. Nevertheless, collaborations among companies, hospitals, and academic institutions regarding product launches will fuel the growth of the patient monitoring device market. According to ISH (Information Handling Services), in 2020, more than four million patients are anticipated to monitor health conditions remotely. There is a 34% rise in remote patient monitoring.

The COVID-19 pandemic has shown significant growth in the patient monitoring device market as it plays a crucial role to fight pandemics and helps in monitoring patients. Patient monitoring devices like ventilators have helped in monitoring critically ill COVID-19 patients and allow to measure physiological reserves and indicate the effectiveness of therapeutic intervention during the outbreak, thus showing a positive impact on the market. Konica Minolta, Inc, has launched VS1, a patient monitoring system in Japan for COVID-19 hospitalized patients to treat mild to moderate conditions in the isolation zones.

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Based on the product, the cardiac monitoring devices are used to diagnose and monitor disorders or abnormalities of the heart and contribute significantly owing to the rising cases of cardiovascular diseases, resulting in increased adoption of cardiac monitoring. Furthermore, the industry players in the cardiac monitoring space are developing technologically developed products and has led to increased adoption.

North America dominates the global patient monitoring devices market owing to the rise in the old-aged population, increasing prevalence of chronic diseases, rising demand for wireless and portable systems, and the presence of sophisticated reimbursement policies that will fuel the growth in the region. North America and other countries are facing a massive threat of coronavirus, thereby patient monitoring plays a pivotal role to stop the adverse impact of the virus. In October 2020 US Food and Drug Association issued a policy to expand the availability of non-invasive remote monitoring devices market so as to reduce patient and healthcare provider contact during COVID-19 public health emergency.

An FDA Approval in the patient monitoring devices market includes Medtronic has received the US FDA approval for its LINQ II Insertable Cardiac Monitor (ICM)., an implantable device to determine the irregular heart rhythm.

Medtronic and Tandem Diabetes Care, Inc had a patent cross-license agreement for five years and can focus on innovating new products and services for diabetes management.

The prominent players in the patient monitoring devices industry include Medtronic PLC, Edward Lifesciences, Natus Medical, Masimo, Koninklijke Philips N.V., Nihon Kohden, Hill-Rom Holdings, Drägerwerk AG, Omron, and GE Healthcare are the key players offering patient monitoring device.

Source: VynZ Research