Patient monitoring devices for continuous monitoring, detection, and treatment of heart, brain, lungs, and blood activities and measurement of temperature and weight of the body. Factors such as the easy availability of wireless monitoring devices and the rising incidence of lifestyle and chronic diseases are expected to drive market growth during the forecast period.
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The report includes patient monitoring devices for continuous monitoring, detection, and treatment of heart, brain, lungs, and blood activities and measurement of temperature and weight of the body. The base year considered for the study is 2020, and the forecast period for the study is between 2021 and 2025.
According to the new market research report Patient Monitoring Devices Market by Product (EEG, MEG, TCD, Pulse Oximeter, Spirometer, Fetal Monitor, Temperature Monitoring, MCOT, ECG, ICP, ILRs, Blood Glucose Monitoring, Blood Pressure Monitor), End-User (Hospitals, ASCs) - Global Forecast to 2025 published by MarketsandMarkets™. The patient monitoring devices market is projected to reach USD 55.1 billion by 2025 from USD 36.4 billion in 2020, at a CAGR of 8.6% during the forecast period. Read More @ https://www.marketsandmarkets.com/Market-Reports/patient-healthcare-monitoring-systems-devices-market-678.html
Availability of wireless patient monitoring devices
The integration of monitoring technologies in smartphones and wireless devices is a key trend in patient care, resulting in the introduction of remote patient monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors. Advanced devices such as mobile PDA systems enable the real-time transmission of data; for example, real-time cardiac monitoring provides continuous (beat-to-beat) outpatient EKG monitoring for periods ranging up to several weeks.
Remote and wireless patient monitoring devices and technologies can be used for long-term monitoring, such as ambulatory wireless EEG recorders used to detect the epileptiform activity of the patient at home, over a long period of time. These recorders are compact and can store large amounts of data in inbuilt memory cards; they do not restrict the patient’s freedom of movement. Remote patient monitoring devices help enhance patient care delivery and improve patient outcomes for conditions that need continuous monitoring in hospital and non-hospital settings.
The ECG devices subsegment of cardiac monitoring devices products to hold major market share by 2025
Based on the product, the patient monitoring devices market is segmented into blood glucose monitoring systems, cardiac monitoring devices, multiparameter monitoring devices, respiratory monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, fetal and neonatal monitoring devices, neuromonitoring devices, weight monitoring devices and other patient monitoring devices. The cardiac monitoring devices products segment is further divided into ECG devices, event monitors, implantable loop recorders (ILRs), mobile cardiac telemetry (MCT) monitors, and smart/wearable ECG monitors.
The hospital segment is expected to register the highest growth rate during the forecast period
Based on end user, the patient monitoring devices market has been segmented into the hospitals, ambulatory surgery centers, home care settings and other end users. Significant market growth and large share of hospital segment can primarily be attributed to the presence of advanced ICUs and emergency wards in hospitals and the increasing number of surgical procedures.
North America is expected to dominate the global patient monitoring market in 2019
North America, comprising the US and Canada, accounted for the largest share of the patient monitoring devices market in 2019. Increasing number of clinical trials validating patient monitoring devices and a growing number of approvals for patient monitoring. Are the major factors driving market growth in North America. Customers in North America are moving towards homecare patient monitoring, which requires non-invasive patient monitoring devices. This trend will have a positive impact on the patient monitoring devices market.
Key Market Players
The major players in the patient monitoring devices market are Abbott Laboratories (US), HILL-ROM HOLDINGS, INC. (US), Drägerwerk AG & Co. KGaA (Germany), Edwards Lifesciences Corporation (US), OMRON Corporation (Japan), Masimo Corporation (US), Compumedics Limited (Australia), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Nihon Kohden Corporation (Japan), Natus Medical (US), Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Getinge AB (Sweden), Boston Scientific Corporation (US), Dexcom, Inc. (US), Nonin (US), BIOTRONIK (Germany), SCHILLER (Switzerland), and BioTelemetry, Inc. (US), among others.
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COVID-19 Impact on the global Patient Monitoring Devices market
COVID-19 has resulted in significant disruptions to businesses and economic activities globally and is expected to have a short-term negative impact on the drug screening market due to limited or non-availability of medical facilities/treatment centers, harm reduction service providers, and the fear of infection transmission. To reduce the strain on the healthcare system and decrease disease transmission, various governments worldwide provided guidelines to postpone or delay non-essential medical and surgical procedures. Restrictions and lockdowns were also imposed in travel, business operations, public gatherings, and shelter-in-place orders, all of which have further impacted market growth.