The global ”patient monitoring devices market“ is set to gain momentum from the increasing need to monitor the functional signs of patients to diagnose various problems. Fortune Business Insights™ provided this information in an upcoming report, titled, “Patient Monitoring Devices Market Size, Share & Industry Analysis, By Type (Cardiac Monitoring Devices, Neuromonitoring Devices, Respiratory Monitoring Devices, Multi-Parameter Monitoring Devices, Hemodynamic Monitoring Devices, Temperature Monitoring Devices, Weight Monitoring Devices) By End-Users/ Applications (Hospitals, ASCs, Clinics, Home, Others) and Regional Forecast 2020-2027.” The report further mentions that patient monitoring devices are used to monitor respiration rate, blood pressure, urine output, pulse, temperature, discomfort, level of consciousness, and oxygen permeation.
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North America is expected to account for the major market share and is also anticipated to retain its ascendancy throughout the forecast period. The region is projected to be a lucrative market for monitoring device manufacturers due to an increase in the prevalence of chronic diseases, increased consumption of an unhealthy diet, enormous healthcare expenditure, and advantageous health cover policies. Europe is anticipated to hold the second-largest share in the market.
Factors such as compulsory contributory health insurance schemes, compulsory medical savings accounts, and increased healthcare expenditure are likely to influence the growth of the market in the European region. However, Asia Pacific possesses the high market potential for growth of the market due to the rise in the geriatric population, escalating incidences of heart diseases, growing prevalence of diabetes, and an increase in the purchasing power of the countries of this region. Moreover, fast-growing startup space in this region stimulated by the influx of capital is anticipated to encourage added research and development efforts toward building advanced healthcare technologies that are likely to boost the growth of the market.
How Did We Develop This Report?
We have conducted extensive primary and secondary research to gather information about various aspects of this report. Our special interviews with end-user respondents and supply side respondents helped in gaining insights into the average pricing, per capita consumption trend, average spending on products, growth rate, market size, and dynamics. We have also taken information from reputed industry journals, articles, and press releases of organizations operating in the field of patient monitoring devices.
Drivers & Restraints-
Rising Consumption of Junk Food to Propel Growth
Rising disposable incomes and increasing cases of cancer and cardiac diseases are expected to boost the patient monitoring devices market growth in the near future. The World Health Organization (WHO), for instance, declared that cardiovascular disease is one of the major causes of deaths worldwide. Hence, patient monitoring devices are showcasing high popularity because of the growing need to monitor a patient’s vitals and other signs.
Furthermore, the rising consumption of junk food items, transformations of lifestyles, and lack of physical exercises are set to also accelerate growth as these factors often result in the occurrence of serious health conditions. Numerous manufacturers are striving to develop digital technologies to attract more customers. However, patient monitoring devices are very expensive. It may obstruct their demand in developing nations.
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Increasing Prevalence of Chronic Disorders to Drive Growth in North America
North America is set to lead throughout the forthcoming years by generating the largest patient monitoring devices market share. This growth is attributable to the rising focus of manufacturers operating in the region on the launch of novel products. Besides, the beneficial health-related policies, increasing healthcare expenditure, surging consumption of unhealthy diets, and rising prevalence of chronic diseases would aid growth in this region.
Europe, on the other hand, is set to retain its second position backed by the need to compulsorily own medical savings accounts and the presence of novel health insurance schemes. Asia Pacific is expected to grow astonishingly stoked by the increasing cases of diabetes and heart diseases. Also, the rising entry of several start-up companies in the region is set to propel growth.
Key Players Focus on Mergers & Collaborations to Gain a Competitive Edge
The global market for patient monitoring devices houses a large number of enterprises that are mainly aiming to engage in mergers, acquisitions, and partnerships with other players to broaden their existing product portfolios. Below are the two latest industry developments:
- December 2020: Royal Phillips and BioTelemetry, Inc. entered into a merger agreement. It will enable Phillips to acquire the latter’s issued shares. At the same time, the company will be able to transform its delivery of care with integrated solutions. Phillip’s cardiac care portfolio will be robust owing to this acquisition.
- December 2020: Doccla joined hands with Luton Children and Adults Community Health Services to offer remote patient monitoring service, such as wearable technology. Each patient’s device will regularly send automated readings and alerts of routine measurements via Doccla to doctors of Luton in the U.K.
A list of some of the most reputed patient monitoring devices manufacturers in the market:
- GENERAL ELECTRIC COMPANY
- Omron Healthcare, Inc.
- Hoffmann-La Roche Ltd.
- Biotronik, Inc.
- NIHON KOHDEN CORPORATION
- Johnson & Johnson Services, Inc.
- Koninklijke Philips N.V.
- Other prominent companies
Global Patient Monitoring Devices Market Segmentation :
- Cardiac Monitoring Devices
- ECG Devices
- Implantable Loop Recorders
- Cardiac Output Monitors
- Event Monitors
- Smart Wearable
- ECG Monitors
- Neuromonitoring Devices
- EEG Machines
- EMG Machines
- ICP Monitors
- MEG Machines
- TCD Machines
- Cerebral Oximeters
- Respiratory Monitoring Devices
- Pulse Oximeters
- Peak Flow Meters
- Multi-Parameter Monitoring Devices
- Low-Acuity Monitors
- Mid-Acuity Monitors
- High-Acuity Monitors
- Hemodynamic Monitoring Devices
- Temperature Monitoring Devices
- Temperature Strips
- Weight Monitoring Devices
By End-Users/ Applications
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
With tables and figures helping analyse worldwide Global patient monitoring devices Market Forecast provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
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