Exclusive Report On Patient Monitoring Devices Market – What Will Be The Market Size And Growth Rate 2023?

Patient Monitoring Devices Market

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.

What the Market Looks Like?

Predicted to grow at a CAGR of 5.7% during the forecast period, the global Patient Monitoring Devices market is estimated to reach USD 25.31 billion by 2023. In 2018, North America is expected to account for the largest share of the market. Asia is expected to register the highest growth rate from 2018 to 2023 for the market.

Patient Monitoring Devices Market

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Cardiac Monitoring Devices

Based on the product, the cardiac monitoring devices market is classified into ECG devices, implantable loop recorders, event monitors, mobile cardiac telemetry, and smart wearable ECG monitors. The mobile cardiac telemetry segment is expected to grow the highest CAGR during the forecast period. Factors such as quick and enhanced diagnosis compared to other short & longer-term monitoring modalities and huge potential for reducing healthcare costs are driving the growth of the market.

Neuromonitoring Devices

Based on the product, the neuromonitoring devices market is segmented into EEG machines, MEG machines, EMG machines, ICP monitors, TCD machines, and cerebral oximeters. In 2018, the EEG machines are expected to account for the largest share of the neuromonitoring devices market. The large share of this segment can primarily be attributed to the increase in the incidence and prevalence of neurological disorders, growing R&D in the field of cerebral and spinal disorders, and rising number of specialized facilities such as EEG labs and sleep centers.

Respiratory Monitoring Devices

Based on the product, the respiratory monitoring devices market is classified into pulse oximeters, capnographs, spirometers, and peak flow meters. The capnographs segment is expected to register the highest growth rate during the forecast period. This is mainly due to their mandatory requirement of these devices during anesthesia and in monitoring the respiratory status of patients in ICUs.

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Multi-Parameter Monitoring Devices

Low-acuity monitors are expected to account for the largest share of the multi-parameter monitoring devices market in 2018.

Low-acuity devices are used for monitoring the basic vital signs of a patient. These devices may also be set up at patients’ homes and ambulatory care settings for long-term monitoring. The growth of this market is mainly driven by their advantages over single-parameter monitors and their low prices as compared to mid- and high-acuity monitors.

Globally, the increased use of remote and home patient monitoring is a key factor driving the growth of the multi-parameter monitoring devices market. To reduce hospitalization costs, many healthcare institutions are encouraging home/remote patient monitoring. As a result, the market for remote patient monitoring is estimated to double by the end of this decade, making this a highly lucrative market.

Hemodynamic Monitoring Devices

Based on products, the hemodynamic monitoring devices market is further segmented into systems and disposables. Of the two product segments, disposables are expected to account for the larger share of the hemodynamic monitoring devices market in 2018. Market growth can largely be attributed to the repeat purchase of disposable devices. Display monitors and unified hemodynamic monitoring systems are one-time purchase devices; whereas, disposable sets are single-use products and have to be changed with every patient, resulting in repeat purchases.

Fetal and Neonatal Monitoring Devices

The increasing awareness about fetal and neonatal care in order to reduce the number of preterm births and low-weight births is the major factor driving the demand for fetal and neonatal monitors globally. The increasing need to better monitor fetal and neonatal parameters to avoid complications during and after birth has stimulated the demand for advanced monitoring devices in obstetrician offices and NICU units. Additionally, the availability of portable and wireless Doppler devices with mHealth connectivity has enabled the monitoring of fetal heart rate (FHR) at remote places as well.

The adoption of fetal and neonatal monitoring devices is expected to increase in countries across Asia and RoW owing to the high number of preterm fatalities and the exponential population growth in these countries. As a result, these countries are expected to offer potential growth opportunities to players operating in the fetal and neonatal monitoring devices market.

Temperature Monitoring Devices

Technological advancements are contributing to the growth of temperature monitoring devices. With technological advancements, the risk of exposure to mercury, growing awareness about mercury pollution, and rising number of global initiatives for lowering the consumption of mercury across various industries, companies have come up with innovative digital, electronic, and infrared thermometers, which are driving the growth of temperature monitoring devices. The digital thermometers accounted for the largest share of the clinical temperature monitoring devices market, due to their quick, highly accurate results. These devices use thermistors to measure oral, rectal, or armpit temperature and are considered eco-friendly.

Weight Monitoring Devices

In the weight monitoring segment, analog and digital weighing scales are the two basic types of professional medical weight monitoring devices. In 2018, the digital weighing scales segment is expected to account for the largest share of the market.

The obesity rate among the global population is rapidly growing with more than 1.9 billion people recorded to be overweight. Around 650 million adults and 340 million children were recorded to be obese in 2016 (Source: WHO). The percentage of the obese population is higher in developed countries. The US, the Netherlands, and Mexico lead the list with more than 30% of the obese population over 15 years of age (Source: OECD Obesity Update 2017). The rapid growth in the obese population globally can be attributed to the intake of high-fat content diets, low physical activity or inactivity, and sedentary lifestyle. Obesity can gradually lead to chronic health disorders such as CVDs, diabetes, and arthritis. Thus, making weight monitoring devices an inevitable part of clinics, hospitals, healthcare centers, and home care.

What Drives the Market?

The growth of the global market for Patient Monitoring Devices is primarily influenced by the following factors:

  • Availability of Wireless Monitoring Devices
  • Rising Incidence of Lifestyle and Chronic Diseases

On the other hand, the risks associated with invasive monitoring devices are expected to challenge market growth to a certain extent in the coming years.

Geographical growth scenario of Patient Monitoring Devices Market

Geographically, the patient monitoring devices market is segmented into North America, Europe, Asia, and RoW. In 2018, North America is expected to account for the largest share of the market. Asia is expected to register the highest growth rate from 2018 to 2023 for the market. Factors such as the increasing per capita healthcare expenditure, growing public health awareness, rising prevalence of lifestyle diseases, and improving treatment rates in emerging markets across India and China are expected to drive growth in the market in this region.

Leading market players and strategies adopted

Major key players in the patient monitoring devices market include Medtronic (Ireland), Natus Medical (US), Nihon Kohden (Japan), GE Healthcare (US), and Philips Healthcare (Netherlands).

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