Patient Monitoring Devices Market Analysis and Insights
The patient monitoring devices market is projected to reach USD 65.4 billion by 2027 from USD 42.3 billion in 2022, at a CAGR of 9.1% during the forecast period. The development in this market is largely driven by increased funding, research grants, and public-private investments; ongoing technological developments in the field of wearable technologies; sustained government initiatives to expand healthcare infrastructure in major emerging markets, and the emergence of user-centric patient monitoring devices. Though, the risk associated with invasive monitoring devices is likely to limit market growth during the coming decade.
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Patient monitoring devices, such as ventilators, helped in the monitoring critically ill COVID-19 patients, which allowed the measurements of physiological reserves and indications of the effectiveness of therapeutic interventions during the pandemic, showing a positive impact on the market.
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.
Key Market Players
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. (the US)
North America is likely to lead the global patient monitoring devices market
North America, encompassing the US and Canada, reported for the major split of the patient monitoring devices market in 2021. An growing quantity of clinical trials verifying patient monitoring devices and a rising amount of approvals for patient monitoring. Are the major factors driving market growth in North America. Customers in North America are shifting towards homecare patient monitoring, that requires non-invasive patient monitoring devices. This trend will have a definite impact on the patient monitoring devices market.
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Patient Monitoring Devices Market Report Segmentation
By Product
- Blood Glucose Monitoring Systems
- Cardiac Monitoring Devices
- Multi-parameter Monitoring Devices
- Respiratory Monitoring Devices
- Temperature Monitoring Devices
- Hemodynamic/Pressure Monitoring Devices
- Fetal Neonatal Monitoring Devices
- Neuromonitoring Devices
- Weight Monitoring Devices
- Other Patient Monitoring Devices
By End User
- Hospitals
- Ambulatory Surgery Centers
- Home Care Settings
- Other End Users
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
Recent Developments
- Medtronic received US FDA approval for its LINQ II Insertable Cardiac Monitor (ICM). It is an implantable device for determining the irregular heart rythm.
- Medtronic and Tandem Diabetes Care, Inc underwent a patent cross-license agreement, in which both companies can cross-license each other’s patent portfolio for five years and jointly focus on innovating new products and services for diabetes management.
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