Patient Monitoring Devices Market
Number of pages: 120 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
|
Report Attribute |
Details |
|
Historical Period |
2018 & 2019 |
|
Base Year for Estimation |
2020 |
|
Forecast Period |
2021-2031 |
|
Market Size in 2020 |
US$ 36 billion |
|
Market Size in 2031 |
US$ 83.9 billion |
|
CAGR |
8% |
|
Segments Covered |
Type, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global patient monitoring devices market was valued at US$ 36 billion in 2020 and is expected to register a revenue CAGR of 8% to reach US$ 83.9 billion by 2031.
Patient Monitoring Devices Market Fundamentals
Patient monitoring devices measure, distribute, record, and display combinations of biometric values, such as temperature, blood pressure, and heart rate. A patient monitoring device typically contains a sensor for capturing important patient information (for instance, heart rate) and interconnect solutions (for instance, PCBs, connectors, and wiring) that can transmit the information to the capital equipment. High-capability, multi-function monitors find application majorly in clinics and hospitals to offer superior quality patient care. Portable patient monitors are designed to be compact and power efficient. This allows them to be used in remote areas or by paramedics or at homecare settings to aid diagnosis in the field, enabling monitoring and transmitting data to health care providers in other locations.
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Patient Monitoring Devices Market Dynamics
The global patient monitoring devices market is driven by increasing cases of chronic diseases, rising demand and adoption of wearable/remote monitoring devices, and increasing launches of technologically advanced devices. Several initiatives by government bodies to speed up the development of patient monitoring devices are also likely to propel revenue growth in the market during the forecast period.
However, high costs of devices, risks associated with these devices, and frequent recalls of devices are likely to restrain the market revenue growth to a certain extent.
Patient Monitoring Devices Market Ecosystem
The global patient monitoring devices market is analyzed based on three parameters: type, end user, and region.
Patient Monitoring Devices Market by Type
Based on the type, the market is segmented into blood glucose monitoring, cardiac monitoring devices, multi-parameter monitoring devices, neuro monitoring devices, hemodynamic/pressure monitoring devices, and others (fetal & neonatal monitoring devices, temperature monitoring devices, weight monitoring devices, and others).
The blood glucose monitoring segment accounts for the largest revenue share in the market. The blood glucose monitoring segment is sub-segmented into self-monitoring blood glucose systems and continuous glucose monitoring systems. The revenue growth of the segment can primarily be attributed to increasing cases of diabetes, rising number of product launches, and growing adoption of self-blood glucose monitoring devices at home owing to their affordability and high convenience.
Patient Monitoring Devices Market by End User
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Based on the end user, the market is segmented into hospitals, home care settings, and others (ambulatory surgery centers, clinics, and others).
The hospitals segment accounts for the largest revenue share in the market. The revenue growth of the segment can primarily be attributed to large number of patient admissions in hospitals as compared to other healthcare settings, increasing number of surgeries performed in hospitals, and high budget of hospitals for introducing various technologically advanced devices.
Patient Monitoring Devices Market by Region
Based on the region, the global patient monitoring devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America leads the patient monitoring devices market, followed by Europe. The large revenue share of North America in the global market can be attributed to rising prevalence of chronic & acute diseases owing to changing lifestyles, increasing R&D activities and favorable reimbursement policies. Presence of prominent players in the region coupled with their continuous effort to launch technologically advanced products is also expected to propel the revenue growth of the market in the region.
Patient Monitoring Devices Market Competitive Landscape
The prominent players operating in the patient monitoring devices market include: -
Patient Monitoring Devices Market Strategic Developments
The global patient monitoring devices market was valued at US$ 36 billion in 2020.
The patient monitoring devices market is projected to reach US$ 83.9 billion by 2031.
Rising prevalence of chronic diseases, growing demand and adoption of wearable/remote monitoring devices, rising number of launches of technologically advanced devices, and growing initiatives by government bodies to speed up the development of patient monitoring devices are expected to fuel revenue growth in the market.
GENERAL ELECTRIC COMPANY, Abbott, Medtronic, Koninklijke Philips N.V., and SCHILLER are among the prominent players in the global market.
The patient monitoring devices market is expected to register a revenue CAGR of 8% between 2021 and 2031.
North America accounts for the largest market revenue share of the global patient monitoring devices market.
*Insights on financial performance is subject to availability of information in public domain