Patient Monitoring Devices Industry Overview
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.
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The growth of this market is mainly driven by the increasing incidence of chronic and lifestyle-related diseases such as CVD, COPD and diabetes. technological advances for the development of wearable patient monitoring technologies; increased funding, research grants and public-private investment; increased government initiatives to improve hospitals’ health infrastructure; Emergence of user-centric patient monitoring devices.
COVID-19 Impact on the global Patient Monitoring Devices market
As a result of the pandemic, during March 2020 and throughout the second quarter of 2020, access to customers to sell and implement the patient monitoring devices (such as neuromonitoring devices, weight monitoring devices) diminished as hospitals became primarily focused on the COVID-19 pandemic. The pandemic has led to a significant increase in the demand for remote monitoring and patient engagement solutions.
Patient Monitoring Devices Market Segmentation
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.
Based on product, the blood glucose monitoring systems segment is expected to account for the largest share of the patient monitoring devices market
Based on type, the blood glucose monitoring systems market has been segmented into the self-monitoring blood glucose systems and continuous glucose monitoring system. Among these, the self-monitoring blood glucose systems sub-segment dominated the market. The major share of the segment is attributed to the rising adoption of integrated blood glucose monitoring systems in developing as well as developed countries.
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.
Patient Monitoring Devices Regional Outlook
- North America
- Europe
- Rest of Europe (RoE)
- Asia Pacific
- Latin America
- Middle East & Africa
Key Companies Profile & Market Share Insights
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.
Medtronic plc (US) has a wide range of product offerings in the patient monitoring devices market, including neuromonitoring, respiratory monitoring devices, cardiac monitoring devices, and blood glucose monitoring products.
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