Patient Monitoring Devices Industry Overview
The global patient monitoring devices market size was valued at USD 37.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.8% from 2021 to 2028. The growth can be attributed to the rising demand for monitoring devices used to measure, distribute, record, and display a combination of biometric values such as blood oxygen saturation level, temperature, and blood pressure. Since the COVID-19 pandemic, quarantining, and social distancing practices are implemented around the world. Due to this many people are avoiding frequent hospital visits. As such times many people require routine monitoring of their oxygen level and temperature at home to keep track of their health. Thereby, demanding monitoring devices at home.
Various government initiatives are helping during the outbreak of this pandemic. The FDA has issued Emergency Use Authorization (EUAs) for certain wearable and patient monitoring devices to help increase the availability of treatments and monitoring of patients and helps reduce exposure of SARS-CoV-2 to healthcare providers during the COVID-19 pandemic.
Gather more insights about the market drivers, restraints and growth of the Global Patient Monitoring Devices market
Additionally, the growing preference for wearable and remote patient monitoring devices is also driving the market growth. Wearable devices play an important role in the diagnosis of various chronic diseases by combining clinical symptomology with essential vital signs. Thus, the use of wearable devices to combat COVID-19 has significantly increased.
A growing number of chronic disorders such as diabetes, stroke, and kidney disease increase the demand for patient monitoring devices. For instance, according to the World Health Organization (WHO), about 422.0 million people globally have diabetes. Major market players are investing in various strategies such as partnership, collaboration, innovation, launches, and mergers to grow the market. For instance, in August 2016, Roche launched the Accu-Check. It is a blood glucose monitoring system designed to make daily glucose monitoring easy.
The number of asthma patients, Chronic Obstructive Pulmonary Disease (COPD) patients, and the high prevalence of tobacco smoking are increasing rapidly. According to the WHO, around 235 million people suffer from asthma. This leads to an increase in the use of a peak flow meter that is used to measure the rate of respiration. It is easy to handle, carry, and remotely accessible that increases its demand for usage and thus, drives the market.
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Digital Patient Monitoring Devices Market - The global digital patient monitoring devices market size was estimated at USD 62.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 23.5% from 2021 to 2028.
Multiparameter Patient Monitoring Systems Market - The global multiparameter patient monitoring systems market size was valued at USD 10.0 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
Patient Monitoring Devices Industry Segmentation
Grand View Research has segmented the global patient monitoring devices market on the basis of product, end-use, and region:
Patient Monitoring Devices Product Outlook (Revenue, USD Billion, 2016 - 2028)
- 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
Patient Monitoring Devices End-use Outlook (Revenue, USD Billion, 2016 - 2028)
- Hospitals
- Ambulatory Surgery Centers
- Home Care Settings
- Others
Patient Monitoring Devices Regional Outlook (Revenue, USD Billion, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
Market Share Insights:
February 2020: Masimo Corporation received FDA approval for Neonatal RD SET Pulse Oximetry Sensors. Oximeters reduce severe retinopathy in neonates.
June 2020: Abbott received FDA clearance for the FreeStyle Libre 2 (iCGM) for adults and children with diabetes in the U.S. This device measures glucose levels at each minute and has an optional real-time alarm that is helpful for diabetic patients to keep track of their glucose levels.
Key Companies profiled:
Some prominent players in the global Patient Monitoring Devices Industry include
- Honeywell
- American Telecare
- Roche
- Philips Healthcare
- Bosch
- Biotronik
- Intel
- Welch Allyn
- Health anywhere Inc.
- Johnson & Johnson
- Covidien Plc.
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