PATIENT MONITORING DEVICES MARKET ANALYSIS

Global Patient Monitoring Devices market is estimated to be valued at US$ 27.3 billion in 2023 and is expected to exhibit a CAGR of 6.8% during the forecast period (2023-2030). Increase in product launches by key market players is expected to drive the market growth over the forecast period. Moreover, an increase in prevalence of chronic diseases is also expected to drive the market growth.

Analysts’ Views on Global Patient Monitoring Devices Market:

The global patient monitoring devices market growth can be driven by an increase in the prevalence of chronic diseases such as respiratory disorders. For instance, according to an article published in the Springer Nature, an open access scientific and medical journal, in July 2022, Chronic Obstructive Pulmonary Disease (COPD) remains one of the leading causes of morbidity and mortality worldwide and currently approximately 300 million people have COPD globally. This disease represents the fifth leading cause of death worldwide, and it is estimated that by 2030 it will be the fourth.

Figure 1. Global Patient Monitoring Devices Market Share (%), by Device Type, 2023

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Global Patient Monitoring Devices Market- Driver

Increase in the prevalence of chronic diseases

An increase in the prevalence of chronic diseases such as cardiac diseases is expected to increase the demand of its monitoring which in turn is expected to drive the global patient monitoring devices market growth during the forecast period. For instance, according to the data published by the World Health Organization, in June 2022, cardiovascular diseases are responsible for one-third of total deaths in India and it is estimated that 220 million people in India were living with hypertension in 2021.

Increasing product approval by regulatory authority

Increasing product approval by various regulatory authority such as U.S. FDA is expected to drive the market growth for the forecast period. For instance, in December 2021, Koninklijke Philips N.V., a global medical technology company, announced that its Philips Patient Monitors MX750 and MX850 have received 510(k) clearance from the U.S. Food and Drug Administration.

Figure 2. Global Patient Monitoring Devices Market Share (%), by Region, 2023

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Global Patient Monitoring Devices Market- Regional Analysis

Among all regions, North America is expected to dominate the global patient monitoring devices market over the forecast period. North America holds a 34.8% market share due to presence of major players such as Medtronic, GE Healthcare, 3M, Boston Scientific Corporation, Koninklijke Philips N.V., and others are contributing for development of patient monitoring devices market in North America.

The Asia Pacific region is expected to be second dominating region over the forecast period, due to increase in number chronic diseases such as diabetes in this region. For instance, according to an article published in The Lancet, a weekly peer-reviewed general medical journal, in February 2023, the estimates suggest that there were more than 88.7 million people living with diabetes in China in 2020. Moreover, according to the same source, this number is expected to rise to 108.4 million by 2030.

Global Patient Monitoring Devices Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting the production and demand for drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others faced problems with regard to the transportation of drugs and vaccines from one place to another.

Quarantine, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending. Furthermore, healthcare providers were facing challenges in terms of additional manpower, equipment, consumables, and other resources which were required to ensure safety in hospitals and provide treatment to patients with other diseases. This has impacted the overall healthcare market negatively. However, COVID-19 pandemic had a positive impact on global patient monitoring devices market due increase in the usage of telehealth and remote patient monitory during COVID-19 pandemic, owing to the advantages of these method. Wireless monitors, cloud-based platforms, and telemedicine have allowed health systems to seamlessly use at-home continuous pulse oximetry to monitor patients and help avoid hospitalizations.

Moreover, during the COVID-19 there was a sudden increase in the usage of self health monitoring devices such as pulse oximeter, and other. Thus, this attributes to the positive impact of COVID-19 pandemic on the market.

Global Patient Monitoring Devices Market Segmentation:

The global patient monitoring devices market report is segmented into device type, and end user

Based on device type, the market is segmented into respiratory and anesthesia monitors, neuro monitoring devices, hemodynamic monitor, fetal and neonatal monitors, cardiac monitors, multi- parameter monitors, and others (temperature and weight monitors, etc.). Out of which, the cardiac monitors segment is expected to dominate the global patient monitoring devices market during the forecast period, and this is attributed to an increase in the product launches

Based on end user, the market is segmented into home healthcare, hospitals, and others. Out of which, the hospital segment is expected to dominate the market over the forecast period, and this is attributed to increase in the number of hospitals globally.

Among all segmentation, the end user segment has the highest potential due to an increase in the number of hospital. For instance, in 2022, according to the data published by American Hospital Association, there were 6,093 hospitals in the U. S. in 2020, and total admissions in all the U.S. hospitals were more than 33,356,853, in 2020.

Global Patient Monitoring Devices Market- Cross Sectional Analysis:

In the end user segment, hospitals segment held a dominant position in the Asia Pacific region due to increase in the number of hospitals in this region. For instance, according to an article published by Asian Hospital & Healthcare Management, in December 2022, there were more than 36,570 hospitals in China in 2021.

Global Patient Monitoring Devices Market: Key Developments

In February 2023, 3M, an U.S. based multinational conglomerate, announced that they have enhanced its medical adhesive that can stick to the skin which is intended for use with a wide array of health monitors, sensors, and long-term medical wearables. Prior to 2022, the standard wear time for extended medical adhesives was up to 14 days. 3M now doubles that standard to help deliver a more patient-centric model of care.

In January 2023, Biobeat, a global company involved in manufacturing wearable remote patient monitoring devices, announced that its wearable remote patient monitoring devices have received 510(k) clearance from the U.S. Food and Drug Administration (FDA) to monitor stroke volume and cardiac output in addition to cuffless blood pressure, blood oxygen saturation, pulse rate, respiratory rate, and body temperature.

Global Patient Monitoring Devices Market: Restraint

Increasing product recall by U.S. FDA

The major factors that can hamper the growth of the global patient monitoring devices market over the forecast period include product recall by regulatory authority such as U.S. FDA. For instance, in February 2023, U.S. FDA announced that they have recalled IntelliVue MX40 Patient Monitor, due increased power consumption and a lack of visual and/or audible notifications while in a Low Battery State, manufactured by Koninklijke Philips N.V., a global medical technology company, intended for multi purpose patient monitoring. Thus, manufacturer should focus on manufacturing devices which are more power efficient

Global Patient Monitoring Devices Market: Key Players

Major players operating in the global patient monitoring devices market 3M, Boston Scientific Corporation, Covidien, Drägerwerk AG and Co. KGaA, GE Healthcare, Medtronic Plc, Mindray Medical, Omron, Nihon Kohden Corporation, Biotricity Inc., Natus Medical Incorporated, Koninklijke Philips N.V., and DexCom, Inc.

*Definition: Patient monitoring devices are any set of systems and/or processes that enable healthcare providers to monitor a patient's health. There are various types of patient monitoring devices, such as respiratory monitoring, cardiac monitoring, neurological monitoring, and others.