Global Patient Monitoring Devices Market, By Device Type (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.)), By End User (Home healthcare, Hospitals, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The increasing demand for technological advanced patient monitoring devices such as wireless, portable or wearable devices has persuaded key market player to focus on such types of patient monitoring devices. Thus, due to the growing demand for wearable patient monitoring devices key market players are inclined towards launching technologically advanced patient monitoring devices and this is expected to drive the market growth for the forecast period. For instance, in June 2022, GE HealthCare, a U.S. based global medical technology company, announced that they have launched its wireless patient monitoring system called Portrait Mobile. This new device has been designed to help clinicians detect early patient deterioration and constantly monitor patients’ health during their stay at the hospital.
Global Patient Monitoring Devices Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
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.
The COVID-19 pandemic has led to increased demand for hospital beds and led to the staff shortages, some health care centers have advised individuals with milder symptoms to stay home. Technological advances have made it feasible to monitor some of these patients and other patients remotely. 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. Thus, the COVID-19 pandemic had a positive impact on global patient monitoring devices market due to the increase in the usage of telehealth and remote patient monitoring during the COVID-19 pandemic.
Global Patient Monitoring Devices Market: Key Developments
On April 19, 2023, Cadence Design Systems, Inc., a U.S.-based multinational computational software company, announced that they had launched a remote patient monitoring and responsive virtual care platform. This platform can connect with various medical devices and collect, analyze, and respond to patients’ vitals such as heart rate, blood oxygen saturation, and others, daily outside of the clinic setting.
On April 12, 2023, Honeywell International Inc., a U.S.-based multinational conglomerate corporation, announced that they have launched a new real-time patient health monitoring system, which captures and records patients’ vital signs both within the hospital setting and remotely. It uses advanced sensing technology to monitor vital signs via a skin patch, which connects the data instantaneously to healthcare providers on mobile devices and an online dashboard.
In October 2021, Koninklijke Philips N.V., a Netherland-based global electronic devices manufacturing company, announced that its Philips Capsule Medical Device Information Platform (MDIP) which is integrated into Philips HealthSuite Platform, is now installed in more than 3,000 healthcare facilities globally. Philips Capsule MDIP captures streaming clinical data and transforms it into actionable insights for patient care management aiming to improve collaboration between care teams, streamline clinical workflows, and increase productivity.
Browse 25 Market Data Tables and 29 Figures spread through 210 Pages and in-depth TOC on “Global Patient Monitoring Devices Market”- Forecast to 2030, By Device Type (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.)), By End User (Home healthcare, Hospitals, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/patient-monitoring-devices-market-3991
Key Takeaways of the Global Patient Monitoring Devices Market:
- The global patient monitoring devices market is expected to exhibit a CAGR of 6.8% during the forecast period due to the increase in product launches by key market players for patient monitoring. For instance, in April 2022, LivaNova, PLC, a U.S-based medical device manufacturer, announced that they have launched a new Essenz Patient Monitor, for continuous patient monitoring during cardiopulmonary bypass, in U.S. and Europe.
- Among device type, cardiac monitoring devices segment is estimated to hold a dominant position in the global patient monitoring devices market over the forecast period, owing to the increase in the product launches by key market players. For instance, in July 2022, Xplore Lifestyle Solution Pvt Ltd., an India-based medical technology company, announced that they had launched a new CardiacSense, worlds first medical grade watch to monitor heart function.
- Among end user, hospital segment is estimated to hold a dominant position in the global patient monitoring devices over the forecast period, owing to the increase in the number of hospitals using patient monitoring device solutions. For instance, according to the fact sheet on U.S. hospitals, 2023, by American Hospital Association, in U.S. there are currently 6,129 number of hospitals.
- Major players operating in the global patient monitoring devices include 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.
