The patient monitoring devices market consists of the sales of patient monitoring devices and related services by entities (organizations, sole traders and partnerships) that manufacture patient monitoring devices used for monitoring vital health parameters. This industry includes establishments that manufacture fetal and neonatal monitoring devices used to monitor heart rates in neonates and pregnant mothers, body weight and temperature monitoring devices, vital parameter monitoring devices used during surgeries, and remote patient monitoring devices.
The global patient monitoring devices market is expected to grow from $13.8 billion in 2019 to $14.8 billion in 2020 at a compound annual growth rate (CAGR) of 7.4%. The growth can be contributed to the expanded use of certain remote monitoring devices such as temperature monitoring devices for patient monitoring during COVID-19 pandemic. FDA has given clearance to some of the noninvasive remote monitoring devices (including body temperature monitors, continuous glucose monitors) that are used to support patient monitoring, considering public health emergency, without prior submission of a premarket notification. The quick approvals and the use of temperature monitoring devices at hospitals, home and different locations where there is mass gathering, is certain to contribute to rapid growth of this market. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $18.7 billion in 2023. North America was the largest region in the global patient monitoring devices market, accounting for 34% of the market in 2019. Western Europe was the second largest region accounting for 28% of the global patient monitoring devices market. Africa was the smallest region in the global patient monitoring devices market. Internet of Things (IoT) is increasingly being adopted in the healthcare industry for the manufacturing of remote patient monitoring devices. An IoT based patient health monitoring system effectively uses the internet to track a patient’s health condition with the help of sensor systems that are implanted or embedded into the skin and enabled with wireless communication. They transmit patient’s physiological parameters via cloud-based platforms aiding healthcare professionals to remotely measure the patient’s condition. The increased use of mobile technologies and smart devices by health experts pushed the development of IoT enabled remote patient monitoring devices. Companies that participate in the development of IoT enabled remote patient monitoring devices include Siemens Healthineers, which collaborated with Infosys, an Indian information technology company, to develop a cloud-based IoT operating system for remote patient monitoring devices.
The major players in the global patient monitoring devices market are Philips Healthcare, GE healthcare, Medtronic Inc., Omron Corporation, Masimo
The countries covered in the global patient monitoring devices market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam
The global patient monitoring devices market is segmented:
1) By Type, Fetal And Neonatal Monitoring Devices, Weight Monitoring And Body Temperature Monitoring Devices And Equipment, Vital Parameter Monitoring Devices And Equipment, Remote Patient Monitoring Devices And Equipment
2) By End User, Hospitals And Clinics, Diagnostic Laboratories, Others
3) By Type of Expenditure, Public, Private
4) By Product, Instruments/Equipment, Disposables Subsegments Covered, Fetal Monitoring Devices, Neonatal Monitoring Devices, Temperature Monitoring Devices, Weight Monitoring Devices, Cardiac Monitoring Devices, Neuromonitoring Devices, Respiratory Monitoring Devices, Hemodynamic Monitoring Devices, Multiparameter Monitoring Devices, Cardiac Monitors, Respiratory Monitors, Hematological Monitors, Vital Parameter Monitors And Others