The global patient monitoring devices market is evaluated at US$19.197 billion for the year 2019 growing at a CAGR of 5.88% reaching the market size of US$28.630 billion by the year 2026.
Monitoring in medical usage is a term that refers to the inspection of a disease, condition on one or several medical parameters over time. It is carried out by constantly measuring parameters by either employing a medical monitor such as continuously measuring vital signs by a bedside monitor or by repeatedly performing medical tests such as blood glucose monitoring with a glucose meter in people with diabetes mellitus. Patient equipment monitoring devices are manufactured by assembling sensors, a display device, translators, and communication links. Cardiac monitoring, Respiratory monitoring, Neurological monitoring, Childbirth monitoring are different types of healthcare parameters monitoring, boosting the demand for monitoring devices. The aging population globally, increasing occurrences of lifestyle diseases, and advancement in-home patient monitoring are some factors driving this market. However, saturation in developed countries and inefficient reimbursement regulations may impair market growth. Aging population and lifestyle diseases are driving the patient equipment monitoring market in the Americas and the European region while increasing disposable income and population growth in APAC will augment the demand for patient monitoring devices in the region over the next six years.
The market has been significantly driven by the increasing health expenditures done by several governments to enhance the technological advancements in the sector.
The advent of COVID-19 had a positive impact on the patient monitoring devices market. Globally, the COVID-19 pandemic showed enormous pressure on the healthcare system and hospitals that were understaffed and overworked. Patient Monitoring devices such as ventilators helped in the monitoring of critically ill COVID-19 patients which allows the measurements of physiological reserves and indicates the effectiveness of therapeutic interventions during the pandemic which shows the positive impact on the market. Furthermore, the companies are increasing their manufacturing of critical/essential medical device products. For instance, in March 2020, Royal Philips ramped up the production of certain critical care products and solutions which help in detecting and providing treatment for patients with COVID-19. The product line includes the patient vital signs monitors, medical consumables for non-invasive and invasive ventilation, and portable ventilators to treat respiratory conditions. Thus, owing to the aforementioned factors the market is likely to have a positive impact from the pandemic on it.
Increasing cases of chronic diseases at a global will drive the market during the forecast period.
As per the World Health Organization 2020, the major chronic disorders such as cancer, chronic obstructive pulmonary disease, cardiovascular diseases (CVD), and diabetes were estimated to account for 73% of all deaths and 60% of the global burden of diseases in 2020. Also, according to Globocan 2020, the new cancer cases that were diagnosed accounted for 19,292,789 in 2020 worldwide, with 9,958,133 deaths due to cancers globally. Among all cancers, breast cancer accounted to 2,261, 419 new cancer cases, followed by lung (2,206,771), Prostate (1,414,259) and colon (1,148,515) new cases in 2020. Here, patient monitoring technologies come into play and identify small changes in the patient's physiological data, hence promoting self-monitoring. Thus, it reduces readmissions and prevents avoidable hospitalizations, decreases the number of unnecessary trips to the doctor's office, and reduces travel-related expenses. On a short- and long-term basis, by the proper implementation, patient monitoring technologies can expand access to quality healthcare and save time and money.
The demand for patient monitoring devices increased during the pandemic due to increasing concerns about cardio-related impacts of the disease and the trend is expected to continue in the coming years.
Amid pandemic, the virus poses a particular risk to people who have underlying medical conditions, including Cardiovascular disease and Hypertension. In 2020, the World Health Foundation, a study was conducted in JAMA Cardiology among 100 COVID-19 patients whereas 60 showed some signs of cardiovascular disorders. Also, in 2020, doctors at Edinburgh University examined echocardiograms from more than 1,200 COVID-19 patients across 69 countries and found cardiac problems in 55% whereas 1 in 7 exhibiting signs of severe abnormalities. This has led hospitals to implement a patient monitoring system to keep track of a patient's health, thereby positively influencing the verticle growth.
Furthermore, the market players in the cardiac monitoring space are actively advancing the product technologies and increasing the adoption of these devices, thus, it is likely to fuel the growth of this segment. For example, in 2018, Qardio Inc. received approval from Australia's Therapeutic Goods Administration (TGA) for QardioCore, its revolutionary ECG monitor. Similarly, in August 2019, AliveCor launched the KardiaMobile 6L in the United Kingdom, the world's first FDA-cleared and CE-marked, six-lead personal heart monitoring device. This unique, smartphone-based technology provides a multi-dimensional view of the heart in 30-seconds, including visibility into arrhythmias, such as atrial fibrillation (AF), that are leading indicators of cardiovascular disease. Therefore, the overall scenario of the cardiac application in the market studied is expected to witness significant growth over the forecast period.
|Market size value in 2019||US$19.197 billion|
|Market size value in 2026||US$28.630 billion|
|Growth Rate||CAGR of 5.88% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||General Electric Company (GE Healthcare), Johnson & Johnson, Masimo Corporation, Medtronic Care Management Services LLC, Omron Corporation, Koninklijke Philips NV, Siemens Healthcare GmbH, Abbott Laboratories, Baxter International Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the patient monitoring devices market size by 2026?
A1. The global patient monitoring devices market is projected to reach a market size of US$28.630 billion in 2026.
Q2. What is the size of global patient monitoring devices market?
A2. Patient Monitoring Devices Market was valued at US$19.197 billion in 2019.
Q3. What are the growth prospects for the patient monitoring devices market?
A3. The patient monitoring devices market is projected to grow at a CAGR of 5.88% over the forecast period.
Q4. Which region holds the maximum market share of the patient monitoring devices market?
A4. Europe and North America are expected to hold a significant share of the patient monitoring devices market due to the Aging population and lifestyle diseases.
Q5. What factors are anticipated to drive the patient monitoring devices market growth?
A5. The aging population globally, increasing occurrences of lifestyle diseases, and advancement in-home patient monitoring are some factors driving the patient monitoring devices market.