Condition monitoring devices use digital technology for monitoring an individual’s health-related parameters such blood glucose level, oxygen levels, blood pressure, and others. These devices and sensors help in improving patient safety, reducing healthcare expenditure cost, enhancing the accessibility of healthcare services, and improving the overall operational efficiency of the healthcare industry. The integration of internet of things (IoT) technology and cloud computing technology to healthcare applications has enabled continuous monitoring of an individual’s information that can be accessed and visualized by using computers, smartphones, tablets, etc. These monitoring devices collect patient’s information, diagnoses, and disease conditions by monitoring the patient’s health and generate alerts in case of a medical emergency. Hence, owing to the major advantage of improving patient safety by offering conditional monitoring of healthcare parameters, the adoption of these devices will increase over the forecast period.
The global condition monitoring device market is estimated to be valued at US$ 1,089.4 million in 2022 and expected to exhibit a CAGR of 7.5% during the forecast period (2022-2030).
Figure 1. Global Condition Monitoring Device Market in Terms of Value (US$ million), By Region, 2022
The increasing adoption of business development strategies such as collaboration, agreement, and acquisition by key market players is anticipated to drive the global condition monitoring device market growth during the forecast period.
The market players are engaged in business development strategies, which is expected to boost the growth of the condition monitoring device market over the forecast period. For instance, in January 2022, MedSys Health, a South Florida-based start-up revolutionizing virtual care, entered in a collaboration with FirstNet a provider of reliable and interoperable network for simplifying and expanding remote patient monitoring (RPM) solutions for high-risk patients. MedSys Health provides end-to-end virtual care platforms including telemedicine, RPM, and patient engagement solutions. The company’s RPM solution helps in monitoring various conditions such as hypertension, heart disease, diabetes, and other respiratory diseases. MedSys Health is adding smartphones from AT&T embedded with FirstNet’s IoT SIMs to its remote patient monitoring kits. The kits contain one or more monitoring devices such as glucometers, pulse oximeters, blood pressure monitors, respiratory monitors, and others.
|Base Year:||2021||Market Size in 2022:||US$ 1,089.4 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||7.5%||2030 Value Projection:||US$ 1,940.8 Mn|
General Electric Company, Koninklijke Philips N.V., Nihon Kohden Corporation, Hoffmann-La Roche Ltd, Braun Melsungen AG, Abbott, Masimo, Smiths Medical, 1byone, Inc., B Medical Systems, IndoSurgicals Pvt. Ltd., Biomedhelix (Pty) Ltd., and Thermofisher Scientific Inc.
|Restraints & Challenges:||
Figure 2. Global Condition Monitoring Device Market Share in Terms of Value (US$ Million), By Product Type, 2022
Increasing efforts of key market players and research institutes for the development of new condition monitoring devices are likely to propel the market growth over the forecast period.
Research institutes and companies in various regions are developing new condition monitoring devices. For instance, in May 2020, Electronics Corporation of India Limited (ECIL) under the Department of Atomic Energy (DAE) in association with All India Institute of Medical Sciences (AIIMS), a research institute based in India, developed Monal 2020, a remote health monitoring solution. The device enables round-the-clock monitoring in home isolation conditions. It consists of an indigenously developed wearable instrument for measuring vital health parameters such as blood oxygen level, body temperature, heart rate, and respiration rate.
Global Condition Monitoring Device Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) declared the COVID-19 a pandemic on March 11, 2020. According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 392 million cases and 5.7 million deaths due to coronavirus disease (COVID-19) were reported up till February 6, 2022 across the globe.
Amidst the COVID-19 pandemic, condition monitoring devices are gaining popularity as people are increasingly adopting health monitoring devices for the regular monitoring of heath parameters such as blood glucose levels, oxygen concentration, heart rate, and others. COVID-19 patients have various symptoms such as shortness of breath, fever, decrease in oxygen saturation level, headache, dry cough, sore throat, body pain, and abnormal pulse rate. Hence, there is a growing adoption of devices such as oximeters, electrocardiograms (ECG) monitors, and blood pressure monitoring devices.
Global Condition Monitoring Device Market: Restraint
Inaccuracy associated with condition monitoring devices such as oximeters is likely to hamper the market growth. For instance, in February 2021, the U.S. Food and Drug Administration (FDA) cautioned in a new guidance about the potential inaccuracies associated with pulse oximeters. The U.S. FDA stated that there might be several reasons such as poor circulation, tobacco use, and dark skin pigmentation that may lead to inaccurate results. Hence, it was recommended that patients should not rely entirely only on home pulse oximeter measurements.
Major players operating in the global condition monitoring device market include General Electric Company, Koninklijke Philips N.V., Nihon Kohden Corporation, Hoffmann-La Roche Ltd, Braun Melsungen AG, Abbott, Masimo, Smiths Medical, 1byone, Inc., B Medical Systems, IndoSurgicals Pvt. Ltd., Biomedhelix (Pty) Ltd., and Thermofisher Scientific Inc.
Condition monitoring in healthcare refers to leveraging real-time data for diagnosing an individual’s health or monitoring environmental conditions essential for the transportation of pharmaceutical products such as biologics. There are several condition monitoring devices that are used for patient monitoring, such as blood pressure monitors, glucometers, pulse oximeters, and electrocardiography (ECG) monitors. They consist of mostly self-testing devices that constantly help in monitoring data to assess and evaluate better outcomes. There are several advantages of using these remote monitoring devices. They help in reducing the costs and save time for the efficient monitoring of the health condition of an individual.
Besides patient monitoring, condition monitoring devices help in monitoring environmental parameters which are essential for developing pharmaceutical products. Pharmaceutical products such as biologics and samples are sensitive to a wider range of parameters such as heat, humidity, and light. Hence, cold chain systems are used for improving and ensuring precise temperature monitoring, data logging, and cold chain monitoring for preserving the integrity of pharmaceutical products.
Key market players are focused on launching new condition monitoring devices which can be used in homecare settings. This, in turn, is propelling the market growth. For instance, on January 21, 2021, Tyto Care, a telehealth company, launched Fingertip Pulse Oximeter (SpO2) medical device for measuring the heart rate and blood oxygen saturation levels remotely. The device facilitates blood oxygen examination in home setting with real-time results. Thus, the virtual examination solution can be suitable for patients with chronic lungs & heart conditions, as well as the Covid-19, and help the patients in avoiding hospital and clinic visits.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.