all report title image
  • Published On : Jun 2022
  • Code : CMI4938
  • Industry : Medical Devices
  • Pages : 306
  • Formats :

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

Condition Monitoring Device  | Coherent Market Insights

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.

CMI table icon

Condition Monitoring Device Market Report Coverage

Report Coverage Details
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
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product Type: Blood Pressure Monitors, Glucometers, Pulse Oximeters, ECG Monitors, Cold Chain System, Others
  • By Application: Patient Monitoring, Cold Chain Logistics
  • By End User: Hospitals, Homecare Settings, Others
Companies covered:

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.

Growth Drivers:
  • Increasing business development strategies such as collaboration, agreement, and acquisition adopted by key market players
  • Increasing efforts of key market players and research institutes for the development of new condition monitoring devices
Restraints & Challenges:
  • Inaccuracy associated with condition monitoring devices

Figure 2. Global Condition Monitoring Device Market Share in Terms of Value (US$ Million), By Product Type, 2022

Condition Monitoring Device  | Coherent Market Insights

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.

Key Players                                                               

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.

Market Dynamics

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:

  • This report provides an in-depth analysis of the global condition monitoring device market, market size (US$ Million), and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global condition monitoring device market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, strategies
  • Key companies covered as a part of this study 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.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global condition monitoring device market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global condition monitoring device market

Detailed Segmentation:

  • Global Condition Monitoring Device Market, By Product Type
    • Blood Pressure Monitors
      • Glucometers
      • Pulse Oximeters
      • ECG Monitors
      • Cold Chain System
      • Others
  • Global Condition Monitoring Device Market, By Application
    • Patient Monitoring
    • Cold Chain Logistics
  • Global Condition Monitoring Device Market, By End User
    • Hospitals
    • Homecare Settings
    • Others
  • Global Condition Monitoring Device Market, By Region:
    • North America
      • By Country
        • U.S.
        • Canada
    • Latin America
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Country
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Country
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Country/Region
        • South Africa
        • Central Africa
        • North Africa
  • Company Profiles
    • General Electric Company**
      • Company Highlights
      • Products Portfolio
      • Key Highlights
      • Financial Performance
      • Strategies
    • 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.
    • Thermofisher Scientific Inc.

“*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

The global condition monitoring device market is estimated to be valued at US$ 1,089.4 million in 2022 and is expected to exhibit a CAGR of 7.5% between 2022 and 2030.
Factors such as increasing efforts of key market players and research institutes for the development of new condition monitoring devices are expected to drive the market growth during the forecast period.
Glucometers is expected to hold a major market share during the forecast period in the product type segment.
The major factors hampering the growth of the market include inaccuracy associated with condition monitoring devices.
Major players operating in the 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.

Related Reports

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo