Patient monitoring devices discussed in the report include, hemodynamic monitor, continuous blood glucose monitor, neuromonitor, cardiac monitor, respiratory monitor and anesthesia monitors, fetal & neonatal monitoring devices, and multi-parameter monitors.
The global patient monitoring devices market is estimated to account for US$ 22,869.5 Mn in terms of value in 2020 and is expected to reach US$ 35,209.0 Mn by the end of 2027.
Global Patient Monitoring Devices Market: Drivers
Launch of new products is expected to propel growth of the global patient monitoring devices market over the forecast period. For instance, in December 2019, Nihon Kohden Corporation launched its Life Scope SVM-7200 Series vital signs monitor, a monitor designed for outpatient facilities and beds, to quickly and easily measure three vital signs – blood oxygen, blood pressure and temperature.
Global Patient Monitoring Devices Market: Opportunities
Development of web-based remote cardiac monitoring solutions is expected to offer lucrative growth opportunities for players in the global patient monitoring devices market. For instance, in November 2019, Bittium Corporation, a Finland-based cardiology and neurology device company, presented Bittium HolterPlus, a web-based remote cardiac monitoring solution, consisting of a Bittium Faros ECG device and Bittium HolterPlus mobile application, at Medica 2019, a leading international trade fair for the medical sector that was held in Germany.
Global Patient Monitoring Devices Market: Restraints
Product recalls are expected to hinder growth of the market. For instance, in February 2020, GE Healthcare Inc. announced to recall 165 patient monitoring devices in the U.S. because of a manufacturing issue that may cause them to display incorrect oxygen values in patients.
The global patient monitoring devices market was valued at US$ 21,505.5 Mn in 2019 and is forecast to reach a value of US$ 35,209.0 Mn by 2027 at a CAGR of 6.4% between 2020 and 2027. Major factor driving the growth of global patient monitoring devices market during the forecast period include increasing prevalence of diseases, and technologically advanced product launches.
Respiratory and Anesthesia Monitors held dominant position in the global patient monitoring devices market in 2019, accounting for 30.8% share in terms of value. Increasing number of patients suffering from several diseases such as cardiovascular diseases, and cancer, are expected to support growth of the segment.
Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in April 2019, Edwards Lifesciences Corporation acquired CAS Medical Systems, Inc., a medical technology company focused on non-invasive brain and tissue oxygenation monitoring.
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in April 2019, VivaQuant, a digital health company, received the U.S. FDA clearance for its RX-1 wearable device that can operate as a Holter monitor.
Global Patient Monitoring Devices Market: Competitive Landscape
Major players operating in the global patient monitoring devices market include, 3M Healthcare, Boston Scientific Corporation, Covidien, Draegerwerk AG and Co. KGaA, GE Healthcare, Medtronic Plc, Mindray Medical, Omron, Nihon Kohden Corporation, Biotricity Inc., Bittium Corporation, DexCom, Inc., Caretaker Medical, Shimmer, Edwards Lifesciences Corporation, Saranas, Inc., DiaMonTech GmbH, VivaQuant, and Philips Healthcare.
Global Patient Monitoring Devices Market: Key Developments
November 2019: Saranas, Inc. announced completion of the first U.S. commercial case using the Early Bird Bleed Monitoring System for real-time detection and monitoring of endovascular bleed complications.
January 2019: Eris Lifesciences, a chronic drugs provider, collaborated with India Medtronic Pvt. Ltd, a wholly owned subsidiary of Medtronic plc, to offer its U.S. FDA approved Guardian Connect device, a Smart Continuous Glucose Monitoring System for real-time evaluation of glucose variability in diabetes patients in India.