Patient Monitoring Devices Market to Reach $32,435 Million, Globally, by 2023

Global Patient Monitoring Devices Market was valued at $21,127 million in 2016, and is expected to garner $32,435 million by 2023, registering a CAGR of 6.2% during the forecast period 2017 - 2023. According to a study by Elliot and Coventry, it is important that the following eight parameters of a patient should be monitored: oxygen saturation, blood pressure, temperature, pain, pulse, level of consciousness, urine output, and respiration rate, which are monitored with the help of patient monitoring devices. Patient monitoring devices are used during minor & major surgeries to monitor the patient’s physiological signs and related complication. Moreover, with the advancement in wireless technology, these devices could be used to remotely monitor the physiological parameters of the patients. These devices are a vital part of hospitals and other healthcare facilities as these are expected to help physicians determine the severity of any disease.

The report analyzes the patient monitoring industry into three segments, namely, product, end user, and geography. On the basis of product type, it is categorized into hemodynamic, neuromonitoring, cardiac, fetal & neonatal, respiratory, multiparameter, remote patient, weight, and temperature monitoring devices. Hemodynamic monitoring devices are further divided into blood glucose, blood gas & electrolyte analyzer, and blood pressure monitors. Neuromonitoring devices are further categorized into electroencephalograph devices, magnetoencephalography devices, intracranial pressure monitors, transcranial Dopplers, and cerebral oximeters. Cardiac monitoring devices are further classified into electrocardiogram devices, Holter monitors, event monitors, and others (implantable loop recorders, cardiac output monitoring devices, and others). Fetal & neonatal monitoring devices are further categorized into ultrasound devices, Electronic Fetal Monitoring devices (EFM), Fetal Doppler and Others. Respiratory monitoring devices are further classified into capnograph, spirometer, sleep apnea monitor, and pulse oximeter. Multiparameter monitoring devices are further categorized into high, mid, and low acuity. Based on end users, the market is divided into hospitals & clinics, home settings, and ambulatory surgical centers. Based on geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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The market is growing at a steady pace due to the rise in the geriatric population; growth in the prevalence of patients suffering from different lifestyle diseases, such as diabetes, cancer, and atherosclerosis; and increase in the adoption rate of remote patient monitoring devices. The key players have focused on new product development to meet the specific requirements of the researchers. For instance, on September 2016, Nihon Kohden announced the launch of the advanced bedside monitor called BSM-3500.
Acquisition and collaboration is another key strategy that is adopted by the larger companies. These companies are acquiring smaller organizations to improve their product portfolio and gain additional market share. The collaborations between companies, hospitals, and academic institutions are expected to positively impact the market growth. For instance, on September 2016, Qualcomm Life and Philips, the two bigger players in this market, have collaborated to make telehealth more reliable.

The report provides extensive competitive analysis and profiles of key market players, such as Medtronic, Inc., Biotronik, F. Hoffmann-La Roche Ltd., GE Healthcare Ltd., Masimo Corporation, Nihon Kohden Corporation, Johnson & Johnson, Omron Healthcare Co. Ltd., Abbott Laboratories, and Koninklijke Philips N.V.

The other players in the value chain include Honeywell International Inc., Siemens Healthcare, Lifewatch AG, Care Innovations, LLC., Smiths Medical, and St. Jude Medical, Inc.

Asia-Pacific possesses high potential for the market growth due to rise in the geriatric population and increase in the purchasing power of populous countries, such as China and Japan. The increase in the use of these devices has led to rapid developments in this market. Owing to the rise in the prevalence of lifestyle diseases, the governments of numerous countries have taken an initiative to improve the healthcare facilities by improving the overall healthcare infrastructure, which is expected to propel the market growth.

South Korea market is projected to grow at a CAGR of 6.7% during the forecast period. South Korea holds 4.1% share in the patents registrations from 2010 to 2016. The increase in focus of the key players on the emerging markets (such as Asia-Pacific and LAMEA) contribute toward the market growth.
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Key Benefits

• The global market report provides an extensive analysis of the current market trends and future estimations in the market.
• The market scenario is comprehensively analyzed with respect to the product and end user.
• The market estimations are based on high-end analysis of the key developments.
• Recent developments and key manufacturers are listed to understand the competitive market scenario.
• In-depth analysis based on geography provides an understanding of the regional market, which assists in strategic business planning.

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