|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Patient Monitoring Market was valued at USD 37,115.97 million in 2021, and it is expected to register a CAGR of 8.97% during the forecast period of 2022 to 2027.
Globally, the COVID-19 pandemic put 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, showing a 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 that help in detecting and providing treatment for patients with COVID-19. The product line includes 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 of the pandemic on it.
The growth of the patient monitoring market is attributed to the rising burden of chronic diseases due to lifestyle changes, growth in the geriatric population, growing preference for home and remote monitoring, and the ease of use of portability devices. For Instance, 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 for 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. Patient monitoring technologies come into play and identify small changes in the patient’s physiological data, 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.
Intiatives such as expansion and product launches are anohter factor for the growth of the market. For instance, in September 2021, the Indian subsidiary of Medtronic, partnered with Stasis Health to expand access to Statis Monitor, a connected care bedside multi-parameter monitoring system across India. Similarly, in July 2021, Terumo Corporation launched Dexcom G6 continuous glucose monitoring system in Japan. Dexcom, Inc., based in the United States manufactures the product and Terumo holds the exclusive distribution agreement in Japan.
However, resistance from healthcare industry professionals toward the adoption of patient monitoring systems and the high cost of technology are likely to hinder the market growth.
Scope of the Report
As per the scope of this report, patient monitoring devices are monitoring devices that continuously monitor the patient’s vital parameters, like blood pressure and heart rates, by using a medical monitor and collecting medical (and other) data from individuals. The patient monitoring market is segmented by type of device (hemodynamic monitoring device, neuromonitoring devices, cardiac monitoring devices, multi-parameter monitors, respiratory monitoring devices, remote patient monitoring devices, and other types of devices), application (cardiology, neurology, respiratory, fetal and neonatal, weight management and fitness monitoring, and other devices), end user (home care settings, hospital and clinics, and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above-mentioned segments.
|By Type of Device|
|Hemodynamic Monitoring Devices|
|Cardiac Monitoring Devices|
|Respiratory Monitoring Devices|
|Other Types of Devices|
|Fetal and Neonatal|
|Weight Management and Fitness Monitoring|
|By End User|
|Hospitals and Clinics|
|Other End Users|
Key Market Trends
The Cardiology Application Segment is Expected to Grow Fast Over the Forecast Period
In cardiology, patient monitoring devices are used to diagnose and monitor various disorders or abnormalities of the heart and the overall cardiovascular system. The major factor driving the growth of the market is the rising incidence and prevalence of cardiovascular diseases, as this increases the adoption of these devices in cardiac monitoring. Similarly, according to the Article published in Cureus Journal of Medical Science in 2020, Ischemic Heart Disease is the leading cause of death worldwide. Ischemic Heart Diseases Affects around 126 million individuals (1,655 per 100,000) globally which is approximately 1.72 of the world population. The global prevalence of ischemic heart diseases is expected to exceed 1,845 per 100,000 by the year 2030.
Amid the pandemic, the virus poses a particular risk to people who have underlying medical conditions, including cardiovascular disease and hypertension. In March 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. 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%, with 1 in 7 exhibiting signs of severe abnormalities. This 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, which is likely to fuel the growth of this segment. For example, in June 2020, Boston Scientific received Food and Drug Administration clearance for its LUX-Dx Insertable Cardiac Monitor (ICM) System. Similarly, merger and acquisition are another factor for the growth of the market. For instance, in January 2021, Boston Scientific Corporation acquired PreventiceSolutions, Inc., a privately held company offering remote and wearable cardiac monitors for adults and pediatric patients. The acquisition will establish a strong footprint of Boston Scientific Corporation in the implantable cardiac monitor market. It is an implantable diagnostic device for detecting arrhythmias. Therefore, the overall scenario of the cardiac application in the market studied is expected to witness significant growth over the forecast period.
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North America Region Holds the Large Market Share Over the Forecast Period
The North American patient monitoring market dominated the global market, and it is estimated to show a similar trend during the forecast period. The increasing geriatric population, rising incidences of chronic diseases, growing demand for wireless and portable systems, and the presence of sophisticated reimbursement structures aiming toward cutting out-of-pocket expenditure levels are the major factors attributing to its large market share.
In recent times, North American countries face the huge threat of coronavirus, and thus, patient monitoring has become crucial in stopping the adverse effects of the virus. According to an article published by the Center for Disease Control and Prevention in February 2020, 19% of patients who contracted COVID-19 had conditions severe enough to require hospitalization. Thus, the COVID-19 pandemic has unsurprisingly escalated the demand for patient monitoring devices.
In October 2020, the United States Food and Drug Administration issued a new policy that helps in expanding the availability and capability of non-invasive remote monitoring devices to facilitate patient monitoring while reducing patient and healthcare provider contact and exposure to COVID-19 for the duration of the COVID-19 public health emergency.
Key players are implementing strategic initiatives to gain a higher market share. For instances, in July 2021, Abbott introduced Jot Dx, an insertable cardiac monitor. It is designed to reduce data burden and diagnose abnormal heart rhythms. Similarly, in May 2019, Abbott received FDA clearance for its Confirm Rx, an implantable and insertable cardiac monitor to diagnose and trach unpredictable heart rhythm.
Thus, owing to the launch of innovative products and the rising prevalence of chronic diseases in the United States, the market is expected to witness a high growth rate over the forecast period.
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The patient monitoring market consists of several major players. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships, that help strengthen their market position. The key players in the market are Abbott Laboratories, Baxter International Inc., Boston Scientific Corporation, Becton, Dickinson and Company, General Electric Company (GE Healthcare), and Johnson & Johnson among others.
In January 2022, MDLIVE launched patient health monitoring to drive health improvements for people living with chronic conditions. This digital-first program aims to improve health outcomes for people living with chronic health conditions like diabetes, heart disease, or high blood pressure.
In January 2022, Omron Healthcare launched heart-focused remote patient monitoring. This launch would expand digital health services to consumers and monitor risks of heart disease and other ailments.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Chronic Diseases due to Lifestyle Changes
4.2.2 Growing Preference for Home and Remote Monitoring
4.3 Market Restraints
4.3.1 Resistance from Healthcare Industry Professionals Toward the Adoption of Patient Monitoring Systems
4.3.2 High Cost of Technology
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD million)
5.1 By Type of Device
5.1.1 Hemodynamic Monitoring Devices
5.1.2 Neuromonitoring Devices
5.1.3 Cardiac Monitoring Devices
5.1.4 Multi-parameter Monitors
5.1.5 Respiratory Monitoring Devices
5.1.6 Other Types of Devices
5.2 By Application
5.2.4 Fetal and Neonatal
5.2.5 Weight Management and Fitness Monitoring
5.2.6 Other Applications
5.3 By End User
5.3.1 Home Healthcare
5.3.2 Hospitals and Clinics
5.3.3 Other End Users
5.4.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.4 Middle East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East and Africa
5.4.5 South America
184.108.40.206 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Baxter International Inc.
6.1.3 Boston Scientific Corporation
6.1.4 Becton, Dickinson and Company
6.1.5 General Electric Company (GE Healthcare)
6.1.6 Johnson & Johnson
6.1.7 Masimo Corporation
6.1.8 Medtronic plc
6.1.9 Omron Corporation
6.1.10 Koninklijke Philips NV
6.1.11 Drägerwerk AG & Co. KGaA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Patient Monitoring Market market is studied from 2019 - 2027.
What is the growth rate of Global Patient Monitoring Market?
The Global Patient Monitoring Market is growing at a CAGR of >8.97% over the next 5 years.
Which region has highest growth rate in Global Patient Monitoring Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Patient Monitoring Market?
North America holds highest share in 2021.
Who are the key players in Global Patient Monitoring Market?
Abbott Laboratories, Boston Scientific Corporation, GE Healthcare, Johnson & Johnson, Becton, Dickinson and Company are the major companies operating in Global Patient Monitoring Market.