Patient Monitoring Devices Market Size By Product (Cardiac Monitoring Devices {ECG Devices, Implantable Loop Recorders, Mobile Cardiac Telemetry Monitors, Smart Wearable ECG Patches}, Neuromonitoring Devices {EEG Devices, Cerebral Oximeters, Intracranial Pressure Monitors, EMG Devices}, Respiratory Monitoring Devices {Pulse Oximeters, Spirometers, Capnographs, Peak Flow Meters}, Anesthesia Monitor, Hemodynamic Monitoring Devices, Fetal and Neonatal Monitoring, Multiparameter Devices), By Type (Conventional, Wireless), By End-use (Hospitals, Ambulatory Surgical Centers (ASCs), Homecare Settings), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025

Published Date: Jul 2019  |  Report ID: GMI4069  |  Authors: Sumant Ugalmugale

Report Format: PDF   |   Pages: 140   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Patient Monitoring Devices Market Size was valued at USD 19.5 billion in 2018 and is expected to witness 5.1% CAGR from 2019 to 2025.


Patient Monitoring Devices Market

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Technological advancements in patient monitoring devices in developed regions will prove beneficial for the business growth. Industry players are focusing on R&D activities to develop monitors that provide operational ease to healthcare professionals. Also, recently developed monitors are automated and allows efficient transfer of patient data. For instance, Philips Healthcare has developed EncorePro2 system that displays multiple patient parameters on a single dashboard through automations. Changes in patient’s health is directly reflected on smart cards that minimizes the requirement of technicians to operate it. Moreover, these devices assist healthcare staff to remotely monitor patients and constantly take follow ups even if the patients are at home. Sophisticated functional flow achieved through advanced monitoring devices will increase its preference, thereby propelling patient monitoring devices market.
 

Growing number of hospital admissions will increase the demand for patient monitors thereby, augmenting the global market growth. Now-a-days upgraded patient monitoring devices that display data of multiple patients through central surveillance system are available. Furthermore, several patient monitoring devices have been integrated with IoT that allows them to provide warning alarm to doctors in case of emergency. However, high cost of patient monitors may restrain its adoption specifically in underdeveloped regions thereby restraining the industry growth. This factor will have short term impact on the patient monitoring market growth.
 

Patient Monitoring Devices Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 19.5 Billion (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period 2019 to 2025 CAGR: 5.1% 2025 Value Projection: 27 Billion (USD)
Pages: 140 Tables, Charts & Figures: 116
Geographies covered (18): U.S., Canada, Germany, UK, France, Italy, Spain, India, China, Japan, Australia, South Korea, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE
Segments covered: Product, Type, End-use, and Region
Companies covered (14): Philips, Siemens, GE Healthcare, Nihon Kohden, OSI Systems, Fukuda, Medtronics, Hill-Rom Holdings, Mindray, Skanray Technologies, Epsimed, Sensata Technologies, Opto India, Medion Healthcare
Growth Drivers:
  • Technological advancements in patient monitoring industry in developed regions
  • Improving regulatory scenario for patient monitors in Asia Pacific
  • Increasing number of hospital admissions globally
  • Growing preference for telehealth services
Pitfalls & Challenges:
  • High cost of advanced patient monitors

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Patient Monitoring Devices Market, By Product

Cardiac monitoring devices segment is anticipated to witness around 5% growth in analysis time frame. Increasing incidences of cardiovascular diseases in developed as well as developing economies should prove beneficial for the segmental growth. Majority of patients suffering from cardiovascular diseases undergo surgical procedures and require constant monitoring that surges the demand for cardiac monitoring devices. Technologically advanced devices record heart’s minute activities and help healthcare professionals in providing effective treatment to patients that further stimulates the segment growth.
 

Neuromonitoring devices segment accounted for more than 6.5% revenue share in 2018. Considerable segment share can be attributed to the benefits offered by neuromonitoring devices. Currently utilized neuro monitors are integrated with artefact detection software that allows real time monitoring and provides the surgeon commendable control during surgical procedures. Also, the neuro monitors have multiple USB ports that makes the documentation process easier. Moreover, neuro-monitors also have enhanced user interface that should elevate its preference in the coming years.
 

Patient Monitoring Devices Industry, By Type

Conventional patient monitors segment was valued around USD 12 billion in 2018. Conventional type of patient monitoring devices are used specifically in ambulatory surgical centres as they are cost-effective. Conventional monitoring devices display basic health parameters that are important and sufficient while performing outpatient surgeries. However, these devices occupy more space and restricts patient mobility that may lower the pace of segmental growth.
 

Wireless monitoring devices segment is anticipated to witness over 5% CAGR over the forecast time period. Wireless monitor delivers quality care, real time data and remote patient monitoring to patients that has reduced the mortality rates. Furthermore, wireless monitoring devices transmits vital signs to doctor via mobile and also reduces the hospital visits. Such devices allow remote monitoring of patients and are highly preferred by elderly people suffering from chronic diseases thereby, fostering segmental growth.
 

Germany Patient Monitoring Devices Market Size, By Type, 2018 (USD Million)
Germany Patient Monitoring Devices Market Size, By Type, 2018 (USD Million)

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Patient Monitoring Devices Market, By End-use

Hospitals segment had over 41% revenue share in 2018 and it will experience robust growth in the coming years. People often prefer hospitals for treatment of chronic diseases as they are well-equipped with advanced medical diagnostic devices. Aforementioned factors increase the number of hospital admissions thereby, boosting the demand for patient monitoring devices in hospitals.
 

Homecare settings segment is anticipated to witness around 5% CAGR over the forecast period. Remote monitoring devices enable patients to monitor their heart rate and other vital parameters using portable instrument eliminating need to visit healthcare facilities. Moreover, currently available wearables monitoring devices offers timely updates to doctors and also facilitates easy transfer of patient data. These advantages provided by upgraded remote patient monitoring devices will escalate its demand in homecare settings, thereby fuelling segment growth of patient monitoring devices market.
 

Patient Monitoring Devices Industry, By Region

North American market size is estimated to witness more than 4% CAGR over the forecast timeline. Favourable demographic trends have positively influenced the demand for patient monitors. Increasing geriatric population suffering from chronic diseases requiring continuous intensive care raises the demand for monitoring devices. Moreover, regulations framed by authorities ensure superior quality of monitoring devices. Therefore, positive regulatory scenario for patient monitoring devices industry proves beneficial for the industry growth.
 

Asia Pacific patient monitoring devices market accounted for around 22% revenue share in 2018. Currently, incidences of cardiovascular diseases have increased due to changes in lifestyle. Obesity is one of the major causes of heart strokes in countries such as India and Japan. This scenario proves beneficial for the regional market growth as it increases the demand for patient monitoring devices. Furthermore, rising awareness regarding availability of wearable monitoring devices in Asian countries should trigger the industry growth in forthcoming years.
 

Asia Pacific Patient Monitoring Devices Market Size, By Country, 2025 (USD Million)
Asia Pacific Patient Monitoring Devices Market Size, By Country, 2025 (USD Million)

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Competitive Market Share

Some of the notable players operating in the global market are Skanray Technologies, Philips, Siemens Healthineers, Medion Healthcare, GE Healthcare, Nihon Kohden, OSI Systems, Epsimed, Sensata Technologies, Fukuda, Mindray, Medtronic and Hill-Rom Holdings. Industry players are adopting strategies such as product launches, collaborations, mergers and acquisitions to sustain market competition.
 

Recent industry developments:

  • In January 2018, Philips launched next-generation patient monitoring solution IntelliVue X3, in the U.S. The device features intuitive smart-phone-style operation and alarm settings. Thus, new product launch will enhance sales that will give the company edge over its competitors.
     
  • In February 2019, Mindray launched ePM Series that is 4th generation of mid-acuity patient monitor. This device delivers accurate physiological measurements, comprehensive connectivity and smooth workflow. Additionally, it features as clinical assistive applications that helps caregivers to recognize deteriorating patient health accurately and quickly. New product launches will enable company to provide innovative solutions that will foster company’s growth.
     

Patient Monitoring Devices Industry Background

Patient monitoring devices industry can be traced back to early 1600’s. In 1625, Santorio developed techniques for measuring body temperature and pulse rate. Consequent improvements in devices enabled efficient measurement of temperature, pulse and respiratory rate along with other vital parameters. Development of electronic instrumentation and transducers during World War II increased the quantity of physiological variables that could be monitored. Initially patient monitoring devices were large and displayed only single parameter. After several technological enhancements, patient monitoring devices could demonstrate multiple parameters on a single display. Later, portable monitors were introduced that possessed enhanced user interface. Currently, patient monitoring industry is in matured phase and therefore, industry players invest in R&D to create product differentiation. Adding innovations in the already existing monitors will help the companies to sustain in the market. Due to introduction of IoT in the monitoring industry, remote patient monitoring has emerged. In future, with advancements in technology, newer monitoring devices will be introduced that would positively impact the industry growth.
 

Frequently Asked Questions (FAQ) :

The value of global market for patient monitoring devices exceeded USD 19.5 billion in 2018.
The revenue of worldwide patient monitoring devices industry is set to exceed USD 27 billion by 2025, according to a new report published by Global Market Insights, Inc.
Technological advancements in patient monitoring devices and increasing number of hospital admissions are the key growth drivers for patient monitoring devices industry globally.

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