The Global Patient Monitoring Devices Market - Industry Trends & Forecast Report 2027 - PDF document

Impressive Growth Awaits the Global Patient Monitoring Devices Market – Projected to Reach Worth USD 68.4 Billion in 2027 Global Patient Monitoring Devices Market - Industry Trends & Forecast Report 2027 Summary Global Patient Monitoring Devices Market; By Product Type (Hemodynamic Monitoring Devices, Neuromonitoring Devices, Cardiac Monitoring Devices, Blood Glucose Monitoring Devices, Fetal and Neonatal, Respiratory Monitoring Devices, Multi - parameter Monitors, Remote Patient Monitoring Devices, Weight Monitoring, Temperature Monitoring, and Other Devices), By Application (Cardiology, Neurology, Respiratory, Weight Management, and Fitness Monitoring, and Others), By End - User (Hospital and Clinics, Home Care Settings, Ambulatory Surgical Centres and Other End Users) By Region [North America, Europe, the Asia - Pacific, the Middle - East & Africa, and Latin America] Trend Analysis, Competitive Market Share & Forecast, 2017 - 2027 A recent study conducted by BlueWeave Consulting revealed that the Global Patient Monitoring Devices was worth USD 36.6 Billion in 2020 and is projected to grow at a CAGR of 9.6% during the forecast period earning revenue of around USD 68.4 Billion by the end of 2027 . The healthcare industry has been transformed as a result of the involvement of technology pioneers tapping into the rapid patient monitoring market. Due to the regular monitoring of vital indic ators such as heart rate, spO2, blood pressure, and temperature, there has been a boost in demand for patient monitoring devices recently, propelling patient monitoring devices market growth. Several remote patient monitoring devices, including Mitra, DexC om, and Riverfield, are designed particularly for sample collection at home, making it easier and more cost - effective . View report Press release Sample report Impressive Growth Awaits the Global Patient Monitoring Devices Market – Projected to Reach Worth USD 68.4 Billion in 2027 The recent outbreak of the COVID - 19 pandemic has also increased the demand for this market across all its end - users. The integration of I oT in monitoring devices, availability of wearables, and other innovations like radar have further created new market opportunities. However, the high cost of products has caused a challenge in the growth of the patient monitoring devices market. Moreover, the market is regulated by stringent government laws, which leads to competition in price among competitors and acts as a restraint in the market's revenue in many regions . The Global Patient Monitoring Devices Market - Industry Trends & Forecast Repo rt 2027 The Global Patient Monitoring Devices Market was worth USD 36.6 Billion in 2020, and it is further projected to reach USD 68.4 Billion by 2027, at a CAGR of 9.6% during 2021 - 2027 (forecast period). The growth of this market is attributed to increa sing demand for tracking biometrics such as calories burnt, heart rate, and others. With an increasing awareness of personal care, the use of fitness trackers and other wearables has increased, fueling the growth of the patient monitoring devices market. I ncorporating the internet of things (IoT) into various healthcare, fitness, and other applications is also powering the market growth. However, the high cost of products in this industry acts as a barrier to its growth as i t is not affordable to many cons umers. Patient Monitoring Devices Market Overview Patient Monitoring Devices are used to measure, distribute, record, and display combinations of biometric values such as temperature, blood pressure, and heart rate, among others. The integration of such monitoring technologies in smartphones and other wir eless devices has resulted in the launch of a widely popular segment - remote patient monitoring systems which have driven the growth of the patient monitoring devices market worldwide. The incorporation of such monitoring technologies into smartphones and other wireless devices has resulted in the emergence of a widely popular segment — remote patient monitoring systems — which has fueled the global market for patient monitoring devices. Mobile cardiac telemetry devices, for instance NUVANT Mobile Cardiac Tele metry (MCT) system, is a wireless - enabled arrhythmia event monitor digitally assisted by as Apple iPhone OS, Symbian OS, Palm, Windows CE, Windows Mobile, Blackberry, and Google's Android, etc. Mobile Care Server Software launched by GE Healthcare provides service to deliver care from virtually anywhere by providing information for fast and informed diagnostics. They are most widely used across ambulatory surgical centers as they provide quality care to patients. Patient Monitoring Devices Market Trends Growth Drivers Global Demand for Remote Patient Monitoring Driving Market Growth Consumer services have been redefined as a result of the recent developments in the patient monitoring device sector. The use of the Internet of Things technology in continuou s glucose monitoring, temperature monitoring, blood pressure monitoring, and pulse oximetry has made remote patient monitoring devices available to a wide range of end - users. These remote patient monitoring devices include devices such as fitbits, glucose monitors, wearable heart monitors, Impressive Growth Awaits the Global Patient Monitoring Devices Market – Projected to Reach Worth USD 68.4 Billion in 2027 Bluetooth - enabled scales, skin patches, shoes, belts, or maternity care trackers. Such non - invasive devices collect, transmit, process, and store patient data, enables physicians to access it when they need it. Furthermor e, the advancement of wearable devices has extended the remote monitoring segment of the market, leading in its growth. Furthermore, such wearables are capable of monitoring, analyzing, and diagnosing vital signs such as blood pressure, weight, and electro cardiography, which are transmitted to a central server via a mobile wireless network. For example, VitalOn, a remote patient monitoring platform for elderly patients and individuals living with chronic diseases, has been introduced by Essence SmartCare. It offers both at - home and on - the - go telecare wellness and patient monitoring. Provisions of Improved Healthcare Promoting Market In the healthcare sector, patient monitoring devices have brought benefits such as reduced re - admissions, self - monitoring, les s unnecessary doctor visits, improved diagnosis, timely vitals monitoring, and much more. According to the Information Handling Services, around 4 million people will be able to remotely check their health problems by 2020. Because a large portion of the g lobal population suffers from heart disease and undergoes various surgical treatments, there is a huge demand for cardiac monitoring devices worldwide. According to WHO, "cardiovascular diseases (CVDs) constitute the leading cause of mortality worldwide, k illing an estimated 17.9 million people each year." Coronary heart disease, cerebrovascular illness, rheumatic heart disease, and other heart and blood vessel disorders are all classified as CVDs. Heart attacks and strokes account for four out of every fiv e CVD deaths, thus such patients require constant monitoring. The constant accurate monitoring to check vital signs for cardiac patients has also created a huge need for the patient monitoring devices market. For instance, CARESPACE Monitor B450, a product by GE Healthcare, is used to measure sp02 levels and cardiac output for accurate diagnosis. Restraints High Expenditure and Cost of Market Poses a Challenge to its Growth The products and services provided by the patient monitoring devices market are very costly. The operational costs of these gadgets have increased as a result of competitive pricing, tender mechanics, and payment policies, affecting their growth and sales rate around the world. In 2018, the Indian government raised import duties on medica l devices from 5% to 7.5% and imposed additional excise duty of 4% on previously exempted medical devices. The cash flow for the patient monitoring devices market has been stifled as a result of stringent government laws related to product pricing. Other m arket hurdles include patent safety issues, a lack of security for wireless devices, reimbursement issues, and so on, all of which are stifling the market growth. Impact of COVID - 19 The outbreak of COVID - 19 has had a positive effect on the growth of the pa tient monitoring devices market. Since infection has been a major concern, the demand for remote monitoring and patient engagement solutions has grown among end - users such as hospitals and surgical facilities. To accommodate the increasing demand in the he althcare industry during the pandemic, manufacturers had Impressive Growth Awaits the Global Patient Monitoring Devices Market – Projected to Reach Worth USD 68.4 Billion in 2027 to accelerated the manufacturing of respiratory monitoring devices, multi - parameter monitoring devices, blood glucose monitoring devices, fetal/neonatal monitoring devices, as well as other devices. In October 2020, the US Food and Drug Administrations issued a new policy that facilitated patient monitoring while reducing patient and healthcare provider contact and exposure to COVID - 19. Patient Monitoring Devices Market - By Products Type Based on prod uct type, the patient monitoring devices market is segmented into hemodynamic monitoring, neuromonitoring, cardiac monitoring, blood glucose monitoring, fetal & neonatal monitoring, respiratory monitoring, multi - parameter monitoring, remote patient monitor ing, weight monitoring, temperature monitoring devices, and others. The cardiac monitoring devices segment held the largest market share in 2020. The increased prevalence of cardiovascular disorders such as stroke and heart failure cases around the world, which is increasing year after year, is driving market growth. Also, the pressing need for continuous and enhanced cardiac patient monitoring following surgery has fueled the growth of this market. In June 2021, CardioLabs, an independent diagnostic testin g facility (IDTF), was acquired by AliveCor to expand its cardiology services to patients who use monitoring devices prescribed by healthcare specialists. Patient Monitoring Devices Market - By End - Users The patient monitoring devices market is categorized into hospitals, home settings, ambulatory surgery centers, and others based on end - users. Among these, the hospital segment held the largest share in 2020 in the global market. The driving factors for the growth of the hospital segment are focus on effecti ve and early diagnosis in hospitals, increased budget for technologically - advanced patient monitoring devices, and growing procedural volume in hospital settings. According to ‘statista,' this segment has the highest demand because the target population st ill chooses hospitals. In the United States, about 36.3 million people were admitted to hospitals in 2018. Hospital admission are also very high in emerging countries. Patient Monitoring Devices Market - Regional Insights Based on region, the Patient Monit oring Devices Market is categorized into North America, Europe, the Asia - Pacific, Latin America, and the Middle East & Africa. North America dominated the global market with the largest share in 2020. The growth of the market in this region can be attribut ed to increased funding for developing patient monitoring devices. Other factors driving the development of the patient monitoring devices market for the North American region are a surge in the demand for wireless and portable systems and the availability of a sophisticated reimbursement programs. The market also witnessed a massive growth during the COVID - 19 pandemic in this region to reduce patient and healthcare provider contact and exposure to infection. However, the Asia - Pacific is expected to contrib ute the largest share to the patient monitoring devices market during the forecast period. The increasing prevalence of cardiac diseases in this region have created a demand for this market. Furthermore, because India and China have the highest diabetes ra tes, fitness and weight - loss equipment are heavily promoted in the Asia - Pacific market. Additionally, the increasing demand for home - based remote monitoring devices Impressive Growth Awaits the Global Patient Monitoring Devices Market – Projected to Reach Worth USD 68.4 Billion in 2027 as a result of the growing emphasis on home care and preventative care has opened up new ma rket prospects. Also, Japan dominates the Asia Pacific market because of the presence of major player Omron Healthcare. Competitive Landscape The patient monitoring devices market is highly competitive, and stringent governm ent regulatory bodies regulate their price. The key players dominating the market are Medtronic plc , Abbott Laboratories , Dragerwerk AG & Co. KGaA , Edwards Lifesciences Corporation , GE Healthcare , OMRON Corporation , Masimo Corporation , Shenzhen Mindray Bio - Medical Electronics Co., Ltd , Nihon Kohden Corporation , Natus Medical , Koninklijke Philips N.V. , Getinge AB , Boston Scientific Corporation , Dexcom, Inc. , Nonin Medical, Inc. , Biotronik , Bio Telemetry, Inc. , Schiller AG , F. Hoffmann - La Roche Ltd. , Hill - Rom Holdings, Inc. , and other prominent players. Medtronic plc is the leader in the global patient monitoring devices market. The players adopt strategies like collaboration, product launches, partnerships, and acquisitions to maintain th eir dominance in the market. Recent Developments · In May 2021, Mayo Clinic collaborated with the biomedical technology company NXgenPort. This initiative will focus on developing an implantable catheter that may be used to remotely monitor cancer patients for issues while they are undergoing treatment. · In May 2021, FDA cleared a radar - powered contactless patient monitor from Xandar Kardian. This device can track a person's resting heart rate and breathing by tracing the body's imperceptible movements. Scope of the Report: Attribute Details Years Considered Historical data – 2017 - 2020 Base Year – 2020 Forecast – 2021 – 2027 Facts Covered Revenue in USD Billion Market Coverage The U.S., Canada, Germany, the U.K., France, Italy, Spain, Belgium, Netherlands, Russia, Brazil, Mexico, Argentina, Colombia, Japan, South Korea, China, India, Australia, UAE, South Africa, Saudi Arabia, Qatar Product/Service Segmentation By Product Type, By Application, By End - User, and By Region Impressive Growth Awaits the Global Patient Monitoring Devices Market – Projected to Reach Worth USD 68.4 Billion in 2027 Key Players Key players in the market include are Medtronic plc , Abbott Laboratories , Dragerwerk AG & Co. KGaA , Edwards Lifesciences Corporation , GE Healthcare , OMRON Corporation , Masimo Corporation , Shenzhen Mi ndray Bio - Medical Electronics Co., Ltd , Nihon Kohden Corporation , Natus Medical , Koninklijke Philips N.V. , Getinge AB , Boston Scientific Corporation , Dexcom, Inc. , Nonin Medical, Inc. , Biotronik , Bio Telemetry, Inc. , Schiller AG , F. Hoffmann - La Roche Ltd. , Hill - Rom Holdings, Inc. , and other prominent players. By Product · Hemodynamic Monitoring · Neuromonitoring Devices · Cardiac Monitoring Devices · Blood Glucose Monitoring Systems · Fetal & Neonatal Monitoring Devices · Respiratory Monitoring Devices · Multi - parameter Monitoring Devices · Weight Monitoring Devices · Temperature Monitoring Devices · Other Patient Monitoring Devices By Application · Cardiology · Neurology · Respiratory · Fetal & Neonatal · Weight Management & Fitness Monitoring · Others By End - User  Hospitals  Home Settings  Ambulatory Surgery Centers Impressive Growth Awaits the Global Patient Monitoring Devices Market – Projected to Reach Worth USD 68.4 Billion in 2027  Other End Users By Region  North Americ a  Europe  The Asia - Pacific  Latin America  The Middle - East & Africa About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and tim ely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us info@blueweaveconsulting.com Impressive Growth Awaits the Global Patient Monitoring Devices Market – Projected to Reach Worth USD 68.4 Billion in 2027