Patient Monitoring Devices Global Market Report 2021: COVID 19 Implications and Growth to 2030

Patient Monitoring Devices Global Market Report 2021: COVID 19 Implications and Growth to 2030

  • February 2021 •
  • 400 pages •
  • Report ID: 6027757 •
  • Format: PDF
Major companies in the patient monitoring devices market include Philips Healthcare; GE healthcare; Medtronic Inc.; Omron Corporation and Masimo.

The global patient monitoring devices market is expected to grow from $15.05 billion in 2020 to $15.72 billion in 2021 at a compound annual growth rate (CAGR) of 4.5%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $20.45 billion in 2025 at a CAGR of 7%.

The patient monitoring devices market consists sales of patient monitoring devices and related services by entities (organizations, sole traders and partnerships) that produce patient monitoring devices used in monitoring vital health parameters. This market is segmented into fetal and neonatal monitoring devices; weight monitoring and body temperature monitoring devices and equipment; vital parameter monitoring devices and equipment; remote patient monitoring devices and equipment.

North America was the largest region in the global patient monitoring devices market, accounting for 34% of the market in 2020.Western Europe was the second largest region accounting for 28% of the global patient monitoring devices market.

Africa was the smallest region in the global patient monitoring devices market.

Patient monitoring device manufacturers are offering customized MPMs to cater to the growing patient pool.MPMs monitor different health parameters corresponding to patients’ health conditions.

For instance, Infinium Medical’s Omni series monitors are preconfigured with ECG, oxygen saturation, non-invasive blood pressure and temperature trackers.More advanced health measures such as invasive blood pressure, cardiac output and anesthetic agent measurement can be added to this device when needed.

Custom MPM are predominantly beneficial for tracking the health status of critically-ill patients.

Awareness of diseases is low in many countries across the globe and this affected the demand for patient monitoring devices in the historic period. For instance, a study conducted by the Indian Council of Medical Research (ICMR) on 213 million people found that only 43.2% are aware of the chronic disease diabetes. This lack of disease awareness limited the diagnosis and treatment pool, thereby restricting market growth for patient monitoring devices.

The demand for monitoring devices is likely to increase due to shortage of professionals in the healthcare services industry. According to a report by Mercer, the US require 2.3 million new health care workers by 2025; this includes nurses, physicians, lab technicians and various other healthcare personnel. This shortage is likely to drive the demand for monitoring systems as these devices allows medical professionals to track multiple patients remotely. This is expected to drive the market for patient monitoring devices in the forecast period.