Updated date - Dec 12, 2019

The patient monitoring devices market is projected to reach USD 25.31 billion by 2023 from USD 18.11 billion in 2017, at a CAGR of 5.7%. The scope of the report includes patient monitoring devices for continuous monitoring, detection, and treatment of heart, brain, lungs, and blood activities and measurement of temperature and weight of the body. The base year considered for the study is 2017, and the forecast period for the study is between 2018 and 2023.

By product, neuromonitoring segment is expected to grow at the fastest rate in the forecast period.

Cardiac Monitoring Devices

Based on product, the cardiac monitoring devices market is classified into ECG devices, implantable loop recorders, event monitors, mobile cardiac telemetry, and smart wearable ECG monitors. The mobile cardiac telemetry segment is expected to grow the highest CAGR during the forecast period. Factors such as quick and enhanced diagnosis compared to other short & longer-term monitoring modalities and huge potential for reducing healthcare costs are driving the growth of the market.

Neuromonitoring Devices

Based on product, the neuromonitoring devices market is segmented into EEG machines, MEG machines, EMG machines, ICP monitors, TCD machines, and cerebral oximeters. In 2018, the EEG machines are expected to account for the largest share of the neuromonitoring devices market. The large share of this segment can primarily be attributed to the increase in the incidence and prevalence of neurological disorders, growing R&D in the field of cerebral and spinal disorders, and rising number of specialized facilities such as EEG labs and sleep centers.

Respiratory Monitoring Devices

Based on product, the respiratory monitoring devices market is classified into pulse oximeters, capnographs, spirometers, and peak flow meters. The capnographs segment is expected to register the highest growth rate during the forecast period. This is mainly due to their mandatory requirement of these devices during anesthesia and in monitoring the respiratory status of patients in ICUs.

Multi-Parameter Monitoring Devices

Low-acuity monitors are expected to account for the largest share of the multi-parameter monitoring devices market in 2018.

Low-acuity devices are used for monitoring the basic vital signs of a patient. These devices may also be set up at patients� homes and ambulatory care settings for long-term monitoring. The growth of this market is mainly driven by their advantages over single-parameter monitors and their low prices as compared to mid- and high-acuity monitors.

Globally, the increased use of remote and home patient monitoring is a key factor driving the growth of the multi-parameter monitoring devices market. To reduce hospitalization costs, many healthcare institutions are encouraging home/remote patient monitoring. As a result, the market for remote patient monitoring is estimated to double by the end of this decade, making this a highly lucrative market.

Hemodynamic Monitoring Devices

Based on products, the hemodynamic monitoring devices market is further segmented into systems and disposables. Of the two product segments, disposables are expected to account for the larger share of the hemodynamic monitoring devices market in 2018. Market growth can largely be attributed to the repeat purchase of disposable devices. Display monitors and unified hemodynamic monitoring systems are one-time purchase devices; whereas, disposable sets are single-use products and have to be changed with every patient, resulting in repeat purchases.

Fetal and Neonatal Monitoring Devices

The increasing awareness about fetal and neonatal care in order to reduce the number of preterm births and low-weight births is the major factor driving the demand for fetal and neonatal monitors globally. The increasing need to better monitor fetal and neonatal parameters to avoid complications during and after birth has stimulated the demand for advanced monitoring devices in obstetrician offices and NICU units. Additionally, the availability of portable and wireless Doppler devices with mHealth connectivity has enabled the monitoring of fetal heart rate (FHR) at remote places as well.

The adoption of fetal and neonatal monitoring devices is expected to increase in countries across Asia and RoW owing to the high number of preterm fatalities and the exponential population growth in these countries. As a result, these countries are expected to offer potential growth opportunities to players operating in the fetal and neonatal monitoring devices market.

Temperature Monitoring Devices

Technological advancements are contributing to the growth of temperature monitoring devices. With technological advancements, the risk of exposure to mercury, growing awareness about mercury pollution, and rising number of global initiatives for lowering the consumption of mercury across various industries, companies have come up with innovative digital, electronic, and infrared thermometers, which are driving the growth of temperature monitoring devices. The digital thermometers accounted for the largest share of the clinical temperature monitoring devices market, due to their quick, highly accurate results. These devices use thermistors to measure oral, rectal, or armpit temperature and are considered eco-friendly.

Weight Monitoring Devices

In weight monitoring segment, analog and digital weighing scales are the two basic types of professional medical weight monitoring devices. In 2018, the digital weighing scales segment is expected to account for the largest share of the market.

The obesity rate among the global population is rapidly growing with more than 1.9 billion people recorded to be overweight. Around 650 million adults and 340 million children were recorded to be obese in 2016 (Source: WHO). The percentage of the obese population is higher in developed countries. The US, the Netherlands, and Mexico lead the list with more than 30% of the obese population over 15 years of age (Source: OECD Obesity Update 2017). The rapid growth in the obese population globally can be attributed to the intake of high-fat content diets, low physical activity or inactivity, and sedentary lifestyle. Obesity can gradually lead to chronic health disorders such as CVDs, diabetes, and arthritis. Thus, making weight monitoring devices an inevitable part of clinics, hospitals, healthcare centers, and home care.

The patient monitoring devices market is segmented into four major regions, namely, North America, Europe, Asia, and the Rest of the World (RoW).

In 2018, North America is expected to account for the largest market share, followed by Europe.

In 2018, North America is expected to account for the largest market share, followed by Europe. Factors such as the rising geriatric population, the presence of advanced healthcare infrastructure, and high healthcare expenditure are supporting the growth of the patient monitoring devices market in North America.

Market Dynamics

Driver: Availability of wireless patient monitoring devices

The integration of monitoring technologies in smartphones and wireless devices is a key trend in patient care, resulting in the introduction of remote patient monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors. Advanced devices such as mobile PDA systems enable the real-time transmission of data; for example, real-time cardiac monitoring provides continuous (beat-to-beat) outpatient EKG monitoring for periods ranging up to several weeks.

Remote and wireless patient monitoring devices and technologies can be used for long-term monitoring, such as ambulatory wireless EEG recorders used to detect the epileptiform activity of the patient at home, over a long period of time. These recorders are compact and can store large amounts of data in inbuilt memory cards; they do not restrict the patient�s freedom of movement. Remote patient monitoring devices help enhance patient care delivery and improve patient outcomes for conditions that need continuous monitoring in hospital and non-hospital settings.

Owing to their features and convenience, the demand for wireless monitoring devices is expected to increase across the globe. This, along with the increasing prevalence of heart, neuro, and breathing diseases, has led manufacturers to develop remote cardiovascular, neurological, and respiratory monitoring devices.

Opportunity: Emerging markets

The healthcare industry in emerging countries (such as India, China, Brazil, and Mexico) will offer significant growth opportunities for patient monitoring device manufacturers owing to the increasing patient population across these countries, coupled with the rising adoption of patient monitoring devices in these countries.

Moreover, emerging countries have registered a sustained increase in the volume of surgical procedures during the past decade, driven by the growing target patient population, the presence of a supportive regulatory environment, and rising medical tourism. Therefore, emerging countries are expected to offer potential growth opportunities to players in the patient monitoring devices market during the forecast period.

Challenge: Risks associated with invasive monitoring devices

There are several risks associated with the use of invasive monitoring systems, such as the discomfort associated with the insertion of monitoring instruments, such as pulmonary artery catheters (PAC). Air embolism, sepsis, bleeding/hematoma formation, cardiac arrhythmias, reduced circulation to the distal limb, hemorrhage, nerve damage (during insertion), thrombosis, air embolism, and pulmonary capillary necrosis are some major risks. These factors increase the mortality rate during invasive procedures.

In addition, the use of invasive monitoring systems is not recommended for elderly and weak patients. Due to the associated risks, invasive monitoring is recommended only for a set of specific indications, provided that the risks associated are overshadowed by benefits of obtaining the relevant data during the procedure. Moreover, invasive monitoring is extremely expensive and requires skilled professionals to perform catheter insertions in patients. Although invasive monitoring provides accurate, comprehensive, and continuous data about the state of patients, the above-mentioned risks limit its usage.

Scope of the Report

Report Metric Details Market size available for years 2016�2023 Base year considered 2017 Forecast period 2018�2023 Forecast units Million (USD) Segments covered By Product (Cardiac Monitoring Devices, Neuromonitoring devices, Respiratory Monitoring Devices, Multi-Parameter Monitoring Devices, Hemodynamic Monitoring Devices, Fetal and Neonatal Monitoring Devices, Temperature Monitoring Devices, Weight Monitoring Devices, End User, By Geography Geographies covered North America, Europe, Asia, and RoW Companies covered Nihon Kohden, Natus Medical, Koninklijke Philips N.V., Edward Lifesciences, Omron, Masimo, GE Healthcare, Hill-Rom Holdings, Dr�gerwerk AG, Compumedics, Shenzhen Mindray Bio-Medical Electronics.

Key Market Players

Nihon Kohden, Natus Medical, Koninklijke Philips N.V., Edward Lifesciences, Omron, Masimo, GE Healthcare, Hill-Rom Holdings, Dr�gerwerk AG, Compumedics, Shenzhen Mindray Bio-Medical Electronics

Recent Developments

Critical questions the report answers

Who are the major market players in the patient monitoring devices market?

What are the growth trends and the largest revenue-generating region for patient monitoring devices?

How are patient monitoring devices sold to customers?

What are the major types of patient monitoring devices?

What are the driving, restraining, opportunistic, and challenging factors for this market?

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