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. Factors such as the easy availability of wireless monitoring devices and the rising incidence of lifestyle and chronic diseases are expected to drive market growth during the forecast period.
What the Market Looks Like?
Predicted to grow at a CAGR of 5.7% during the forecast period, the global Patient Monitoring Devices market is estimated to reach USD 25.31 billion by 2023. In 2018, North America is expected to account for the largest share of the market. Asia is expected to register the highest growth rate from 2018 to 2023 for the market.
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.
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.
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.
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What Drives the Market?
The growth of the global market for Patient Monitoring Devices is primarily influenced by the following factors:
- Availability of Wireless Monitoring Devices
- Rising Incidence of Lifestyle and Chronic Diseases
On the other hand, the risks associated with invasive monitoring devices are expected to challenge market growth to a certain extent in the coming years.
Geographical growth scenario of Patient Monitoring Devices Market
Geographically, the patient monitoring devices market is segmented into North America, Europe, Asia, and RoW. In 2018, North America is expected to account for the largest share of the market. Asia is expected to register the highest growth rate from 2018 to 2023 for the market. Factors such as the increasing per capita healthcare expenditure, growing public health awareness, rising prevalence of lifestyle diseases, and improving treatment rates in emerging markets across India and China are expected to drive growth in the market in this region.
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Leading market players and strategies adopted
Major key players in the patient monitoring devices market include Medtronic (Ireland), Natus Medical (US), Nihon Kohden (Japan), GE Healthcare (US), and Philips Healthcare (Netherlands).