This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.
What the Market Looks Like?
The patient monitoring devices market is projected to reach USD 55.1 billion by 2025 from USD 36.4 billion in 2020, at a CAGR of 8.6% during the forecast period. The report covers the patient monitoring devices market across five major geographies, namely, Europe, North America, Asia Pacific, Latin America, and MEA.
Integration of monitoring technologies in smartphones and wireless devices is a key trend in patient care, resulting in the introduction of remote monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors are the key factors supporting the growth of the market.
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COVID-19 Impact on the global Patient Monitoring Devices market :
As a result of the pandemic, during March 2020 and throughout the second quarter of 2020, access to customers to sell and implement the patient monitoring devices (such as neuromonitoring devices, weight monitoring devices) diminished as hospitals became primarily focused on the COVID-19 pandemic. The pandemic has led to a significant increase in the demand for remote monitoring and patient engagement solutions.
What Drives the Market?
The growth of the Patient monitoring devices market is primarily influenced by the following factors:
- Technological advancements in patient monitoring devices.
- Rising prevalence of chronic diseases
- Availability of wireless monitoring devices
- Growing preference for wearable patient monitoring devices, biosensors, and smart implants among healthcare payers
- Growing investments, funds, and grants
Based on the product, the patient monitoring devices market is segmented into blood glucose monitoring systems, cardiac monitoring devices, multiparameter monitoring devices, respiratory monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, fetal and neonatal monitoring devices, neuromonitoring devices, weight monitoring devices and other patient monitoring devices.
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North America is expected to command the largest share of the patient monitoring devices market in 2019
The report covers the patient monitoring devices market across five major geographies, namely, Europe, North America, Asia Pacific, Latin America, and MEA. North America commanded the largest share of the patient monitoring devices market in 2019. The increasing R&D to develop novel sensor based patient monitoring systems, rising prevalence of infectious diseases, safety concerns, and technological advancements in patient monitoring devices products are the key factors supporting market growth in North America.