The patient monitoring devices market is expected to reach USD 25.31 billion by 2023 from USD 19.14 billion in 2018, at a CAGR of 5.7%. 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. 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.
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Based on product, the neuromonitoring devices market is segmented into electroencephalograph machines (EEG), magnetoencephalograph machines (MEG), transcranial Doppler machines (TCD), Intracranial pressure (ICP) monitors, electromyograph machines (EMG), and cerebral oximeters. The cerebral oximeters segment is expected to register the highest growth during the forecast period. Cerebral oximeters offer real-time data to physicians through a noninvasive procedure. This is a major factor driving the growth of this market. The real-time data obtained is useful to make emergency care decisions and observe the effects of interventions.
Based on product, the cardiac monitoring devices market is segmented into ECG devices, ILR, event monitors, mobile cardiac telemetry, and smart wearable ECG monitors. The mobile cardiac telemetry segment is projected to grow at 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 respiratory monitoring devices market is segmented into pulse oximeters, spirometers, capnographs, and peak flow meters. The capnographs segment is projected to grow at the highest CAGR 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.
Based on product, the multi-parameter monitoring devices market is segmented into low-acuity monitors, mid-acuity monitors, and high-acuity monitors. The low-acuity monitors segment is projected to grow at the highest CAGR during the forecast period. 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.
Based on product, the hemodynamic monitoring devices market is segmented into systems and disposables. The disposables segment is projected to grow at the highest CAGR during the forecast period. 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.
Based on product, the fetal and neonatal monitoring devices market is segmented into fetal monitoring devices and neonatal monitoring devices. The neonatal monitoring devices segment is projected to grow at the highest CAGR during the forecast period. The growing number of NICU admissions is also contributing to the growth of this market.
Based on product, the temperature monitoring devices market is segmented into digital, infrared, analog, and temperature strips. The temperature strips segment is projected to grow at the highest CAGR during the forecast period. The rising number of global initiatives for reducing mercury consumption, ease of use in children, low risk of infection, and cost-efficiency are driving the growth of the temperature strips segment.
Asia is expected to be the fastest growing regional market during the forecast period. 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.
