Rising R&D investments by the key players operating in the market to develop advanced monitoring devices coupled with growing funding & grants for commercialization and development of monitoring devices are other important factors to drive the market growth in the near future.
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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.
The ECG devices subsegment of cardiac monitoring devices products to hold major market share by 2025
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.
Based on product, the blood glucose monitoring systems segment is expected to account for the largest share of the patient monitoring devices market
Based on type, the blood glucose monitoring systems market has been segmented into the self-monitoring blood glucose systems and continuous glucose monitoring system. Among these, the self-monitoring blood glucose systems sub-segment dominated the market
The hospital segment is expected to register the highest growth rate during the forecast period
Based on end user, the patient monitoring devices market has been segmented into the hospitals, ambulatory surgery centers, home care settings and other end users. Significant market growth and large share of hospital segment can primarily be attributed to the presence of advanced ICUs and emergency wards in hospitals and the increasing number of surgical procedures.
North America is expected to dominate the global patient monitoring market
North America, comprising the US and Canada, accounted for the largest share of the patient monitoring devices market. Increasing number of clinical trials validating patient monitoring devices and a growing number of approvals for patient monitoring.
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).
