The patient monitoring devices market is projected to reach USD 65.4 billion by 2027 from USD 42.3 billion in 2022, at a CAGR of 9.1% during the forecast period. The development in this market is largely driven by increased funding, research grants, and public-private investments; ongoing technological developments in the field of wearable technologies; sustained government initiatives to expand healthcare infrastructure in major & emerging markets, and the emergence of user-centric patient monitoring devices.
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Key Market Players
The competitive landscape comprises the analysis of the significant growth tactics adopted by key companies from 2020 to 2021 to increase their market shares and grow their global footprint in the patient monitoring devices market space. Most prominent growth strategies adopted by the leading market players include new product approvals, launches, distribution agreements, expansions, and acquisitions. Product launches in new markets and approvals are the most widely implemented growth strategies by companies in the last couple of years to garner an increased share of the market.
MEDTRONIC PLC (US)
Medtronic plc (US) has a broad range of product offerings in the patient monitoring devices market. Their relevant product portfolio includes respiratory monitoring devices, neuromonitoring, heart monitoring devices, and blood glucose monitoring devices. The company is focused on innovations and improving the quality of its products with increasing investment in its R&D department.
GE HEALTHCARE (US)
GE Healthcare (US) is among the leading players in the global patient monitoring devices market. GE Healthcare is a pioneer of innovative solutions for patient monitoring devices in various fields such as cardiac monitoring devices, multi-parameter monitoring devices, and neonatal and fetal monitoring products. The high focus on R&D, comprehensive range of products, and strong geographical presence are the key factors contributing to the major market share of the company in the patient monitoring devices market.
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North America is likely to lead the global patient monitoring devices market
North America, encompassing the US and Canada, reported for the major split of the patient monitoring devices market. An growing quantity of clinical trials verifying patient monitoring devices and a rising amount of approvals for patient monitoring. Are the major factors driving market growth in North America. Customers in North America are shifting towards homecare patient monitoring, that requires non-invasive patient monitoring devices. This trend will have a definite impact on the patient monitoring devices market.
Recent Developments
- Medtronic received US FDA approval for its LINQ II Insertable Cardiac Monitor (ICM). It is an implantable device for determining the irregular heart rythm.
- Medtronic and Tandem Diabetes Care, Inc underwent a patent cross-license agreement, in which both companies can cross-license each other’s patent portfolio for five years and jointly focus on innovating new products and services for diabetes management.
- Masimo Corporation acquired the connected care business from NantHealth, which helped strengthen its position in the connected care market.
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