Patient Monitoring Devices Market Revenue to Cross USD 32 Bn by 2026: Global Market Insights, Inc.

SELBYVILLE, Delaware, July 20, 2020 /PRNewswire/ -- According to latest report "Patient Monitoring Devices Market by Product (Cardiac Monitoring Devices {ECG Devices, Implantable Loop Recorders, Mobile Cardiac Telemetry Monitors, Smart Wearable ECG Patches}, Neuromonitoring Devices {EEG Devices, Cerebral Oximeters, Intracranial Pressure Monitors, EMG Devices}, Respiratory Monitoring Devices {Pulse Oximeters, Spirometers, Capnographs, Peak Flow Meters}, Anesthesia Monitor, Hemodynamic Monitoring Devices, Fetal and Neonatal Monitoring, Multiparameter Monitoring Devices}, Type (Conventional, Wireless), End-use (Hospitals, Ambulatory Surgical Centers, Homecare Settings), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of patient monitoring devices will cross $32 billion by 2026.

Growing preference for telehealth services will augment the patient monitoring devices market growth. Telehealth services involve the exchange of data among patient's and healthcare technicians remotely. It includes fixed or mobile units that are used to measure sugar level, blood pressure, and analyze body temperature of the patient. Telehealth services reduce the number of hospitals visits, saves time and are cost-effective. Additionally, telehealth services increase clinical workflow efficiency and aids patients with limited mobility, favoring market growth.  Hence, rising preference for telehealth services ultimately raises the demand for wearable monitoring devices, influencing the overall market growth.      

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Respiratory patient monitoring devices market accounted for over 6% revenue share in 2019. Pulse oximeters are majorly useful in new-borns as it alerts the staff regarding drop in oxygen level thus, favoring the segmental growth. Moreover, pulse oximeters are easy to use and affordable to healthcare professionals and medical facilities.

The hospital segment is anticipated to exhibit around 6% growth rate during the forecast period. Rising adoption of advanced medical monitoring devices in hospitals will favor segmental growth. In addition, wide treatment options available coupled with enhanced patient comfort in hospitals will propel the segmental progression. Increasing number of hospital admissions for treatment of several diseases will further enhance the business growth.

The wireless patient monitoring devices market size was over USD 7 billion in 2019. Wireless monitoring devices transmit vital signs to medical personnel remotely, reducing hospital visits. It also offers real-time and quality data, leading to a preference for wireless monitoring devices. These devices enable the healthcare provider to closely monitor high dependency patients such as rehabilitation and post-operative patients, driving the market revenue.    

Some of the key players operating in market include Philips, Siemens, OSI Systems, Nihon Kohden, GE Healthcare, Medtronic, Fukuda, Medtronic, Hill-Rom Holdings, Mindray, Epsimed, Skanray Technologies, Sensata Technologies, Medion Healthcare, Opto India. These market players are focusing on strategic initiatives such as collaborations, partnerships, mergers, and acquisitions to sustain market competition.

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North America patient monitoring devices market held around 40% global revenue share in 2019 on account of increasing prevalence of cardiac disorders requiring cardiac monitoring device. As per Centers for Device Control and Prevention (CDC), in 2019, over 18.2 million adults with age 20 and more were affected by coronary artery disease. In addition, surging awareness regarding availability and benefits of wearable monitoring devices will foster the regional growth.

Some major findings of the patient monitoring devices market report include:

• Increasing number of hospital admissions due to the current outbreak of COVID-19 along with rising number of road accidents among young population base will propel the market progression.
• Improving regulatory scenario for patient monitors in developing regions of Asia Pacific will fuel the patient monitoring devices market demand.
• Technological advancements in patient monitoring industry such as artificial intelligence backed computer vision will accelerate the market growth.
• Vital sign monitors aid physicians to take prompt and accurate decisions regarding life-protecting and life-saving therapies for ICU patients, thus boosting the market revenue.
• Rising demand for non-invasive respiratory monitors in North America region will impel the market size.

Table of Contents (ToC) of the report:

Chapter 3.  Patient Monitoring Devices Market Insights

3.1. Industry segmentation

3.2. Industry landscape, 2015 – 2026

3.3. Industry impact forces

3.3.1.  Growth drivers

3.3.2.  Industry pitfalls & challenges

3.4. Growth potential analysis

3.5. COVID-19 impact analysis

3.5.1.  Impact of COVID-19 on 10 major countries

3.5.1.1.   Overview

3.5.1.2.   U.S.

3.5.1.3.   Germany

3.5.1.4.   UK

3.5.1.5.   France

3.5.1.6.   Spain

3.5.1.7.   Italy

3.5.1.8.   China

3.5.1.9.   India

3.5.1.10. Brazil

3.5.1.11. South Korea

3.5.2.  Impact of COVID-19 on industry segments, by 10 major markets (2020)

3.5.2.1.    Cardiac monitoring devices

3.5.2.2.    Neuromonitoring devices

3.5.2.3.    Respiratory monitoring devices

3.5.2.4.    Anesthesia monitor

3.5.2.5.    Hemodynamic monitoring devices

3.5.2.6.    Fetal and neonatal monitoring

3.5.2.7.    Multiparameter monitoring devices

3.5.3.  Impact of COVID-19 on industry value chain

3.5.3.1.   Research and development

3.5.3.2.   Manufacturing

3.5.3.3.   Marketing

3.5.3.4.   Supply

3.5.4.  Impact of COVID-19 on industry competition

3.5.4.1.   Strategy

3.5.4.2.   Distribution network

3.5.4.3.   Product portfolio

3.5.4.4.   Business growth

3.6. Porter's analysis

3.7. Competitive landscape, 2019

3.8. PESTEL analysis

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About Global Market Insights, Inc.

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