North America’s Patient Monitoring Devices Market Held The Largest Total Share
12 Dec, 2019
North America was the largest region in the global patient monitoring devices market, accounting for 41.7% of the total share, and worth $9.32 billion in 2018, which was nearly twice the size of Western Europe’s patient monitoring devices market, the second largest market globally. In terms of the region’s GDP, the North American patient monitoring devices market accounted for 0.04%. In terms of per capita consumption, the market accounted for $19.03, which is $16.02 higher than the global average.
The market was mainly supported by the large patient pool in the region. Large patient pool was due to the high obese population, population suffering from respiratory diseases in the USA, and the efficient public healthcare system in Canada. Comparatively high healthcare expenditure in the USA also contributed to the market size of patient monitoring devices in the region.
The market size can also be attributed to high public and private spending on healthcare in the USA and Canada. The implementation of the national health insurance coverage in the USA, the government funded healthcare system known as Medicare in Canada, and the System of Social Protection in Health in Mexico led to a high demand for medical devices. High prevalence of chronic diseases, large ageing population, and high per capita healthcare expenditure also supported the market for patient monitoring devices in North America in 2018.
Four of the five largest players in the global patient monitoring devices market are US-based companies, i.e. GE Healthcare, Medtronic, Philips Healthcare, and Masimo. Patient monitoring device manufacturers have to follow stringent regulations set by the relevant regulatory authorities. Major regulatory bodies governing the overall medical equipment market in North America include the U.S. Food and Drug Administration (FDA), the Therapeutic Products Directorate (TPD), Health Canada, and the COFEPRIS (Federal Commission for Protection against Sanitary Risk).
By country, the USA was the largest market for patient monitoring devices in 2018, accounting for 37.7% of the total share, and worth $8.43 billion, which was nearly five times larger than Germany’s patient monitoring devices market, the second largest market globally.
In the forecast period to 2022, North America’s patient monitoring devices market is expected to grow at an annual rate of 7.6%. Asia Pacific is expected to grow at the highest annual rate of 10.3% during 2018 – 2022. Asia Pacific’s fast market growth can be attributed to the rapid economic growth of the region supported by the economic growth in emerging markets such as India and China, and the increase in the number of geriatric and obese populations with secondary diseases.