Patient Monitoring Devices Market Characteristics
The patient monitoring devices market consists sales of patient monitoring devices and related services by entities (organizations, sole traders and partnerships) that produce patient monitoring devices used in examine vital health parameters.
This industry also includes establishments that produce fetal and neonatal monitoring devices used to monitor heart rates in neonates and pregnant mothers, body weight and temperature monitoring devices, vital parameter monitoring devices used during surgeries.
Competitive Landscape of the Patient Monitoring Devices Market
Major players in the global patient monitoring devices market include Philips Healthcare, GE Healthcare, Medtronic Plc., and Omran Corporation.
Patient Monitoring Devices Market Size
The synthetic dye and pigment market size is expected to reach $30 billion by 2022, significantly growing at a CAGR of around 9% during the forecast period. The growth in the patient monitoring devices industry is due to rising ageing population, increasing healthcare expenditure and growth in emerging economies.
However, the market for patient monitoring devices is expected to face certain restraints from several factors such as lack of awareness, stringent government regulations and high cost of investment.
Patient Monitoring Devices Market Segmentation
The global patient monitoring devices market is further segmented based on type and geography.
By Type - the patient monitoring devices market is segmented into fetal and neonatal monitoring devices, weight monitoring and body temperature monitoring devices, multiparameter monitoring devices, cardiac monitoring devices, respiratory monitoring devices, neuromonitoring devices, hemodynamic monitoring devices and remote patient monitoring devices. Among these segments, the fetal and neonatal monitoring devices market accounts for the largest share in the global patient monitoring devices market.
By Geography - The global patient monitoring devices market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American patient monitoring devices market accounts the largest share in the global patient monitoring devices market.
Trends in the Patient Monitoring Devices Market
Technological advancements such as Medical Body Area Network, potable patient monitoring devices and use of patient monitoring devices in wearable and mobile applications are the major trends witnessed in the global patient monitoring devices market.
Potential Opportunities in the Patient Monitoring Devices Market
With rise in chronic diseases, growing ageing population, adoption of advanced technologies and investments in medical and healthcare industries, the scope and potential for the global patient monitoring devices market is expected to significantly rise in the forecast period.